Decem

$7-15.$ In December $2023,$ the Hamilton County Board of Commissioners established the Hamilton County OPEB Trust Fund. Retired employees of Hamilton County can participate in post$-$employment benefits through the Trust. The Trust is a singleemployer$-$defined benefit plan. The benefits provided are health insurance and life insurance.

In December $2023,$ the County made a one$-$time contribution to the fund of $$15,000,000.$ No other events took place in $2023.$ Fiscal year $2024$ transactions were as follows:

The County paid its actuarially determined annual contribution of $$8,920,000.$

Member $($employee$)$ contributions totaled $$4,500,000.$ Of this, $$4,350,000$ was collected by December $31,$ and the remainder will be collected in January $2025.$

Cash totaling $$20,000,000$ was invested in U$.$S$.$ government securities$.$

Interest totaling $$625,000$ was earned on these securities$.$ Of this amount, $$605,000$ was collected during the year.

Because the County offers a drug plan to retired employees, the federal government Medicare program provides asubsidy to the County. The County received $$1,100,000$ from this subsidy.

Benefit claims from employees totaled $$11,722,000$ for the year. By yearend, $$9,460,000$ had been paid to employees.

Administrative expenses totaled $$147,000($all paid in the current year$).$ Required:

Use the Excel template provided to complete the following requirements; a separate tab is provided in Excel for each of these steps.

a$.$ Prepare journal entries to record the information described in items $1$ to $7.$

b$.$ Post these entries to T$-$accounts.

c$.$ Prepare closing journal entries. Post to the T$-$account provided.

d$.$ Prepare a Statement of Changes in Fiduciary Net Position for the year ending $2024.$

c$.$ Prepare a Statement of Fiduciary Net Position as of December $31,2024.$ber $2023,$ the County Board of Commissioners established the Hamilton County OPEB Retired employees of Hamilton County can participate in post$-$employment benefits through the TrustThe is a single employer plan. The provided are health insurance and life insurance December $2023,$ the County made a one time contribution to the of $$15,000,000$No other events took place in $2023$ Fiscal year transactions were as