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Journal entries and statements for a Pension Trust Fund The city of Green Meadows has had an employee pension fund for several years. The following is a trial balance for the fund at December 31, 2021: CITY OF GREEN MEADOWS Pension Trust Fund Employees' Retirement Fund Trial Balance December 31, 2021 Debits Credits Cash $78,750 Investment income receivable 315,000 Investments-corporate stocks 30.000.000 Investments - US government securities 45,862,500 Accrued expenses $18,000 Net position restricted for pension benefits 76,238,250 $76,256,250 576,256,250 The following transactions and events occurred in 2022: 1. Contributions from the General Fund totaled $1,125,000; included in this amount was $388,125 from the employees and $736,875 from the city. 2. Corporate stocks costing $750,000 were purchased. 3. The fund collected interest accrued as of December 31, 2021. Investment income for 2022 totaled $7,200,000, of which $6,435,000 was collected in cash. Investment income earned in 2022 included dividends of $1,275,000, and the remainder was interest 4. Employee retirement benefits of $5,250,000 were paid. 5. Additional U.S. government securities totaling $1,650,000 were acquired. 6. Costs of operating the plan were $262,500; of this amount $225,000 was paid in cash, and the remainder was accrued. The accrued expenses at the beginning of the year were also paid. These expenses were administrative in nature. 7. U.S. government securities that had a book value of $750,000 were redeemed for $900,000. 8. The market value of the corporate stocks at the end of the year increased by $1,500,000. repare the commal entdes medecantarecord the 2022 ansactions V V a) Prepare the journal entries necessary to record the 2022 transactions If an entry affects more than one debit or credit account, enter the accounts in order of magnitude (largest to smallest balances), debits first. Account Debit Credit Cash 1,125,000 0 Additions-pension contributions-employer 0 736,875 Additions-pension contributions-plan members 0 388,125 To record contributions received, Investments-corporate stocks 750,000 0 Cash 0 750,000 To record purchase of corporate stocks. Cash 5,925,000 0 X Investment income receivable 0 5,925,000 X To record collection of accrued interest. Cash 6,435,000 0 Investment income receivable 765,000 0 Additions-interest v 0 5,925,000 Additions dividends 0 1,275,000 To record 2022 investment income. Deductions--retirement benefits 5,250,000 Cash 0 5,250,000 To record payment of employee retirement benefits. Investments-U.S. government securities 1,650,000 Cash 0 1,650,000 To record acquisition of U.S. government securities, Accrued expenses 18,000 0 Cash 0 18.000 To record payment of accrued operating costs. Accrued expenses 280,500 0X Cash 0 225,000 Deductions-administrative costs 55,500 X To record 2022 operating costs. Cash 900,000 0 Investments--U.S. government securities 0 750,000 Additions-interest 0 150,000 To record redemption of U.S. government securities. Investments--corporate stocks 1,500,000 0 Additions-net increase in fair value of investments 1,500,000 To record change in market value of corporate stocks. ol > > V O V V b) Prepare a statement of changes in fiduciary net position for the fund for 2022. Enter contribution, investment income, and deduction accounts in order of magnitude (largest to smallest). City of Green Meadows Pension Trust Fund Employees Retirement Fund Statement of Changes in Fiduciary Net Position For the Year Ending December 31, 2022 Additions Contributions: Employer contributions $$ 736,875 Plan member contributions 388.125 Total contributions $ 1,125,000 Investment income: Interest income 6,075,000 Net increase in fair value of investments 1,500,000 Dividend income 1,275,000 Net investment income 8,850,000 Total additions 9,975,000 Deductions: Benefit payments 5,250,000 Administrative costs 55,500 X Total deductions 5,305,500 X Net increase in fiduciary net position 4,669,500 x Net position restricted for pensions: Beginning of year 76,238,250 End of year $80,907,750 X . c) Prepare a statement of fiduciary position as of December 31, 2022 Enter accounts in the order listed in Retirement Fund's trial balance. City of Green Meadows Pension Trust Fund Employees Retirement Fund Statement of Fiduciary Net Position December 31, 2022 Assets: Cash $ 6,570,750 X Investment income receivable 4,845,000 X investments in corporate stocks 32,250,000 Investments in US Government securities 48,262,500 x Total assets $91,928,250 X Liabilities: Accrued expenses 280,500 X Net position restricted for pensions $91,647,750 X . S > 1 v >