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Record transactions in the pension trust fund accounts

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Question - Pirate Cove maintains a Pension Trust Fund for its city employees. At the start of the year, the Fund holds cash of $150,000 and investments that have a fair value of $4,000,000. The Fund has the following transactions during its fiscal year. Record these transactions in the Pension Trust Fund accounts.

a. Bills the General Fund $200,000 for the required annual contribution. The pension plan does not require contributions from its employees.

b. Receives payment of $200,000 from the General Fund.

c. Receives interest and dividend income of $150,000 in cash on its investment portfolio.

d. Receives $215,000 from selling investments carried on the books at $200,000.

e. Makes new investments totaling $275,000.

f. Pays annuity benefits of $325,000 to retirees or their spouses.

g. Pays administrative expenses of $100,000 in cash.

h. The investments held by the Fund have a fair value of $4,100,000 at year-end.

Reference no: EM132726301

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