$7$C$.$ Part $1.$ Pension Trust Fund Transactions

The City of Monroe offers a retirement savings $($defined contribution$)$ plan to police officers. Police employees may contribute up to $$10,000$ on a pre$-$tax basis to the plan. The City matches the amount of the employee contribution and manages the plan through a pension trust fund. Police Department pension plan, a single$-$employer, defined$-$contribution plan, reported the following account balances as of January $1,2024$:

$$DebitsCreditsCash$$162,000$Accrued Interest Receivable$62,000$Investments: Bonds$5,300,000$Investments: Common Stock$2,790,000$Accounts Payable$$$$37,000$Net position Held in Trust for Employee Benefits$8,277,000$Totals$$8,314,000$$$8,314,000$

Required:

Record the following transactions in the general journal of the City of Monroe Police Department Pension Trust Fund for the year ending December $31,2024.$

Member contributions were received in the amount of $$395,000.$ The City General Fund contributed the same amount.

Interest was received in the amount of $$215,000,$ including the accrued interest receivable at the beginning of the year. The interest accrual at year end amounted to $$76,000.$

During the year, dividends received on common stock amounted to $$125,000.$

Investments were made during the year in common stock in the amount of $$650,000.$

Retired police officers requested withdrawals of $$402,500$ and refunds to nonvested terminated employees of $$40,600.$ Both amounts were recorded as accounts payable.

Accounts payable, in the amount of $$440,200,$ were paid in cash.

During the year, common stock valued at $$505,000$ was sold for $$510,000.$ A portion of these funds, $$500,000$ were invested in common stock of a different company.

At year$-$end, the market value of investments in bonds increased by $$6,400$; the market value of investments in stocks decreased by $$890.$

Post the entries to the Police Department Pension Trust ledger $($T$-$accounts$).$

Prepare an entry closing all nominal accounts to Net position and post into their T$-$accounts.