! Required information [The following information applies to the questions displayed below.) The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 2/15/23 $ 893,000 $ 915,000 4,206,000 4,300,500 3,950,000 3,934,500 $9,049,000 $9,150,000 b. Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Transaction Fund General Journal Debit Credit 1. Record the investments transferred to the pool; assume that the investments of the city's General Fund were in U.S. Treasury notes and the investments of both the schools and the township were in certificates of deposit (CDs). 1 Investment Pool Trust Fund U.S. Treasury Notes 915,000 Certificates of Deposit 8,235,000 Due to General Fund 915,000 Additions-Deposits in Pooled Investments-Albertville Schools 4,300,500 Additions-Deposits in Pooled Investments-Richwood Township 3,934,500 2. On June 15, Richwood Township decided to withdraw $3,040,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $33,000. Assume that the trust fund was able to redeem the CDs necessary to complete the withdrawal without a penalty but did not receive interest on the funds. 2a Investment Pool Trust Fund Record the increase in the fair value of the Treasury notes. U.S. Treasury Notes Due to General Fund Additions-Investment Earnings-Albertville Schools AdditionsInvestment EarningsRichwood Township 2b Record the withdrawal for the capital projects payment. Cash Certificates of Deposit 2c Record the payment of cash. DeductionsWithdrawal from Pooled InvestmentsRichwood Township 3. On September 15, interest on Treasury notes in the amount of $56,000 was collected. 3 Investment Pool Trust Fund 4. Interest on CDs accrued at year-end amounted to $34,000. 4 Investment Pool Trust Fund 5. At the end of the year, undistributed earnings were allocated to the investment pool participants. Assume that there were no additional changes in the fair value of investments after the Richwood Township withdrawal. Round the amount of the distribution to each fund or participant to the nearest dollar. 5 Investment Pool Trust Fund ! Required information [The following information applies to the questions displayed below.) The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool participants had reported its investments at fair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments 12/31/22 2/15/23 $ 893,000 $ 915,000 4,206,000 4,300,500 3,950,000 3,934,500 $9,049,000 $9,150,000 b. Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Transaction Fund General Journal Debit Credit 1. Record the investments transferred to the pool; assume that the investments of the city's General Fund were in U.S. Treasury notes and the investments of both the schools and the township were in certificates of deposit (CDs). 1 Investment Pool Trust Fund U.S. Treasury Notes 915,000 Certificates of Deposit 8,235,000 Due to General Fund 915,000 Additions-Deposits in Pooled Investments-Albertville Schools 4,300,500 Additions-Deposits in Pooled Investments-Richwood Township 3,934,500 2. On June 15, Richwood Township decided to withdraw $3,040,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $33,000. Assume that the trust fund was able to redeem the CDs necessary to complete the withdrawal without a penalty but did not receive interest on the funds. 2a Investment Pool Trust Fund Record the increase in the fair value of the Treasury notes. U.S. Treasury Notes Due to General Fund Additions-Investment Earnings-Albertville Schools AdditionsInvestment EarningsRichwood Township 2b Record the withdrawal for the capital projects payment. Cash Certificates of Deposit 2c Record the payment of cash. DeductionsWithdrawal from Pooled InvestmentsRichwood Township 3. On September 15, interest on Treasury notes in the amount of $56,000 was collected. 3 Investment Pool Trust Fund 4. Interest on CDs accrued at year-end amounted to $34,000. 4 Investment Pool Trust Fund 5. At the end of the year, undistributed earnings were allocated to the investment pool participants. Assume that there were no additional changes in the fair value of investments after the Richwood Township withdrawal. Round the amount of the distribution to each fund or participant to the nearest dollar. 5 Investment Pool Trust Fund