The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, 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.

The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, 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.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9DQ

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