Reference no: EM132832452
Problem 1: Prepare the Statement of Net Position at Dec 31, 20X7 and the Statement of changes in Net position for 20X7 for the City of Cherrydales Policeman's Retirement Fund.
P12-3 (Pension Trust Fund Journal Entries) The following is a trial balance of the Police Retirement Fund of the City of Cherrydale at January 1, 20X7:
Cash.........................................................................$6,000
Interest Receivable................................................... 450
Investments............................................................$52,000
Pension Payable..................................................... $150
Net Position-Restricted for pension benefits......... ______ $58,300
$58,450 $58.450
The following transactions took place during the year:
1. Contributions became due from the General Fund, $38,000 and a special Revenue Fund, $6,000. One-half of the amounts is the employees share of contributions.
2. Payments were received from the general fund $30,000 and the special revenues fund, $4,000
3. Securities were acquired for cash as follows:
a. First Purchase Par value........................................................$20,000 Premiums..................................................... 300 Interest accrued at purchase....................... 200
b. Second purchase Par value...................................................... $15,000 Discounts..................................................... 150
4. Interest received on investments amounted to $3,000 including interest receivable on January 1 20X7, and accrued interest purchased.
5. An employee resigned prior to retirement and was paid $300, which is the amount of her contributions and interest thereon. Employer contributions do not vest until retirement.
6. Retirement payments of $600 were made (which included beginning of year pensions payable): pensions payable of $200 remained at year end.
7. An actuary indicated that the actuarial deficiency at year end was $19,000
8. The fair value of the pension plan investments was $200 more than the carrying year-end.
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