Business, 11.10.2020 23:01, pickles3233

(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an Investment Trust Fund for cities located in the county. The following en- tries are associated with the fund during 2019.
Prepare (a) journal entries to record these transactions, (b) a statement of changes in fiduciary net position for the fund for the year ending December 31, 2019 (assume that the Investment Trust Fund began this year), and (c) a statement of fiduciary net position for the fund as of that date. P8-46. LO 3
1. The cities of Clarksville and Kingsville contributed assets of $75,000 and $50,000, respectively.
2. The entire amount received in the previous transaction was invested: $65,000 in CDs and $60,000 in Treasury notes.
3. Interest income of $37,500 was received.
4. C ertificates of deposit (CDs) totaling $40,000 and Treasury notes totaling $30,000 matured. Interest income of $1,000 was also received.
5. The money received in the previous transaction was reinvested in CDs.
6. Additional interest income was received: $17,500
7. The General Fund charged the Investment Trust Fund $500 for investment was paid in cash. ome of $50,000 was distributed to the participating cities according to the trust agreement. nal ontries fr an Investment Trust Fund)

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(Journal entries and financial statements for an Investment Trust Fund) Pinnacle County operates an...