Current Attempt in Progress Your answer is partially correct. Crane College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value Fair Value $114,750 118.850 Loan Fund 142,400 $376,000 $97,750 Account Titles and Explanation 136,850 156,400 During 2025, the investment pool earned dividends of $10.700 and interest of $19.200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $15.000 and were reinvested in securities held in the pool. $391.000 Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.J Debit Credit
Current Attempt in Progress Your answer is partially correct. Crane College pooled the individual investments of three of its funds on December 31, 2024. The recorded value and the fair market value of the investments on December 31, 2024, are presented here: Loan fund Quasi-endowment fund Life income fund Total Recorded Value Fair Value $114,750 118.850 Loan Fund 142,400 $376,000 $97,750 Account Titles and Explanation 136,850 156,400 During 2025, the investment pool earned dividends of $10.700 and interest of $19.200 and distributed cash in these amounts to the respective funds. Realized gains on transactions of the investment pool amounted to $15.000 and were reinvested in securities held in the pool. $391.000 Prepare the journal entries that are necessary in the records of each of the funds to account for the earnings of the investment pool during 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.J Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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