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, 2019, is shown here:

CITY OF SWEETWATER
Employees Retirement Fund
Statement of Fiduciary Net Position
As of July 1, 2019
Assets
Cash	$	145,000
Accrued Interest Receivable		40,000
Investments, at Fair Value:
Bonds		4,500,000
Common Stocks		1,300,000
Total Assets		5,985,000
Liabilities
Accounts Payable and Accrued Expenses		400,000
Fiduciary Net Position Restricted for Pensions	$	5,585,000

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 $260,000 were received in cash. The citys General Fund also contributed $830,000 in cash.
3. Annuity benefits of $740,000 and disability benefits of $172,000 were recorded as liabilities.
4. Accounts payable and accrued expenses in the amount of $990,000 were paid in cash.
5. Interest income of $235,000 and dividends in the amount of $40,000 were received in cash. In addition, bond interest income of $45,000 was accrued at year-end.
6. Refunds of $68,000 were made in cash to terminated, nonvested participants.
7. Common stocks, carried at a fair value of $500,000, were sold for $475,000. That $475,000, plus an additional $305,000, 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 $42,000; the fair value of bonds had increased by $33,000.
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.

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.) View transaction list Journal entry worksheet The interest receivable on investments was collected in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 01 Record entry Clear entry View general journal Prepare a Statement of Changes in Fiduciary Net Position for the Employees' Retirement Fund for the year ended June 30, 2020. (Amounts to be deducted should be indicated with a minus sign.) CITY OF SWEETWATER Employees' Retirement Fund Statement of Changes in Fiduciary Net Position For the Year Ended June 30, 2020 Additions Contributions: Total Contributions Investment Earnings: Total Additions Deductions Total Deductions Change In Fiduciary Net Position Required A Required B Required C Prepare a Statement of Fiduciary Net Position for the Employees' Retirement Fund as of June 30, 2020. CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position As of June 30, 2020 Assets Total Assets Liabilities Total Liabilities Fiduciary Net Position Total Net Position