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 2019 At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows Investments 12 31 19 2 15 20 City of Albertville General Fund $ 896,000 $ 930,000 Albertville Schools 4,212,000 4,371,000 Richwood Township 4,010,000 3,999,000 Total $ 9,118,000 $ 9,300,000 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 (Note Asking to make journal entries, based on the above information)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 21, 2024

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

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 2019. At the date of the creation of the pool, February 15, 2020, the fair value of the investments of each pool participant was as follows:

	Investments
	12/31/19		2/15/20
City of Albertville General Fund	$	896,000	$	930,000
Albertville Schools		4,212,000		4,371,000
Richwood Township		4,010,000		3,999,000
Total	$	9,118,000	$	9,300,000

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. (Note: Asking to make journal entries, based on the above information)