CPA Far Quiz
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STATE AND LOCAL GOVERNMENTS
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A city administers an external investment pool for several legally separate school districts and reports the activity in an investment trust fund. At year-end, the pool's investments had a $900,000 increase in fair value, and the city distributed $250,000 of earnings to the participating districts based on their share of the pool. Under GASB fiduciary standards (including GASB Statement No. 84) and fair value guidance, how should the city report the $900,000 fair value change and the $250,000 distribution in the investment trust fund?
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