286D: Friendly purple creature has magic yellow umbrella (Solved)

I’m thinking this book would have come out in the 70s or early 80s. The general plot, as I recall, was a friendly purple creature was friends with a young boy, and the creature had a seemingly magic yellow umbrella. The umbrella was used in a variety of helpful ways, culminating in the umbrella being used as a big swimming pool for all of the neighborhood children. Those are the primary details I remember; any help much appreciated!

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