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 137,000 Nocrued Interest Receivable 58,300 Investments, at Yair Value Bonds 4,506,000 Common Stocks 1,305,000 Total Assets 6,006,300 Liabilities Accounts Payable and accrued Ixpenses 368,000 Piduciary Net Position Restricted for pensions $5,638,300 $ 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 $264,000 were received in cash. The city's General Fund also contributed $810,000 in cash 3. Annuity benefits of $720,000 and disability benefits of $160,000 were recorded as liabilities 4. Accounts payable and accrued expenses in the amount of $957,000 were paid in cash. 5. Interest income of $244,000 and dividends in the amount of $36,000 were received in cash. In addition, bond interest income of LLLL Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for pension 368.000 $5,630,300 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 $264,000 were received in cash. The city's General Fund also contributed $810,000 in cash. 3. Annuity benefits of $720,000 and disability benefits of $160,000 were recorded as Mobilities. 4 Accounts payable and accrued expenses in the amount of $957,000 were paid in cash. 5. Interest income of $244,000 and dividends in the amount of $36,000 were received in cash. In addition, bond interest income of $50,000 was accrued at year-end, 6. Refunds of $70,000 were made in cash to terminated, nonvested participants 7. Common stocks, carried at a fair value of $504,000, were sold for $481,000. That $481,000, plus an additional $309,000, was Invested in stocks B. At year-end, it was determined that the fair value of stocks held by the pension plan hod decreased by $50,000; 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, Viewjmem om ) x Debit Credit 58,300 58,300 The interest receivable on investments was collected in cash. 1,074,000 Member contributions in the amount of $264,000 were received in cash. The city's General Fund also contributed $810,000 in cash. 264.000 810,000 Annuity benefits of $720,000 and disability benefits of $160,000 were recorded as llabilities 720,000 160,000 880,000 957,000 957,000 Accounts payable and accrued expenses in the amount of $957,000 were paid in cash. Interest income of $244,000 and dividends in the amount of $36,000 were received in cash. Note : = journal entry has been entered Additions-Dividend Income 280,000 244,000 36,000 6 5b 50,000 Accrued Interest Receivable Investment in Bonds 50,000 VW LULUS wwwjurur my Worm X: X Debit Credit 58,300 58,300 Bond interest income of $50,000 was accrued at year- end. 1,074,000 Refunds of $70,000 were made in cash to terminated, nonvested participants. 264,000 810,000 8 Common stocks, carried at a fair value of $504,000, were sold for $481,000. That $481,000, plus an additional $309,000, was invested in stocks. Record the entry for the sale of common stock. 720,000 160,000 880,000 957,000 957,000 9 Common stocks, carried at a fair value of $504,000, were sold for $481,000. That $481,000, plus an additional $309,000, was invested in stocks. Record the entry for investments in common stock. Note : = journal entry has been entered Additions-Dividend Income 280,000 244,000 36,000 6 5b Accrued Interest Receivable Investment in Bonds 50,000 50,000 row onun new your work x Debit Credit 58,300 58,300 LOTTON SLOCKS, Larrieu dl d lair value UI DU4,000, were sold for $481,000. That $481,000, plus an additional $309,000, was invested in stocks. Record the entry for the sale of common stock. 1,074,000 264,000 810,000 9 Common stocks, carried at a fair value of $504,000, were sold for $481,000. That $481,000, plus an additional $309,000, was invested in stocks. Record the entry for investments in common stock. 720,000 160,000 880,000 10 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 $38,000. 957,000 957,000 Nominal accounts for the year were closed. 280,000 Note : = journal entry has been entered Additions-Dividend Income 244,000 36,000 6 5b Accrued Interest Receivable Investment in Bonds 50,000 50,000 Statement of Changes in Fiduciary Net Position For the Year Ended June 30, 2020 Additions Contributions: Member Contributions Employer Contributions $ 280,000 810,000 0 1,090,000 Total Contributions Investment Earnings: Dividend Income Decrease in FMV interest Income 36,000 (23,000) 0 1,103,000 Total Additions Deductions Annuity Benefits Disability Benefits Refunds 720,000 160,000 70,000 Total Deductions Change in Fiduciary Net Position Fiduciary Net Position Beginning of Year Fiduciary Net Position End of Year 950,000 153,000 5,638,300 5,791,300 $ OOOK Required A Required B Required C Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fund as of 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 $ $ 0 Liabilities Accounts Payable and Accrued Expenses Total Liabilities $ Fiduciary Net Position Total Net Position $ 0