The City of Monroe offers a retirement savings (defined contribution) plan to police officers. Police employees may contribute up to $10,000 on a pre-tax basis to the plan. The City matches the amount of the employee contribution and manages the plan through a pension trust fund. Police Department pension plan, a single-employer, defined-contribution plan, reported the following account balances as of January 1, 2024:

Part 1. Pension Trust Fund Transactions

The City of Monroe offers a retirement savings (defined contribution) plan to police officers. Police employees may contribute up to $10,000 on a pre-tax basis to the plan. The City matches the amount of the employee contribution and manages the plan through a pension trust fund. Police Department pension plan, a single-employer, defined-contribution plan, reported the following account balances as of January 1, 2024:

Debits CreditsCash$ 162,000 Accrued Interest Receivable 62,000 Investments: Bonds 5,300,000 Investments: Common Stock 2,790,000 Accounts Payable $ 37,000 Net position Held in Trust for Employee Benefits 8,277,000Totals$ 8,314,000 $8,314,000

Required:

a. Open a general journal for the City of Monroe Police Department Pension Trust Fund and record the following transactions for the year ending December 31, 2024:

(1) Member contributions were received in the amount of $395,000. The City General Fund contributed the same amount.

(2) Interest was received in the amount of $215,000, including the accrued interest receivable at the beginning of the year. The interest accrual at year end amounted to $76,000.

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(3) During the year, dividends received on common stock amounted to $125,000.

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(4) Investments were made during the year in common stock in the amount of $650,000.

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(5) Retired police officers requested withdrawals of $402,500 and refunds to nonvested terminated employees of $40,600. Both amounts were recorded as accounts payable.

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(6) Accounts payable, in the amount of $440,200, were paid in cash.

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(7) During the year, common stock valued at $505,000 was sold for $510,000. A portion of these funds, $500,000 were invested in common stock of a different company.

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(8) At year-end, the market value of investments in bonds increased by $6,400; the market value of investments in stocks decreased by $890.

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