Prepare a statement of plan net assets available for

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Reference no: EM13485192

The basic financial statements of a pension plan provide only limited amounts of information as to its economic condition.

The following information relates to the Lincoln County Firefighters' Pension Plan (dollar amounts in millions):

Beginning-of-Year Balances

Cash and cash equivalents, January 1 $ 67

Marketable securities and other investments at fair value, January 1 $3,180

Current liabilities to retirees, January 1 $ 4

Actuarial accrued liability, January 1 $3,430

Transactions During the Year

Contributions received during the year from employers and employees $ 138

Benefits to which retirees were entitled during the year $ 120

Benefits actually paid to retirees, including amounts owed from prior year $ 122

Interest and dividends earned during the year $ 145

Net appreciation in fair value of marketable securities and other investments (i.e., realized and unrealized gains) during the year $ 36

Investment and administrative expenses $ 45

End-of-Year Balances

Cash on hand, December 31 $ 92

Marketable securities and other investments at fair value, December 31 $3,307

Current liabilities to retirees, December 31 $ 2

Actuarial accrued liability, December 31 $3,690

1. Prepare a statement of plan net assets available for benefits (balance sheet) as of January 1. You may not have to include all of the data provided.

2. Prepare a statement of changes in plan net assets available for benefits (statement of activities) for the year.

3. Prepare a statement of plan net assets available for benefits (balance sheet) as of December 31.

Reference no: EM13485192

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