The City of Richmond Maintains a Public Employee Retirement Trust $\$ 1,200,000$

Essay

The City of Richmond maintains a Public Employee Retirement Trust Fund for its public safety employees. During the year ended June 30, 2017, the following transactions occurred:
1. The City contributed $\$ 1,200,000$ in cash to the plarl. Employee members contributed arn additional $\$ 1,200,000$ .
2. Arnuity benefits in the arnount of $\$ 255,000$ were recorded as liabilities.
3. Arruity benefits, previously recorded as liabilities, were paid in cash in the arnownt of $\$ 207,000$ .
4. Irvestment income received in cash arnounted to $\$ 102,000$ . In addition, $\$ 16,000$ in interest receivable was accrued at year-end.
5. Additional irvestrnents in the arnount of $\$ 2,100,000$ were purchased.
6. The market value of irvestrnents decreased by $\$ 9,100$ .
7. Norminal accourts for the year were closed.
Required: Prepare journal entries for the above transactions on the books of the City of Richmond Public Safety Employee Retirement Trust Fund.