The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020, the following transactions occurred: 1. The City contributed $ 2,400,000 in cash to the plan. Employee members contributed an additional $ 2,400,000 2. Annuity benefits in the amount of $240,000 were recorded as liabilities. 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $95,000. 4. Investment income received in cash amounted to $100,000. In addition. $15.000 in Interest receivable was accrued at vear-end 5. Additional investments in the amount of $1,100,000 were purchased 6. The market value of investments decreased by $5,465. Required: Prepare journal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund

The City of Arnold maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2020, the following transactions occurred: 1. The City contributed $ 2,400,000 in cash to the plan. Employee members contributed an additional $ 2,400,000 2. Annuity benefits in the amount of $240,000 were recorded as liabilities. 3. Annuity benefits, previously recorded as liabilities, were paid in cash in the amount of $95,000. 4. Investment income received in cash amounted to $100,000. In addition. $15.000 in Interest receivable was accrued at vear-end 5. Additional investments in the amount of $1,100,000 were purchased 6. The market value of investments decreased by $5,465. Required: Prepare journal entries for the above transactions on the books of the City of Arnold Public Safety Employee Retirement Trust Fund

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 9DQ

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