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- In December 2023, the Hamilton County Board of Commissioners established the Hamilton County OPEB Trust Fund. E Retired employees of Hamilton County can participate in post-employment benefits through the Trust. The Trust is a single- employer-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: 1. The County paid its actuarially determined annual contribution of $8,920.000. 2. 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. . 3. Cash totaling $20,000,000 was invested in U.S. government securities. 4. Interest totaling $625,000 was earned on these securities. Of this amount, $605,000 was collected during the year. 5. Because the County offers a drug plan to retired employees, the federal government Medicare program provides a. subsidy to the County. The County received $1,100,000 from this subsidy. 6. Benefit claims from employees totaled $11,722,000 for the year. By yearend. $9.460,000 had been paid to employees. 7. 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. % 5 b. Post these entries to T-accounts. Prepare closing journal entries. Post to the T-account provided. : R d. Prepare a Statement of Changes in Fiduciary Net Position for the year ending 2024. * Prepare a Statement of Fiduciary Net Position as of December 31, 2024. X o\\ OPEB TRUST FUND GENERAL LEDGER INVESTMENTS IN Hamilton County CONTRIBUTIONS INTEREST OPEB Trust Fund CASH RECEIVABLE RECEIVABLE US GOVT SECURITIES bb 31-Dec-2020 bb 15,000,000 Account Title Debits Credits 15,000,000 NET POSITION: ADDITIONS - EMPLOYER ADDITIONS - MEMBER RESTRICTED FOR OPEB BENEFITS ACCOUNTS PAYABLE CONTRIBUTIONS CONTRIBUTIONS 15,000,000 bb 15,000,000 ADDITIONS - INTEREST ADDITIONS - MEDICARE DEDUCTIONS - EMPLOYEE DEDUCTIONS - ADMIN INCOME DRUG SUBSIDY RETIREMENT BENEFITS EXPENSES Check that these equal after posting each journal entry Total Debit Balances 15,000,000 Total Credit Balances 15,000,000 Journal Entries Closing Entries | Statement #1 Statement #2 + ... Ready 74'F Mostly clear Q Search L NEW18 Jx B C D E F G H K M Hamilton County OPEB trust fund closing entries December 31,2020 Account Title Debits Credits NET POSITION: RESTRICTED FOR OPEB BENEFITS 15,000,000 bb closing 15,000,000 Journal Entries Closing Entries Statement #1 Statement #2 + Ready 1 74"FHamilton County Statement of Changes in Fiduciary Net Position For the year ended 12-31-2020 OPEB Trust Fund Additions Contributions: Employer Contributions Member Contributions Total Contributions Other additions: Medicare subsidy Interest income Total Additions Deductions Employee benefits Administrative expenses Total Deductions 17 Change in FiduciaryNet Position 18 Fiduciary Net Position Beginning of Year 19 Fiduciary Net Position End of Year 20 Journal Entries Closing Entries Statement #1 Statement #2 + Ready 74'F Mostly clear Q Searchfx B A Hamilton County Statement of Fiduciary Net Position as of 12/31/2020 OPEB Trust Fund Assets Cash Investment in US securities Contributions receivable Accrued interest receivable Total Assets $ Liabilities Accounts Payable Total Liabilities Fiduciary Net Position Restricted for employee post- 15 employment benefits 16 Total Net Position $ 17 18 19 20 Journal Entries |Closing Entries | Statement #1 Statement ly 74 F Mostly clear Q SearchJx 6 C D E G H Hamilton County Statement of Fiduciary Net Position as of 12/31/2020 es Closing Entries | Statement #1 Statement #2 + Q Search