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Prepare the journal entries to be made in the accounts

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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

$895,500

$927,500

Albertville Schools

4,211,000

4,359,250

Richwood Township

4,000,000

3,988,250

Total

$9,106,500

3,988,250

Required - 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.

Reference no: EM133053808

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