Presented below is the preclosing trial balance for the Retiree Health Benefit Plan of the Alger County School District.

Required:

Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2020.

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Trial Balance-December 31, 2020 Debits Credits Accrued Interest Receivable $4 $ 15,500 Cash 10,200 Accounts Payable Contributions-Employee Contributions-Employer Deductions: Benefit Payments 4,500 355,000 637,000 590,000 Deductions: Administrative Expense 28,000 Increase in Fair Value of Investments 359,000 Investment Income-Dividends 77,000 Investment Income-Interest Income 150,300 Investments-Corporate Bonds 1,222,000 Investments-Corporate Stocks Investments-U.S. Treasury Securities 2,272,000 650,000 Fiduciary Net Position Restricted-for other postemployment benefits Recelvables-Employee Recelvables-Employer 3,417.200 22,300 190,000 $5,000,000 $5,000,000