The City of Sweetwater maintains an Employees Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits The fund is financed by actuarially determined contributions from the citys General Fund and by contributions from employees Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses The Statement of Fiduciary Net Position for the Employees Retirement Fund as of July 1, 2016, is shown here CITY OF SWEETWATER Employees Retirement Fund Statement of Fiduciary Net Position As of July 1, 2016 Assets Cash $ 139,000 Accrued Interest Receivable 58,600 Investments, at Fair Value Bonds 4,508,000 Common Stocks 1,310,000 Total Assets 6,015,600 Liabilities Accounts Payable and Accrued Expenses 351,800 Fiduciary Net Position Restricted for Pensions $ 5,663,800 During the year ended June 30, 2017, the following transactions occurred The interest receivable on investments was collected in cash Member contributions in the amount of $276,500 were received in cash The citys General Fund also contributed $810,000 in cash Annuity benefits of $738,000 and disability benefits of $166,000 were recorded as liabilities Accounts payable and accrued expenses in the amount of $959,000 were paid in cash Interest income of $246,000 and dividends in the amount of $30,500 were received in cash In addition, bond interest income of $54,000 was accrued at year end Refunds of $88,000 were made in cash to terminated, nonvested participants Common stocks, carried at a fair value of $509,000, were sold for $485,000 That $485,000, plus an additional $314,000, was invested in stocks At year end, it was determined that the fair value of stocks held by the pension plan had decreased by $50,000 the fair value of bonds had increased by $43,000 Nominal accounts for the year were closed Prepare a Statement of Fiduciary Net Position for the Employees Retirement Fund as of June 30, 2017 Please give explanations of answers

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The City of Sweetwater maintains an Employees Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits. The fund is financed

The City of Sweetwater maintains an Employees Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the citys General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees Retirement Fund as of July 1, 2016, is shown here:

CITY OF SWEETWATER
Employees Retirement Fund
Statement of Fiduciary Net Position
As of July 1, 2016
Assets
Cash	$	139,000
Accrued Interest Receivable		58,600
Investments, at Fair Value:
Bonds		4,508,000
Common Stocks		1,310,000
Total Assets		6,015,600
Liabilities
Accounts Payable and Accrued Expenses		351,800
Fiduciary Net Position Restricted for Pensions	$	5,663,800

During the year ended June 30, 2017, the following transactions occurred:

The interest receivable on investments was collected in cash.
Member contributions in the amount of $276,500 were received in cash. The citys General Fund also contributed $810,000 in cash.
Annuity benefits of $738,000 and disability benefits of $166,000 were recorded as liabilities.
Accounts payable and accrued expenses in the amount of $959,000 were paid in cash.
Interest income of $246,000 and dividends in the amount of $30,500 were received in cash. In addition, bond interest income of $54,000 was accrued at year-end.
Refunds of $88,000 were made in cash to terminated, nonvested participants.
Common stocks, carried at a fair value of $509,000, were sold for $485,000. That $485,000, plus an additional $314,000, was invested in stocks.
At year-end, it was determined that the fair value of stocks held by the pension plan had decreased by $50,000; the fair value of bonds had increased by $43,000.
Nominal accounts for the year were closed.

Prepare a Statement of Fiduciary Net Position for the Employees Retirement Fund as of June 30, 2017.

Please give explanations of answers.