***PLEASE HELP WITH CLOSING ENTRIES ONLY**

7-C. Part 2. Pension Trust Fund Transactions The City of Monroe Police Department pension plan, a single-employer, defined benefit plan, reported the following account balances as of January 1, 2020: Cash Accrued Interest Receivable Investments: Bonds Investments: Common Stock Accounts Payable Net position Held in Trust for Employee Benefits Totals Debits Credits $ 152,000 75,000 5,300,000 2,790,000 $ 42,000 8,275,000 $8,317,000 $8,317,000 Required: a. Record the following transactions in the general journal of the City of Monroe Police Department Pension Trust Fund for the year ending December 31, 2020. (1) Member contributions were received in the amount of $403,000. 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 $81,000. (3) During the year, dividends received on common stock 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 $79,900 and refunds to nonvested terminated employees of $40,600 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 $1,200. 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. Complete this question by entering your answers in the tabs below. Private Private Purpose Purpose T Pension Trust Pension Trust Stmt of Stmt of Net Entries Accounts Entries T Accounts Changes Position Record the transactions in the general journal of the City of Monroe Police Department Pension Trust Fund for the year ending December 31, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit View transaction list View journal entry worksheet No Transaction General Journal 1 01 Cash Additions-Contributions-Plan Members Additions-Contributions-Employer 806,000 403,000 403,000 N 2a Cash 212,000 Accrued Interest Receivable Additions-Investment Earnings-Interest 75,000 137,000 2b 81,000 Accrued Interest Receivable Additions-Investment Earnings-Interest 81,000 4 03 125,000 Cash Additions-Investment Earnings-Dividends 125,000 5 04 650,000 Investments in Common Stock Cash 650,000 6 05 Deductions-Annuity Benefits Deductions-Disability Benefits Deductions-Refunds to Terminated Employees Accounts Payable 325,400 79,900 40,600 445,900 7 06 460,700 Accounts Payable Cash 460,700 8 8 7a 506,800 505,000 Cash Investments in Common Stock Additions-Investment Earnings-Net Increase (Decrease) in Fair Value of Investments 1,800 9 76 500,000 Investments in Common Stock Cash 500,000 10 08 7,750 Investment in Corporate Bonds Additions-Investment Earnings-Net Increase (Decrease) in Fair Value of Investments Investments in Common Stock 6,550 1,200 11 CI. No Transaction Recorded 7-C. Part 2. Pension Trust Fund Transactions The City of Monroe Police Department pension plan, a single-employer, defined benefit plan, reported the following account balances as of January 1, 2020: Cash Accrued Interest Receivable Investments: Bonds Investments: Common Stock Accounts Payable Net position Held in Trust for Employee Benefits Totals Debits Credits $ 152,000 75,000 5,300,000 2,790,000 $ 42,000 8,275,000 $8,317,000 $8,317,000 Required: a. Record the following transactions in the general journal of the City of Monroe Police Department Pension Trust Fund for the year ending December 31, 2020. (1) Member contributions were received in the amount of $403,000. 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 $81,000. (3) During the year, dividends received on common stock 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 $79,900 and refunds to nonvested terminated employees of $40,600 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 $1,200. 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. Complete this question by entering your answers in the tabs below. Private Private Purpose Purpose T Pension Trust Pension Trust Stmt of Stmt of Net Entries Accounts Entries T Accounts Changes Position Record the transactions in the general journal of the City of Monroe Police Department Pension Trust Fund for the year ending December 31, 2020. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit View transaction list View journal entry worksheet No Transaction General Journal 1 01 Cash Additions-Contributions-Plan Members Additions-Contributions-Employer 806,000 403,000 403,000 N 2a Cash 212,000 Accrued Interest Receivable Additions-Investment Earnings-Interest 75,000 137,000 2b 81,000 Accrued Interest Receivable Additions-Investment Earnings-Interest 81,000 4 03 125,000 Cash Additions-Investment Earnings-Dividends 125,000 5 04 650,000 Investments in Common Stock Cash 650,000 6 05 Deductions-Annuity Benefits Deductions-Disability Benefits Deductions-Refunds to Terminated Employees Accounts Payable 325,400 79,900 40,600 445,900 7 06 460,700 Accounts Payable Cash 460,700 8 8 7a 506,800 505,000 Cash Investments in Common Stock Additions-Investment Earnings-Net Increase (Decrease) in Fair Value of Investments 1,800 9 76 500,000 Investments in Common Stock Cash 500,000 10 08 7,750 Investment in Corporate Bonds Additions-Investment Earnings-Net Increase (Decrease) in Fair Value of Investments Investments in Common Stock 6,550 1,200 11 CI. No Transaction Recorded