The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2014: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,000 Accrued Interest Receivable . . . . . . . . . . . . . . . . . . 7,500 Investments in MNO Company Bonds . . . . . . . . . . 750,000 Net Position: Resources Held in Trust . . . . . . . . . $ 792,500 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 792,500 $ 792,500 Required: a. Open a general journal for the City of Monroe Community Foundation Trust Fund and record the following transactions for the year ending December 31, 2014:

(1) On May 1, the first semiannual interest payment was received on the MNO Company bonds. The bonds pay 6 percent annual interest, semiannually on May 1 and November 1.

(2) During the first half of the year, additional contributions from individuals and foundations amounted to $200,000, in cash. These funds were invested in RST Corporation stock on June 15.

(3) On November 1, the second semiannual interest payment was received from MNO Company.

(4) On November 15, a dividend was declared by RST Corporation in the amount of $5,000 and was received in cash.

(5) On December 1, RST Corporation stock was sold for $209,000 cash. Those funds were immediately invested in UVW Corporation stock.

(6) On December 15, cash scholarships in the amount of $48,000 were made to various college students.

(7) On December 31, an accrual was made for year-end interest on MNO Company bonds.

(8) Also, on December 31, it was determined that the market value of MNO Company bonds, exclusive of accrued interest, was $ 754,500 and that the market value of UVW Company stock was $ 207,600. b. Post the entries to the Community Foundation Trust ledger (t-accounts). c. Prepare and post an entry closing all nominal accounts to Net Position.

7C. 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, 2014: Continuous Problem City of Monroe Debits Credits Cash $105,000 Accrued Interest Receivable 140,000 Investments: Bonds 7,200,000 Investments: Common Stock 3,200,000 Accounts Payable $76,000 Net Position: Resources Held in Trust for Employee Benefits 10,569,000 Totals $ 10,645,000 $10,645,000 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, 2014:

(1) Member contributions were received in the amount of $400,000. The City General Fund contributed the same amount.

(2) Interest was received in the amount of $504,000, including the accrued interest receivable at the beginning of the year. The interest accrual at yearend amounted to $136,000.

(3) During the year, common stock dividends amounted to $89,000.

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

(5) Annuity benefits in the amount of $407,500, disability benefits of $ 93,500 and refunds to nonvested terminated employees of $66,000 were recorded as liabilities.

(6) Accounts payable, in the amount of $612,000, were paid in cash.

(7) During the year, common stock valued at $505,000 was sold for $517,000. The $517,000 were reinvested in common stock of a different company.

(8) At year-end, the market value of investments in bonds increased by $13,200; the market value of investments in stocks decreased by $7,900. 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. 7C. Part 3. Fiduciary Fund Financial Statements Required: Using the balances from Parts 1 and 2 prepare the following: 1. Statement of Changes in Fiduciary Net Position. 2. Statement of Fiduciary Net Position