The City of St$.$ John operates an investment trust fund for neighboring governments, including St$.$ John County and the independent school district. Assume the investment trust fund began the year $2020$ with investments in US government securities totaling $$1,200,000,$ no liabilities, and Restricted Net Position of $$1,200,000.$

The county and school district deposited $$3,400,000$ in the investment pool.

The investment trust fund invested $$1,000,000$ in corporate bonds and $$2,400,000$ in US government securities$.$

Interest received by the investment trust fund totaled $$50,000$ for the year.

At year$-$end, the fair value of the corporate bonds had increased by $$4,000.$

The earnings of the fund $($there are no expenses$)$ are allocated among the accounts of the participating governments.

Throughout the year, the participating governments withdrew $$3,220,000$ of funds from the investment trust fund. Assume that an equal amount of short$-$term investments were converted to cash as they matured.

Required:

a$.$ Record the above transactions in the books of the investment pool.

b$.$ Prepare a Statement of Changes in Fiduciary Net Position for the investment pool for the year ended June $30,2020.$