Prepare the journal entries that should be made

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Reference no: EM133074272

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

$899,500

$947,500

Albertville Schools

4,219,000

4,453,250

Richwood Township

4,080,000

4,074,250

Total

$9,198,500

$9,475,000

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: EM133074272

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