The City of Sweetwater maintains an Employees’ Retirement Fund,a single employer defined benefit plan that provides annuity anddisability benefits. The fund is financed by actuarially determinedcontributions from the city’s General Fund and by contributionsfrom employees. Administration of the retirement fund is handled byGeneral Fund employees, and the retirement fund does not bear anyadministrative expenses. The Statement of Fiduciary Net Positionfor the Employees’ Retirement Fund as of July 1, 2016, is shownhere:

City of Sweetwater
Employees’ Retirement Fund
Statement of Fiduciary Net Position
As of July 1, 2016
Assets
Cash	$139,000
Accrued Interest Receivable	58,600
Investments at Fair Value:
Bonds	4,508,000
Common stocks	1,310,000
Total assets	6,015,000
Liabilities
Accounts Payable and Accrued Expenses	351,800
Fiduciary Net Position Restricted for Pensions	$5,663,800

During the year ended June 30, 2017, the following transactionsoccurred:

1. The interest receivable on investments was collected incash.
2. Member contributions in the amount of $276,500 were received incash. The city’s General Fund also contributed $810,000 incash.
3. Annuity benefits of $738,000 and disability benefits of$166,000 were recorded as liabilities.
4. Accounts payable and accrued expenses in the amount of $959,000were paid in cash.
5. Interest income of $246,000 and dividends in the amount of$30,500 were received in cash. In addition, bond interest income of$54,000 was accrued at year-end.
6. Refunds of $88,000 were made in cash to terminated, nonvestedparticipants.
7. Common stocks, carried at a fair value of $509,000, were soldfor $485,000. That $485,000, plus an additional $314,000, wasinvested in stocks.
8. At year-end, it was determined that the fair value of stocksheld by the pension plan had decreased by $50,000; the fair valueof bonds had increased by $43,000.
9. Nominal accounts for the year were closed.

Required:

1. Record the transactions on the books of the Employees’Retirement Fund.
2. Prepare a Statement of Changes in Fiduciary Net Position forthe Employees’ Retirement Fund for the year ended June 30,2017.
3. Prepare a Statement of Fiduciary Net Position for theEmployees’ Retirement Fund as of June 30, 2017.