The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city.
Each of the pool participants had reported its investments at fair value as of the end of 2016.
At the date of the creation of the pool, February 15, 2017, the fair value of the investments of each pool participant was as follows:Investments 12/31/16 2/15/17 City of Albertville General Fund $ 893,000 $ 915,000 Albertville Schools 4,206,000 4,300,500 Richwood Township 3,950,000 3,934,500 Total $ 9,049,000 $ 9,150,000

Required :

a. Prepare the journal entries that should be made by the City of Albertville, Albertville Schools, and Richwood Township on February 15 to record their participation in the investment pool. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
b. Prepare the journal entries to be made in the accounts of the investment pool trust fund to record the following transactions for the first year of operations: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)