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 citys 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, 2014, is shown here:

CITY OF SWEETWATER Employees Retirement Fund Statement of Fiduciary Net Position As of July 1, 2014

Assets

Cash

$ 120,000

Accrued Interest Receivable

65,000

Investments, at Fair Value: Bonds

4,500,000 Common Stocks

1,300,000 Total Assets

5,985,000 Liabilities

Accounts Payable and Accrued Expenses

350,000

Fiduciary Net Position Restricted for Pensions

$5,635,000

During the year ended June 30, 2015, the following transactions occurred:

1. The interest receivable on investments was collected in cash.

2. Member contributions in the amount of $250,000 were received in cash. The citys General Fund also contributed $750,000 in cash.

3. Annuity benefits of $700,000 and disability benefits of $150,000 were recorded as liabilities.

4. Accounts payable and accrued expenses in the amount of $900,000 were paid in cash.

5. Interest income of $240,000 and dividends in the amount of $40,000 were received in cash. In addition, bond interest income of $60,000 was accrued at year-end.

6. Refunds of $133,000 were made in cash to terminated, nonvested participants.

7. Common stocks, carried at a fair value of $500,000, were sold for $480,000. That $480,000, plus an additional $300,000, 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 $40,000; the fair value of bonds had increased by $35,000.

9. Nominal accounts for the year were closed.

a.Record the transactions on the books of the Employees Retirement Fund.

I got this for part a

a.

Date	Account title and explanation	Debit	Credit
1	Cash	$65,000
	Accrued accounts receivable		$65,000
2	Cash	$1,000,000
	Contribution by member		$250,000
	Contribution by employer		$750,000
3	Annuity benefit	$700,000
	Disability benefit	$150,000
	Accounts payable & Accrued expenses		$850,000
4	Accounts payable & Accrued expenses	$900,000
	Cash		$900,000
5	Cash	$280,000
	Dividend		$40,000
	Interest income		$240,000
	Interest receivable	$60,000
	Interest income		$60,000
6	Refund to terminated employee	$133,000
	Cash		$133,000
7	Cash	$480,000
	Decrease in fair value	$20,000
	Investment common stock		$500,000
	Investment common stock	$780,000
	Cash		$780,000
8	Investment common stock	$5,000
	Cash(40,000-35,000)		$5,000
9	Contribution by member	$250,000
	Contribution by employer	$750,000
	Interest income	$60,000
	Dividend	$40,000
	Decrease in fair value		$20,000
	Annuity benefit		$700,000
	Disability benefit		$150,000
	Termination benefit		$133,000
	Net asset held		$97,000

b. Prepare a Statement of Changes in Net Assets for the Employees Retirement Fund for the Year Ended June 30, 2012.

I got this for part B

Change in net assets	Amount
Additions:
Contribution by member	$250,000
Contribution by employer	$750,000
	$1,000,000
Interest income	$60,000
Dividend	$40,000
Decrease in fair value	-$20,000
Investment earnings	$80,000
Total addition	$1,080,000
Annuity benefit	$700,000
Disability benefit	$150,000
Refund to terminated employee	$133,000
Total deduction	$983,000
Increase in net asset(a)	$97,000
Net assets held in beginning(b)	$5,635,000
net assets held at the end(a+b)	$5,732,000

c. Prepare a Statement of Fiduciary Net Position for the Employees Retirement Fund as of June 30, 2015.

What numbers do I put for this for part C??

Assets

Cash

Accured Interest Receivable

Investments, at Fair value:

Bonds

Common Stock

Total Assets

Liabilities

Accounts Payable and Accured Expenses

Fiduciary Net Position Restricted for Pension