Prepare journal entries that made by City of Albertville

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Reference no: EM133122000

Question - 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

$892,000

$910,000

Albertville Schools

4,204,000

4,277,000

Richwood Township

3,930,000

3,913,000

Total

$9,026,000

$9,100,000

Required - 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.

Reference no: EM133122000

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