Buraimi District maintains a Public Employee Retirement Trust Fund for its public safety employees. During the...

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Buraimi District maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended Dec. 31, 2020, the following transactions occurred: 1. The City contributed $1,800,000 in cash to the plan. Employee members contributed an additional $700,000. 2. Annuity benefits in the amount of $300,000 were recorded as liabilities. 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $500,000. 4. Investment income received in cash amounted to $150,000. In addition, $50,000 in interest receivable was accrued at year-end. Additional stock investments of $2,000,000 were purchased in cash. Refunded cash of $100,000 to retired employees. The market value of investments decreased by S100,000. 5. 6. 7. Required: • Prepare journal entries for the above transactions. • Prepare the statement of fiduciary net assets. • Prepare the statement of changes in fiduciary net assets. Buraimi District maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended Dec. 31, 2020, the following transactions occurred: 1. The City contributed $1,800,000 in cash to the plan. Employee members contributed an additional $700,000. 2. Annuity benefits in the amount of $300,000 were recorded as liabilities. 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $500,000. 4. Investment income received in cash amounted to $150,000. In addition, $50,000 in interest receivable was accrued at year-end. Additional stock investments of $2,000,000 were purchased in cash. Refunded cash of $100,000 to retired employees. The market value of investments decreased by S100,000. 5. 6. 7. Required: • Prepare journal entries for the above transactions. • Prepare the statement of fiduciary net assets. • Prepare the statement of changes in fiduciary net assets.

Answer rating: 100% (QA)

Jounnel Entery Answer0 Cash AIC 2500000 To Contribution plan membeno 1800000 To Contribetion emply... View the full answer