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Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance-December 31, 2024 Accrued Interest Receivable Cash Debits $24,500 Credits 16,100 Accounts Payable Contributions-Employee Contributions-Employer Deductions: Benefit Payments Deductions: Administrative Expense Increase in Fair Value of Investments Investment Income-Dividends Investment Income-Interest Income Investments-Corporate Bonds $2,400 365,000 636,000 594,000 35,300 367,000 76,600 157,500 1,228,000 Investments-Corporate Stocks 2,279,000 Investments-U.S. Treasury Securities 656,000 Fiduciary Net Position Restricted-for other post-employment benefits 3,444,300 Receivables-Employee Receivables-Employer 25,100 190,800 $5,048,800 $5,048,800 Required: Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.

Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance-December 31, 2024 Accrued Interest Receivable Cash Debits $24,500 Credits 16,100 Accounts Payable Contributions-Employee Contributions-Employer Deductions: Benefit Payments Deductions: Administrative Expense Increase in Fair Value of Investments Investment Income-Dividends Investment Income-Interest Income Investments-Corporate Bonds $2,400 365,000 636,000 594,000 35,300 367,000 76,600 157,500 1,228,000 Investments-Corporate Stocks 2,279,000 Investments-U.S. Treasury Securities 656,000 Fiduciary Net Position Restricted-for other post-employment benefits 3,444,300 Receivables-Employee Receivables-Employer 25,100 190,800 $5,048,800 $5,048,800 Required: Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance-December 31, 2024 Accrued Interest Receivable Cash Debits $24,500 Credits 16,100 Accounts Payable Contributions-Employee Contributions-Employer Deductions: Benefit Payments Deductions: Administrative Expense Increase in Fair Value of Investments Investment Income-Dividends Investment Income-Interest Income Investments-Corporate Bonds $2,400 365,000 636,000 594,000 35,300 367,000 76,600 157,500 1,228,000 Investments-Corporate Stocks Investments-U.S. Treasury Securities 2,279,000 656,000 Fiduciary Net Position Restricted-for other post-employment benefits 3,444,300 Receivables-Employee Receivables-Employer 25,100 190,800 $5,048,800 $5,048,800 Required: Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.
Transcribed Image Text:Presented below is the preclosing trial balance for the Retiree Health Benefit Trust of the Alger County School District. Trial Balance-December 31, 2024 Accrued Interest Receivable Cash Debits $24,500 Credits 16,100 Accounts Payable Contributions-Employee Contributions-Employer Deductions: Benefit Payments Deductions: Administrative Expense Increase in Fair Value of Investments Investment Income-Dividends Investment Income-Interest Income Investments-Corporate Bonds $2,400 365,000 636,000 594,000 35,300 367,000 76,600 157,500 1,228,000 Investments-Corporate Stocks Investments-U.S. Treasury Securities 2,279,000 656,000 Fiduciary Net Position Restricted-for other post-employment benefits 3,444,300 Receivables-Employee Receivables-Employer 25,100 190,800 $5,048,800 $5,048,800 Required: Prepare (1) the year-end closing entries, (2) a Statement of Changes in Fiduciary Net Position, and (3) a Statement of Fiduciary Net Position for the year ended December 31, 2024.
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