Below is the information off the preclosing trial balance for the Retiree Health Benefit Plan of the Alger County School District. Debits: Accrued Interest Receivable $15,500; Cash $10,200; Deductions: Benifits Payments $590,000; Deductions: Administrative Expense $28,000; Investments: - Corporate Bonds $1,222,000; Investments - Corporate Stocks $2,272,000; Investments - u.S. Treasury Securities $650,000; Receivables - Employee $22,300; Receviables - Employer $190,000; Total $5,000,000 Credits: Accounta Payables $4,500; Contributions - Employee $355,000; Contributions - Employer $637,000; Increase in Fair Value of Invesrtment $359,000 ; Investment Income - Dividends $77,000; Investment Income - Interest Income $150,300; Fiduciary Net Positon Restricted - for Other Postemployment Benifits $3,417,200; Total $5,000,000 Required: Prepare (1) the year - end closing entries. (2) a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020
Below is the information off the preclosing
Debits: Accrued Interest Receivable $15,500; Cash $10,200; Deductions: Benifits Payments $590,000; Deductions: Administrative Expense $28,000; Investments: - Corporate Bonds $1,222,000; Investments - Corporate Stocks $2,272,000; Investments - u.S. Treasury Securities $650,000; Receivables - Employee $22,300; Receviables - Employer $190,000; Total $5,000,000
Credits: Accounta Payables $4,500; Contributions - Employee $355,000; Contributions - Employer $637,000; Increase in Fair Value of Invesrtment $359,000 ; Investment Income - Dividends $77,000; Investment Income - Interest Income $150,300; Fiduciary Net Positon Restricted - for Other Postemployment Benifits $3,417,200; Total $5,000,000
Required: Prepare (1) the year - end closing entries.
(2) a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2020.
The question is based on the concept of business accounting
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