Required information [The following information applies to the questions displayed below.] 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: City of Albertville General Fund Albertville Schools. Richwood Township Total Investments 12/31/19 $ 899,500 4,219,000 4,080,000 $9,198,500 2/15/20 $ 947,500 4,453,250 4,074,250 $9,475,000 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: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
Required information [The following information applies to the questions displayed below.] 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: City of Albertville General Fund Albertville Schools. Richwood Township Total Investments 12/31/19 $ 899,500 4,219,000 4,080,000 $9,198,500 2/15/20 $ 947,500 4,453,250 4,074,250 $9,475,000 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: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please Do not Give image format
Transcribed Image Text:2. On June 15, Richwood Township decided to withdraw $3,105,000 for a capital projects payment. At the date of the withdrawal, the fair value of the
Treasury notes had increased by $39,500. Assume that the trust fund was able to redeem the CDs necessary to complete the withdrawal without a
penalty but did not receive interest on the funds.
2a
Investment Pool Trust Fund
Record the increase in the fair value of the Treasury notes.
U.S. Treasury Notes
Due to General Fund
Additions-Investment Earnings-Albertville Schools
Additions-Investment Earnings-Richwood Township
39,500
![Required information
[The following information applies to the questions displayed below.]
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:
City of Albertville General Fund
Albertville Schools.
Richwood Township
Total
Investments
12/31/19
2/15/20
$ 899,500 $ 947,500
4,219,000 4,453,250
4,080,000 4,074,250
$9,198,500
$9,475,000
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: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed4d9e12-99f1-466b-ba8a-e2fc2cdd22ec%2F5291766d-3396-4d61-88bd-850750236e26%2F7l2dycgn_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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:
City of Albertville General Fund
Albertville Schools.
Richwood Township
Total
Investments
12/31/19
2/15/20
$ 899,500 $ 947,500
4,219,000 4,453,250
4,080,000 4,074,250
$9,198,500
$9,475,000
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: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account
field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
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