141.The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2015, the following transactions occurred:
1.
The City contributed $ 1,200,000 in cash to the plan. Employee members contributed an additional $ 1,200,000.
2.
Annuity benefits in the amount of $255,000 were recorded as liabilities.
3.
Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $207,000.
4.
Investment income received in cash amounted to $102,000. In addition, $16,000 in interest receivable was accrued at year-end.
5.
Additional investments in the amount of $2,100,000 were purchased.
6.
The market value of investments decreased by $9,100.
7.
Nominal accounts for the year were closed.
Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund.
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