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Journal entries and statements for a Pension Trust Fund The city of Green Meadows has had an employee pension fund for several years. The following is a trial balance for the fund at December 31, 2018, as well as several transactions that occurred during 2019. Prepare (a) the journal entries necessary to record the transactions, (b) a statement of changes in fiduciary net position for the fund for 2019, and (c) a statement of fiduciary net position as of December 31, 2010 TCIISIVI HIML Tun Employees' Retirement Fund Trial Balance December 31, 2018 Debits Credits Cash $ 52,500 Investment income receivable 210,000 Investments -corporate stocks 20,000,000 Investments- U.S. government securities 30,575,000 Accrued expenses $ 12,000 Net position restricted for pension benefits 50,825,500 $50,837,500 $50,837,500 1. Contributions from the General Fund totaled 5750,000; included in this amount was $258,750 from the employees and 5491,250 from the city 2. Corporate stocks costing $500,000 were purchased. 3. The fund collected interest accrued as of December 31, 2018. Investment income for 2019 totaled 54,800,000, of which 54.290,000 was collected in cash. Investment income cared in 2019 included dividends of $850,000, and the remainder was interest 4. Employee retirement benefits of $3,500,000 were paid. 5. Additional U.S. government securities totaling $1,100,000 were acquired 6. Costs of operating the plan were $175,000 of this amount $150,000 was paid in cash and the remainder was accrued. The accrued expenses at the beginning of the year were also paid. These expenses were administrative in nature. 7. US government securities that had a book value of $500,000 were redeemed for 5600,000 8. The market value of the corporate stocks at the end of the year increased by 51,000,000 (a) Ref Description Debit Credit 1

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