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: $ 135,000 57,000 CITY OF SWEETWATER Employees Retirement Fund Statement of Fiduciary Net Position As of July 1, 2019 Assets Cash Accrued Interest Receivable Investments, at Fair Value: Bonds Common Stocks Total Assets Liabilities Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions 4,505,000 1,305,000 6,002,000 351,000 $5,651,000 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 $275,800 were received in cash. The city's General Fund also contributed $806,000 in cash. 3. Annuity benefits of $733,000 and disability benefits of $163,000 were recorded as liabilities. 4. Accounts payable and accrued expenses in the amount of $954,000 were paid in cash. 5. Interest income of $241,000 and dividends in the amount of $34,800 were received in cash. In addition, bond interest income of $49,000 was accrued at year-end. 6. Refunds of $83,000 were made in cash to terminated, nonvested participants. 7. Common stocks, carried at a fair value of $504,000, were sold for $480,000. That $480,000, plus an additional $309,000, 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 $46,000; 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. No Transaction General Journal Debit Credit 01 Cash >> Accrued Interest Receivable 2 02 Cash AdditionsMember Contributions AdditionsEmployer Contributions >> 03 DeductionsAnnuity Benefits DeductionsDisability Benefits Accounts Payable 4 04 Accounts Payable Cash 5 5a Cash Additions-Dividend Income AdditionsInterest Income XX 7 06 Deductions-Refunds to Term Employees Cash O 8 7a Cash 9 7b Investments in Common Stock Cash 10 08 Investments in Common Stock 11 09 AdditionsMember Contributions AdditionsEmployer Contributions Additions-Interest Income Additions-Dividend Income AdditionsNet Decrease in Fair Value DeductionsAnnuity Benefits DeductionsDisability Benefits DeductionsRefunds to Term Employees Net Position: Restricted for OPEB Benefits For the Year Ended June 30, 2020 Additions Contributions: Member Contributions Employer Contributions 0 Total Contributions Investment Earnings: Dividend Income 0 Total Additions Deductions Annuity Benefits Disability Benefits Refunds >> 0 0 Total Deductions Change In Fiduciary Net Position Fiduciary Net Position Beginning of Year Fiduciary Net Position End of Year $ 0 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 Cash Accrued Interest Receivable Total Assets $ 0 Liabilities A 0 Total Liabilities Fiduciary Net Position Total Net Position $ 0