The City of Lewistown had the following account balances in their Public Employee Retirement Fund as of June 30, 2017:
Additions - Contributions-Plan Members $1,800,000
Additions - Contributions-Employer 900,000
Additions - Investment Earnings Interest 100,000
Cash 135,000
Accrued Interest Receivable 140,000
Investments – Bonds 4,530,000
Investments – Stocks 2,500,000
Additions - Investment Earnings - Net Increase in Fair Value of Investments 120,000
Deductions - Annuity Benefits 529,000
Deductions - Disability Benefits 325,000
Deductions - Refunds 35,000
Accounts Payable 250,000
Additions - Investment Earnings Dividends 58,000
prepare a Statement of Changes in Plan Net Position for the year ended June 30, 2017 assuming beginning net position is $4,966,000.
| City of Lewistown | |||
| Employees’ Retirement Fund | |||
| Statement of Changes in Plan Net AssetsFor the Year Ended June 30, 2017 | |||
| Additions | |||
| Contributions | |||
| Contributions-Employer | $900,000 | ||
| Contributions-Members | $1,800,000 | ||
| Total Contributions | $2,700,000 | ||
| Investment Earnings | |||
| Interest | $100,000 | ||
| Dividends | $58,000 | ||
| Net Change in Fair Value of Investments | $120,000 | ||
| Total Investment Earnings | $278,000 | ||
| Total Additions | $2,978,000 | ||
| Deductions | |||
| Annuity Benefits | $529,000 | ||
| Disability Benefits | $325,000 | ||
| Refunds to Terminated Employees | $35,000 | ||
| Total Deductions | $889,000 | ||
| Increase in Net Assets | $2,089,000 | ||
| Net Assets, Held in Trust for Pension Benefits, Beginning | $4,966,000 | ||
| Net Assets, Held in Trust for Pension Benefits, Ending | $7,055,000 | ||
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