The Clty of Sweetwater malntalns an Employees' Retlrement Fund, a single$-$employer defined benefit plan that provides annulty 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 Fiduclary Net Position for the Employees' Retlrement Fund as of July $1,2019,$ is shown here:

During the year ended June $30,2020,$ the following transactions occurred:

The interest recelvable on Investments was collected in cash.

$2$ Member contrlbutions In the amount of $$268,000$ were recelved In cash. The clty$\text{'}$s General Fund also contrlbuted $$810,000$ in

cash,

Annulty benefits of $$730,000$ and disability benefits of $$160,000$ were recorded as liabilitles.

Accounts payable and accrued expenses In the amount of $$954,000$ were pald in cash.

Interest income of $$241,000$ and dlvidends in the amount of $$34,000$ were recelved in cash. In addition, bond Interest income of

$$46,000$ was accrued at year$-$end.

Refunds of $$74,000$ were made in cash to terminated, nonvested partlcipants.

Common stocks, carried at a falr value of $$508,000,$ were sold for $$477,000.$ That $$477,000,$ plus an additional $$309,000,$ was

Invested in stocks.

At year$-$end, It was determined that the falr value of stocks held by the pension plan had decreased by $$50,000$; the falr value of

bonds had increased by $$33,000.$

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 Fiduclary Net Position for the Employees" Retirement Fund for the year ended June $30,2020.$

c$.$ Prepare a Statement of FIduclary Net Position for the Employees' Retlrement Fund as of June $30,2020.$

Complete this question by entering your answers in the tabs below.

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.$)$

Journal entry worksheet

The interest receivable on investments was collected in cash.