The City Council of the City of Thurston decided to pool the investments of its General Fund, with the funds of the County School Board and the City of Walla Walla. Each of these entities had accounted for its investments at cost$.$ At the date of the creation of the pool, the cost and market value of the investments of each of the three funds are in the table attached.

Attached are the transactions that occurred in the Investment Pool Trust Fund during the year.

REQUIRED: $(1)$

$(2)$

Using the attached forms, show the entry, in proper general journal form, that should be made by the three separate entities for the investment pool. Use the asset account Equity in Investment Pool to record each entity's share of the pool at market value. Be sure to properly dispose of the existing accounts in each entity for the investments as they are currently being accounted for. Omit explanations.

Using the attached forms, show, in proper general journal form, the entries to be made in the accounts of the Investment Pool Trust Fund to record the attached transactions for the first year of its operations. Use the number of the transaction as the date. Round percentage calculations for distributions to four decimal places $($six decimal places in all$).$ Omit explanations.