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:

		Investments
		12/31/22		2/15/23
City of Albertville General Fund		$	890,000			$	900,000
Albertville Schools			4,200,000				4,230,000
Richwood Township			3,890,000				3,870,000
Total		$	8,980,000			$	9,000,000

a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the investment pool. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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.) Explanation 2. Investment Earning: c. Record the June 15 increase in each of the participant's funds. On June 15, Richwood Township decided to withdraw $3,010,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $30,000. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) d. On June 15 , Richwood Township decided to withdraw $3,010,000 for a capital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $30,000. 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. On September 15, interest on Treasury notes in the amount of $50,000 was collected. Interest on CDs accrued at year-end amounted to $28,000. 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. Record the change in each participant's Equity in Pooled Investment account due to the September 15 treasury interest and December 31CD interest accrual. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) e. How will the investment trust fund report the General Fund's interest in the investment pool and the Albertville School's interest in the investment pool? The investment trust fund would not report the General Fund's interest in the pool. Report the General fund but not the school. Report both the school and the General fund. Explanation The Investment trust fund would not report the General Fund's Interest In the pool since the General Fund Is an Internal participant. The General Fund would report its interest in the investment pool in its financlal statements. Since the school is an external participant, the investment trust fund would report the school's interest in the statement of fiduclary net position and in the statement of changes in fiduclary net position