Investment Trust Fund Accounts

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.

Additional Requirements 

Other Requirements: (b) Show the entry for the distribution of the gain on investments sold. 

4). Assuming that the Baber School District withdraws $1,000,000 cash from the pool on January 3, 2013, compute the Township's interest in the pool.