Question

Presented here is the Preclosing Trial Balance for the Pension Trust Fund for the City of Rockville, Maryland, as of June 30, 20X6. Assume that the fair market value of investments has increased by $5,163,179 over their original cost and that the adjustment for this increase is not reflected in the trial balance shown.


Required
1. Prepare the necessary journal entry to reflect the increase in the fair market value of the investments. Assume this is the only adjusting entry necessary.
2. Prepare a Statement of Fiduciary Net Position for the Pension Trust Fund as of June 30, 20X6.
3. Prepare a Statement of Changes in Fiduciary Net Position for the fiscal year ended June 30,20X6.


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  • CreatedOctober 25, 2014
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