Problem 2: The City of Richmond 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 $ 1,400,000 in cash and employee members contributed an additional $ 1,400,000 to the plan. (2) Annuity benefits in the amount of $260,000 were recorded as liabilities. (3) Investment income received in cash amounted to $117,000 and in addition, $18,000 in interest receivable was accrued at year-end. (4) Additional investments in the amount of $2,100,000 were purchased. (5) The market value of investments decreased by $10,465. Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund