Debits Credits Cash $137,000 Accrued Interest Receivable Investments: Bonds Investments: Common Stock Accounts Payable Net position Held in Trust for Employee Benefits Totals 75,000 5,300,000 2,790,000 $27,000 8,275,000 $ 8,302,000 $8,302,000 Required: a.Open a general journal for the City of Monroe Police Department Pension Trust Fund and record the following transactions for the year ending December 31, 2017: (1) Member contributions were received in the amount of $400,000. The City General Fund contributed the same amount. (2) Interest was received in the amount of $212,000, including the accrued interest receivable at the beginning of the year. The interest accrual at year end amounted to $86,000. (3) During the year, common stock dividends amounted to $125,000. (4) Investments were made during the year in common stock in the amount of $650,000. (5) Annuity benefits in the amount of $325,400, disability benefits of $ 82,020 and refunds to nonvested terminated employees of $39,800 were recorded as liabilities. (6) Accounts payable, in the amount of $460,700, were paid in cash. (7) During the year, common stock valued at $505,000 was sold for $506,800. A portion of these funds, $500,000 were invested in common stock of a different company. (8) At year-end, the market value of investments in bonds increased by $7,750; the market value of investments in stocks decreased by $3,250. b. Post the entries to the Police Department Pension Trust ledger (t-accounts). c.Prepare and post an entry closing all nominal accounts to Net position. (5) Annuity benefits in the amount of $325,400, disability benefits of $ 82,020 and refunds to nonvested terminated employees of $39,800 were recorded as liabilities. (6) Accounts payable, in the amount of $460,700, were paid in cash. (7) During the year, common stock valued at $505,000 was sold for $506,800. A portion of these funds, $500,000 were invested in common stock of a different company. (8) At year-end, the market value of investments in bonds increased by $7,750; the market value of investments in stocks decreased by $3,250. b. Post the entries to the Police Department Pension Trust ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net position. 7-C.Part 3. Fiduciary Fund Financial Statements Required: Using the balances from Parts 1 and 2 prepare the following: Statement of Changes in Fiduciary Net position. 1. Statement of Fiduciary Net position 2