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 city's 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, 2019, is shown here: CITY OF SWEETWATER Employees Retirement Fund Statement of Fiduciary Net Position As of July 1, 2019 Assets Cash Accrued Interest Receivable Investments, at Fair Value: Bonds Common Stocks Total Assets Liabilities Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions $ 133,000 55,500 4,500,000 1,301,000 5,989,500 360,000 $5,629,500 During the year ended June 30, 2020, the following transactions occurred: 1. The interest receivable on investments was collected in cash. 2. Member contributions in the amount of $260,000 were received in cash. The city's General Fund also contributed $810,000 in cash. 3. Annuity benefits of $738,000 and disability benefits of $160,000 were recorded as liabilities. 4. Accounts payable and accrued expenses in the amount of $953,000 were paid in cash. 5. Interest income of $244,000 and dividends in the amount of $40,000 were received in cash. In addition, bond interest income of $45,000 was accrued at year-end. 6. Refunds of $66,000 were made in cash to terminated, nonvested participants. 7. Common stocks, carried at a fair value of $509,000, were sold for $485,000. That $485,000, plus an additional $309,000, was invested in stocks. 8. 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 $32,000. 9. Nominal accounts for the year were closed. Required: a. Record the transactions on the books of the Employees' Retirement Fund. b. Prepare a Statement of Changes in Fiduciary Net Position for the Employees' Retirement Fund for the year ended June 30, 2020. c. Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fund as of June 30, 2020. Record the transactions on the books of the Employees' Retirement Fund. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No 1 Transaction 01 General Journal Cash Accrued Interest Receivable N 2 02 Cash Additions-Member Contributions Additions-Employer Contributions 3 03 Deductions Annuity Benefits Deductions-Disability Benefits Accounts Payable 4 04 Accounts Payable Cash 5 5a Cash 6 5b 7 06 8 7a Additions-Dividend Income Additions-Interest Income Accrued Interest Receivable Additions-Interest Income Deductions-Refunds to Term Employees Cash Cash Additions-Net Decrease in Fair Value Investments in Common Stock 9 7b Investments in Common Stock Cash 10 08 Investments in Common Stock Cash 11 09 Additions-Member Contributions Additions-Employer Contributions Additions-Interest Income Additions-Dividend Income Additions-Net Decrease in Fair Value > > >> 00000 Debit Credit 55,500 55,500 1,070,000 260,000 810,000 738,000 160,000 898,000 953,000 953,000 284,000 40,000 244,000 45,000 45,000 66,000 66,000 485,000 24,000 509,000 794,000 794,000 18,000 18,000 260,000 810,000 55,500 40,000 24,000 Deductions Annuity Benefits Deductions-Disability Benefits Deductions Refunds to Term Employees Net Position: Restricted for OPEB Benefits 738,000 160,000 66,000 Prepare a Statement of Changes in Fiduciary Net Position for the Employees' Retirement Fund for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) CITY OF SWEETWATER Employees' Retirement Fund Statement of Changes in Fiduciary Net Position For the Year Ended June 30, 2020 Additions Contributions: Member Contributions Employer Contributions Total Contributions Investment Earnings: 260,000 810,000 1,070,000 Interest Income Dividend Income Decrease in FMV 50,500 x 40,000 15,500 Total Additions Deductions Annuity Benefits Disability Benefits 1,176,000 738,000 160,000 Total Deductions Change In Fiduciary Net Position 898,000 278,000 Fiduciary Net Position Beginning of Year Fiduciary Net Position End of Year $ 278,000 Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fund as of June 30, 2020. CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position As of June 30, 2020 Assets Cash Accrued Interest Receivable Investment in US Bonds Total Assets Liabilities Accounts Payable and Accrued Expenses Total Liabilities Fiduciary Net Position Total Net Position $ 0 $ 0 $ 0