Please Finish the Journal entry in the picture 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: Investments 12/31/22 2/15/23 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 $9,275,000 5. At the end of the year, undistributed earnings were allocated to the investment pool participants. Assume that there were no additional changes in thefair value of investments after the Richwood Township withdrawal. Round the amount of the distribution to each fund or participant to the nearest dollar.5 Investment Pool Trust FundUndistributed Earnings on Pooled InvestmentsDue to General FundAdditions-Investment Earnings-Albertville SchoolsAdditions-Investment Earnings-Richwood Township100,000

Step 1: Determine the undistributed earningsFrom the provided information, we don't see the actual…

Answered: 5. At the end of the year,…

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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Please Finish the Journal entry in the picture

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:

	Investments
	12/31/22		2/15/23
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		$	9,275,000