The City of Chessie provides a defined benefit pension plan for its full-time employees. The City includes the plan as a pension trust fund in its fund financial statements.

REQUIRED: Using the information below, prepare a Statement of Plan Net Assets and a Statement of Changes in Plan Net Assets for the Chessie Pension Trust Fund.

Cash at year-end $2.5 million

Investments at year-end $3.5 million

Actuarial value of plan assets at year-end $20.95 million

Accounts payable $0.06 million

Actuarial accrued liability $29.9 million

Refunds payable $0.09 million

Employer contributions $2.2 million

Employee contributions $0.4 million

Investment earnings $3.2 million

Benefits paid $0.8 million

Administrative expenses $0.5 million

Net assets held for pension benefits at beginning of year $21.35 million