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E-8.9 Pension Plan Financial Statements. The State of Nodak operates a Public Employees Retirement System (PERS) for all employees of the state. The pre-closing trial
E-8.9 Pension Plan Financial Statements. The State of Nodak operates a Public Employees Retirement System (PERS) for all employees of the state. The pre-closing trial balance of the PERS as of June 30, 2011, follows (in thousands of dollars): Cash Accrued Interest Receivable Investments Debits. Credits Equipment and Fixtures Accumulated Depreciation Equipment and Fixtures Accounts Payable and Accruals Net Assets Held in Trust for Pension Benefits, July 1, 2010 Member Contributions Employer Contributions Interest and Dividend Income Annuity Benefits Disability Benefits Refunds to Terminated Employees Administrative Expenses Total Required $ 16,000 33,200 1,943,200 25,200 $3,100 33,400 1,577,000 112,100 197,800 199,700 53,900 14,000 28,800 8,800 $2,123,100 $2,123,100 a. The fair value of investments increased by $ 58,800. Prepare the necessary adjusting entry to record the increase in value. b. Prepare a statement of changes in plan net assets for the State of Nodak Public Employees Retirement System for the year ended June 30, 2014, in as much detail as possible
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