Record the Following Transactions and Information for a Government's Pension $\underline{\text{ Transactions }}$

question 20

Essay

Record the following transactions and information for a government's Pension Trust Fund (all amounts are in thousands of dollars).

$\underline{\text{ Transactions }}$ (all amounts are in thousands of dollars):
1. Employer contributions became due from the General Fund, $400, and an Enterprise Fund, $150. Equal employee contributions have been withheld from employee paychecks and also are due to the pension trust fund.
2. Ninety percent of the amounts due were collected from each fund.
3. Investments of $540 were purchased.
4. Interest received on investments of the fund during the year totaled, $380.
5. An employee resigned prior to retirement and withdrew $17 from the pension plan.
6. Retirement benefits of $92 were paid during the year. Additional current benefit payments of $4 were accrued but not paid by year end.
7. The present value of future benefits earned by active employees during the period is estimated to be $700.
8. The fair value of the pension plan investments increased by $83 during the year.
9. Prepare the closing entry for the year.

$\underline{\text{ Requirements: }}$
1. Prepare journal entries to record transactions in the City of LeConte Pension Fund accounts. If no entry is required, state "No entry required" and explain why.
2. Prepare the Statement of Changes in Fiduciary Net Position for the year ended December 31, 20X3. The Net Position - Restricted for Pension Benefits at January 1, 20X3 was $3,345.

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Definitions:

Basic Alertness

Refers to the foundational level of wakefulness and responsiveness to one's environment.

Trait Theories

Psychological perspectives that focus on measuring, identifying, and analyzing individual differences in personality traits.

Fluid Cognitive Structure

Refers to an aspect of cognitive ability that involves the capacity to reason quickly and think abstractly, allowing for problem-solving and the learning of new tasks.

Consistently

Acting or behaving in the same way over time, showing steady conformity to the same principles, course, form, etc.