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- During the year ended June 30,2020 , the following transactions occuned 1. The interest recelvable on investments was collected in cash. 2 Member contributions in the amount of $263,000 were recelved in cash. The city's General Fund olso contributed $810.000 in cosh. 3. Annuity benefits of $720,000 and disability benefits of $163,000 were recorded as liobilities. 4. Accounts poyable and eccrued expensen in the amount of $956,000 were paid in cash 5. Intereot income of $242,000 and dividends in the amount of $34,000 were received in cosh in addition, bond interest income of $49,000 was occrued at year-end 6 Relunds of $69,000 were mode in cash to terminated, nonvested porticipants 7 Common stocks, carried at a fair value of \$\$09,000, were sold for \$482,000 That \$482,000, plus an additional \$314,000, was invested in stocks 8. At year-end, it wos determined that the foir value of stocks held by the pension plan had decreased by $50,000, the tair value of bonds hed increased by $36,000 9. Nominal accounts for the year were cloted Required: 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- During the year ended June 30,2020 , the following transactions occuned 1. The interest recelvable on investments was collected in cash. 2 Member contributions in the amount of $263,000 were recelved in cash. The city's General Fund olso contributed $810.000 in cosh. 3. Annuity benefits of $720,000 and disability benefits of $163,000 were recorded as liobilities. 4. Accounts poyable and eccrued expensen in the amount of $956,000 were paid in cash 5. Intereot income of $242,000 and dividends in the amount of $34,000 were received in cosh in addition, bond interest income of $49,000 was occrued at year-end 6 Relunds of $69,000 were mode in cash to terminated, nonvested porticipants 7 Common stocks, carried at a fair value of \$\$09,000, were sold for \$482,000 That \$482,000, plus an additional \$314,000, was invested in stocks 8. At year-end, it wos determined that the foir value of stocks held by the pension plan had decreased by $50,000, the tair value of bonds hed increased by $36,000 9. Nominal accounts for the year were cloted Required
