On 1st January, Forrester County is holding investments for Tinsel Town valued at $500,000 in an investment pool, accounted for in an investment trust fund. On 1st January, Valley School District invests $1,500,000 in the pool. Earnings on pooled investments for the 6 months ended June 30 totaling $300,000 were received in cash. Required
1) Evaluate what percentage interest in the pool is held by town and the school district?
2) (a) Show entry in the Investment Trust Fund to record the School District's investment in the pool.
(b) Show entry in Investment Trust Fund to summarize the collection of interest for the six-month period.
(c) show entry in the Investment Trust Fund to record distribution of the interest earned on pooled investments, consider that the interest will be reinvested by the town and school district.
(d) Independent of part (c) show entry in the investment trust fund to record distribution of the interest earned on pooled investments, consider that the interest will be reinvested by the town and school district.