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

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The City of Sweetwater maintains an Employees' Retirement Fund, a single-employer defined benefit plan that provides annulty 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: During the year ended June 30,2020, the following transactions occurred 1. The interest recelvable on investments was collected in cash. 2. Member contributions in the amount of $275,800 were recelved in cash. The city's General Fund also contributed $806,000 in 1. The interest receivable on investments was collected in cash. 2 Member contributions in the amount of $275,800 were received in cash. The city's General Fund also contributed $806,000 in cash 3. Annuity benefits of $733,000 and disability benefits of $163,000 were recorded as liablities 4 Accounts payable and accrued expenses in the amount or $954,000 were paid in cosh 5. Interest income of $241,000 and dividends in the amount of $34,800 were recelved in cosh. In addition, bond interest income of $49,000 was accrued at yearend. 6. Refunds of $83.000 were made in cash to terminated, nonvested participants. 7 Common stocks, carried at a fair vatue of $504,000. were sold for $480,000. That $480,000, plus an additional $309,000, was invested in stocks 8. At yearend, it was determined thot the fair value of stocks held by the pension plan had decreased by $46,000; the fair value of bonds had increased by $38,000. 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, Required B > Prepare a Statement of Changes in Fiduciary Net Position for the Employees' Retirement Fund for the year Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fund as o Required B

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