Using the info in P12-3 prepare the Statement of Net Position at Dec 31, 20X7 and the Statement of changes in Net position for 20X7 for the City of Cherrydales Policeman's Retirement Fund.

P12-3 (Pension Trust Fund Journal Entries) The following is a trial balance of the Police Retirement Fund of the City of Cherrydale at January 1, 20X7:

Cash.........................................................................$6,000

Interest Receivable................................................... 450

Investments............................................................$52,000

Pension Payable..................................................... $150

Net Position-Restricted for pension benefits......... ______ $58,300

$58,450 $58.450

The following transactions took place during the year:

1. Contributions became due from the General Fund, $38,000 and a special Revenue Fund, $6,000. One-half of the amounts is the employees share of contributions.

2. Payments were received from the general fund $30,000 and the special revenues fund, $4,000

3. Securities were acquired for cash as follows:

a. First Purchase

Par value........................................................$20,000

Premiums..................................................... 300

Interest accrued at purchase....................... 200

b. Second purchase

Par value...................................................... $15,000

Discounts..................................................... 150

4. Interest received on investments amounted to $3,000 including interest receivable on January 1 20X7, and accrued interest purchased.

5. An employee resigned prior to retirement and was paid $300, which is the amount of her contributions and interest thereon. Employer contributions do not vest until retirement.

6. Retirement payments of $600 were made (which included beginning of year pensions payable): pensions payable of $200 remained at year end.

7. An actuary indicated that the actuarial deficiency at year end was $19,000

8. The fair value of the pension plan investments was $200 more than the carrying year-end.