Question 12 The City of Amold 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 Annuilty benefits in the amount of $240,000 were recorded as liabilities 2 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 Required: Prepare joumal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) 7 points Moving to another question will save the response Question 11 points Seve The City of Dundee received a gift of $605,000 from a local resident on April 1, 2020 and signed an agreement that the funds would be invested permanently and that the income would be wed b maintain the city cometery. The following transactions took place during the year ended December 31, 2020 (a) The gift was recorded on April 1 (b) On April 1, 2020, XYZ Company bonds were purchased in the amount of $600,000, at par The bonds carry an annual interest rate of 4 percent, payable semiannually on October 1 and Ap (c) On October 1, the semiannual interest was received (d) From October 1 through December 1, payments were made totaling $15.900 to a lawn service company (e) On December 31, an accrual was made for interest (1) Also, on December 31, a reading of the financial press indicated that XYZ bonds had a fair value of $ 603,000, exclusive of accrued interest (g) The books were closed Required: Record the transactions on the books of the Cemetery Perpetual Care Fund FN+F10 (M