Buraimi District maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended Dec. 31, 2020, the following transactions occurred: 1. 2. 3. The City contributed $1,800,000 in cash to the plan. Employee members contributed an additional $700,000. Annuity benefits in the amount of $300,000 were recorded as liabilities. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $500,000. Investment income received in cash amounted to $150,000. In addition, $50,000 in interest receivable was accrued at year-end. Additional stock investments of $2,000,000 were purchased in cash. Refunded cash of $100,000 to retired employees. The market value of investments decreased by S100,000. 4. 5. 6. 7. Required: Prepare journal entries for the above transactions. Prepare the statement of fiduciary net assets. Prepare the statement of changes in fiduciary net assets