Question: I need help from chapter 4 to chapter 10. I will pay good for your help. An example is attached. Thank you Chapter 8 Recording
I need help from chapter 4 to chapter 10. I will pay good for your help. An example is attached. Thank you

Chapter 8 Recording Fiduciary Fund Transactions-An Investment Trust Fund The city council of the City of Bingham decided in late 2020 to create an investment pool that would put the city's investments under professional management. The pool will be accounted for as an investment trust fund. The name of the fund, when it is established in early 2021, will be the Investment Pool Fund. The initial participants in the Investment Pool Fund will be the city's debt service fund and the Bingham Consolidated School District (CSD). The pool will be accounted for in accordance with GASB standards applicable to fiduciary funds; therefore, the city's debt service fund assets managed by the investment pool will not be reported in the Investment Pool Fund financial statements. Unless there is a request for a withdrawal, investment earnings and changes in the fair value of investments are distributed to participants only at year-end. During the year, investment earnings are added to an Undistributed Earnings on Pooled Investments account and changes in fair value are added to or subtracted from an Undistributed Change in Fair Value of Investments Account. Record the following transactions that occurred during 2021 in the Investment Pool Fund. Do not forget to click on [ Year] to change the date to 2021. 1. [Para. 8a-1] On March 1, 2021, the Investment Pool Fund was formally established with the receipt of $220,000 in cash from the city's own debt service fund, plus receipt from the Bingham CSD of cash bonds having a market value of $622,000 on this date. The bonds purchased by the Bingham CSD had a book value of $620,000 on March 1, 2021. The bonds receive semi-annual interest of 3 percent per annum, on July 1 and January 1 each year. The CSD's equity is to also be credited for $3,100, which represents the two months of interest receivable on the bonds for January and February 2021. 2. [Para. 8a-2] The Investment Pool Fund manager purchased 4.5 percent bonds on March 1 in the amount of $200,000. Because the bonds pay interest semi-annually on January 1 and July 1, $1,500 in accrued interest was also paid. (Note: Interest Receivable on Investments should be debited for the accrued interest.) 3. [Para. 8a-3] On March 1, the Investment Pool Fund manager also purchased a 9-month certificate of deposit (CD) for $10,000. The interest rate on the CD is 2 percent per annum
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
