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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

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 occurred: 1. The interest receivable on investments was collected in cash. 2. Member contributions in the amount of \(\$ 266,000\) were received in cash. The city's General Fund also contributed \(\$ 810,000\) in cash. 3. Annuity benefits of \(\$ 725,000\) and disability benefits of \(\$ 162,000\) were recorded as liabilities. 4. Accounts payable and accrued expenses in the amount of \(\$ 957,000\) were paid in cash. 5. Interest income of \(\$ 241,000\) and dividends in the amount of \(\$ 32,000\) were received in cash. In addition, bond interest income of \(\$ 54,000\) was accrued at year-end. 6. Refunds of \(\$ 72,000\) were made in cash to terminated, nonvested participants. 7. Common stocks, carried at a fair value of \(\$ 506,000\), were sold for \(\$ 479,000\). That \(\$ 479,000\), plus an additional \(\$ 313,000\), 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 \(\$ 41,000\).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.

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