On February 10, Coop City Council agreed to pool the investments of its General Fund with...

On February 10, Coop City Council agreed to pool the investments of its General Fund with Coop Schools and Cardinal Township in an investment pool managed by Coop City. Coop City creates an Investment Trust Fund to account for this investment pool. Please record the following in the Coop City Trust Fund and General Fund.

1. Coop City Trust Fund received investments with a market value of $890,000 from the Coop City General Fund, $4,200,000 from Coop Schools, and $3,890,000 from Cardinal Township.

2. Investments grew in value by $600,000. $59,465 of this is attributable to the general fund, $280,624 is attributable to Coop Schools, and $259,911 is attributable to Cardinal Township.

3. Coop Schools needed cash to pay for a playground expansion. At Coop School’s request, the trust fund sold $700,000 recorded value of investments for $710,000, then disbursed the $710,000 cash to Coop Schools.

Expert Solution

	Coop City Trust Fund

Sr	Particulars	Amount	Amount	Sr	Particulars	Amount	Amount

1	To Investment ledger				By Cash ledger
	Coop city General fund	8,90,000			Coop city General fund	8,90,000
	Coop Schools	42,00,000			Coop Schools	42,00,000
	Cardinal Township	38,90,000	89,80,000		Cardinal Township	38,90,000	89,80,000
	(Investment amounts received)				(Investment amounts received)

2	To Investment ledger
	Coop city General fund	59,465
	Coop Schools	2,80,624
	Cardinal Township	2,59,911	6,00,000
	(Value Gain in Investments)

3	To Investment ledger				By Investment ledger
	Coop city General fund	-			Coop city General fund	-
	Coop Schools	10,000			Coop Schools	7,10,000
	Cardinal Township	-	10,000		Cardinal Township	-	7,10,000
	(Gain on Sale of Investment)				(Cash payout)

Coop city General fund

Sr	Particulars	Amount	Amount	Sr	Particulars	Amount	Amount

1	To Cash ledger				By Investment ledger
	Coop City Trust Fund		8,90,000		Coop City Trust Fund		8,90,000

ekkarill92 answered 1 year ago

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