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faaaast please The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020,
faaaast please
The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020, the following transactions occurred: 1. The City contributed $2,400,000 in cash to the plan. Employee members contributed an additional $2,400,000 2. Annuity benefits in the amount of $240.000 were recorded as liabilities 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $95,000. 4. Investment income received in cash amounted to $100,000. In addition $15.000 in interest receivable was accrued at year-end 5. Additional investments in the amount of $1,100,000 were purchased. 6. The market value of investments decreased by $5,465. I Required: Prepare journal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund. AITLENLEINASStep by Step Solution
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