The following information relates to the Lincoln County Fireghters Pension Plan (dollar amounts in millions): 1. Prepare

The following information relates to the Lincoln County Firefighters’ Pension Plan (dollar amounts in millions):

1. Prepare a statement of plan net fiduciary position (balance sheet) as of January 1. You may not have to include all of the data provided.
2. Prepare a statement of changes in plan net fiduciary position (statement of activities) for the year.
3. Prepare a statement of plan net fiduciary position (balance sheet) as of December 31.
4. Comment on the significance of the data provided that you did not include in your statements. Where in the plan’s financial statements would this information be reported?
5. Determine the amount of the unfunded actuarial accrued liability as of December 31, assuming that the actuarial value of the plan assets is the same as their fair value. (Sometimes actuaries use average values over several years rather than point-in-time values as of the balance sheetdate.)

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Beginning-of-Year Balamces Cash and cash equivalents, January 1 Marketable securities and other ii fair value, January 1 Current liabilities to retirees, January 1 Actmarial accrued liability, January 1 S 67 $3,180 $3,430 Transactions During the Year Contributions received during the year from employers and employees Benefits to which retirees were entitled during S 138 S 120 S 122 the year Benefits actually paid to retirees, including amounts owed from prior year Interest and dividends earned during the year Net appreciation in fair value of marketable securities and other investments (i.e., reali zed and unrealized gains) during the year Invest 36 $ 45 $ 92 %3,307 S3,690 ment and administrative expenses End-of-Year Balances Cash on hand, December 31 Marketable securities and other investments at fair value, December 31 Current liabilities to retirees, December 31 Actuarial accrued liability, December 31