c. Record the June 15 increase in each of the participant's funds. On June 15, Richwood Township decided to withdraw $3,110,000 for acapital projects payment. At the date of the withdrawal, the fair value of the Treasury notes had increased by $40,000. Assume thatthe trust fund was able to redeem the CDs necessary to complete the withdrawal without a penalty but did not receive interest onthe funds. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do notround intermediate calculations. Round your answers to the nearest whole dollar amount.)TransactionFund1. Record the June 15 increase in each of the participant's funds1City of Albertville General Fund Equity in PooledvestmentsRevenues-Investment EarningsAlbertville SchoolsGeneral JournalRichwood TownshipEquity in Pooled InvestmentsRevenues-Investment EarningsRecord the increase in investments in the general journalEquity in Pooled InvestmentsRevenues-Investment EarningsRecord the withdrawl made by Richwood Townships from the pooled investmentsCashEquity in Pooled InvestmentsDebit4,0003,110,000Credit4,0003,110,000 The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and RichwoodTownship in an investment pool to be managed by the city. Each of the pool participants had reported its investments atfair value as of the end of 2022. At the date of the creation of the pool, February 15, 2023, the fair value of theinvestments of each pool participant was as follows:City of Albertville General FundAlbertville SchoolsRichwood TownshipTotalInvestments12/31/22900,0004,220,0004,090,000$9,210,0002/15/23$ 950,0004,465,0004,085,000$9,500,000

Interest Distribution typically refers to the allocation or division of interest payments, often in…

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 2022. At the date of the creation of the pool. February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments. 12/31/22 900,000 4,220,000 4,090,000 $9,210,000 2/15/23 $ 950,000 4,465,000 4,085,000 $9,500,000

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 2022. At the date of the creation of the pool. February 15, 2023, the fair value of the investments of each pool participant was as follows: City of Albertville General Fund Albertville Schools Richwood Township Total Investments. 12/31/22 900,000 4,220,000 4,090,000 $9,210,000 2/15/23 $ 950,000 4,465,000 4,085,000 $9,500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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