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The City of Sweetwater maintains an Employees' Retirement Fund, a single - employer defined benefit plan that provides annuity and 1 DUIIUS IIdu IIICiedSed vy

The City of Sweetwater maintains an Employees' Retirement Fund, a single-employer defined benefit plan that provides annuity and 1
DUIIUS IIdu IIICiedSed vy $41, UUU.
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.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
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.)
\table[[No,Transaction,General Journal,,Debit,Credit],[1,01,Cash,(2),59,100,],[,Accrued Interest Receivable,V,,59,100],[,,,,,],[2,02,Cash,2,266,000\times ,],[,Additions - Member Contributions,(2),,266,000vv],[,,,an,%],[3,03,Cash,x,810,000\times ,],[,Additions-Employer Contributions,(,,810,000\times ],[,,,,],[4,04,Deductions-Annuity Benefits,x,725,000\times ,],[,Deductions-Disability Benefils,x,162,000\times ,],[,Cash,x,,887,000\times ],[,,,,7,]]
Mc Required A
Required B 5Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fun
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:
The interest receivable on investments was collected in cash.
Member contributions in the amount of $266,000 were received in cash. The city's General Fund also contributed $810,000 in
cash.
Annuity benefits of $725,000 and disability benefits of $162,000 were recorded as liabilities.
Accounts payable and accrued expenses in the amount of $957,000 were paid in cash.
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.
Refunds of $72,000 were made in cash to terminated, nonvested participants.
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.
At year-end, it was determined that the fair value of stocks held by the pension plan had decreased by $50.000; the falr value of
bonds had increased by $41,000.
Nominal accounts for the year were closed.
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