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johnthecool282
johnthecool282
19.03.2021 • 
Business

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: Fair value investments 12/31/2019 Fair value investments 2/15/2020 City of Albertville General Fund 890,000 900,000 Albertville Schools 4,200,000 4,230,000 Richwood Township 3,890,000 3,870,000 Total 8,980,000 9,000,000 Required: a. Prepare journal entries that should be made by the City of Albertville, Albertville Schools and Richwood township on February 15th to record their participation in the investment pool. (Entries for the investment pool trust fund will be made later in b.).

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