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As of January 1, 2013, the Baber School District notifies the pool it needs to withdraw $1,000,000 cash from the pool, so the pool management sells investments to obtain $700,000 cash. The investments sold had been carried in the Investment Trust Fund accounts at July 1, 2012, fair value of $672,000.

(a) Show the entry for the sale of investments by the pool on January 2, 2013.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939610

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