Question

The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools...

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 2016. At the date of the creation of the pool, February 15, 2017, the fair value of the investments of each pool participant was as follows:
Investments
12/31/16 2/15/17
  City of Albertville General Fund $ 893,000 $ 915,000
  Albertville Schools 4,206,000 4,300,500
  Richwood Township 3,950,000 3,934,500
   Total $ 9,049,000 $ 9,150,000

11.

Required information

Required
a.

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. (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.)

       


12.

Required information

b.

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.)

       

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Homework Answers

Answer #1

11.

15 FEB CITY OF ALBERTVILLE GENERAL FUND:
Equity in pooled investments 915000
Investments 893000
Revenue change in fair value of investments 22000
(to record participation in investment pool)
15 feb ALBERTVILLE SCHOOLS
Equity in pooled investments 4,300,500
Investments 4,206,000
Revenue change in fair value of investments 94500
(to record participation in investment pool)
15 feb RICHWOOD TOWNSHIP
Equity in pooled investment 3,934,500
Revenue change in fair value of investment 15,500
Investments 3,950,000
(to record participation in investment pool)

For Que 12, no transactions are given in que for which journal entries are required, therefore answer is given only for Que 11.

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