Prepare the journal entries to record the following transactions in an Investment Trust Fund for Seggen County during the calendar year 2013.

1. Turtle Creek and Pineview contributed $ 60,000 and $ 40,000, respectively, to an Investment Trust Fund operated by Seggen County during 2013.

2. Investments totaling $ 75,000 were purchased.

3. Income from the investments during the year totaled $ 8,000.

4. The fund paid $ 1,500 to the county for investment management fees.

5. The investments increased in value by $ 3,000.

6. Income of $ 10,000 was paid to the two cities, based on the relative amount of their initial investment.