On January 1, 20X5, Wheatland County decided to create an investm Town of Sarato

Question

On January 1, 20X5, Wheatland County decided to create an investm Town of Saratoga, Wheatland County School Board, Wheatla ent pool that will include the d County General Fund, and the City of Powell Each governmental entity will contribute the following items for the investment t fund that will be created. WHEATLAND COUNTY INFORMATION FOR INVESTMENTS MADE BY VARIOUS GOVERNMENTAL ENTITIES IN WHEATLAND COUNTY INVESTMENT TRUST FUND Fair Value of Investment on Investment Made Wheatland County General Fund Town of Saratoga Wheatland County School Board City of Powell January 1, 20x5 2,500,000 600,000 1,200,000 700,000 Cash U. S. Treasury Bills Certificates of Deposit Cash The attached transactions took place during the year that affected the investment trust fund. Under the rules of the investment trust fund, earnings will be distributed to participants based upon the balance in their accounts at the time the earnings are received or accrued. REQUIRED: (1) Prepare a schedule to show the percentage interest that each participant has in the investment trust fund after the investments made on January 1, 20X5. Prepare all general journal entries required for the Wheatland County Investment Trust Fund based upon the above information. Use the letter of the transaction as the date. Omit explanations. (2) (3) Prepare all generaljournal entries required for the Wheatland County General Fund for their investment in the investment pool based upon the above information. Use the letter of the transaction as the date. Omit explanations. Prepare a Statement of Fiduciary Net Position for the investment trust fund at December 31, 20x5. (4)

Explanation / Answer

Answer

Journal Entries Required for above

     To Interest................Cr

      To Treasury Bill

(Being, Matured of Investment)

12,000

6,00,000

Particular Investment Made Fair Value of Investment Percentage Wheatland Country General Board Cash 25,00,000 50% Town of saratoga U.S. Treasury Bill 6,00,000 12% Wheatland country school board Certificate of Deposit 12,00,000 24% City of Powell Cash 7,00,000 14% Total 25,00,000 100%

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