ZuoTi.Pro
Question

*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the year 2017 15,000 40,000 90,000 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 1096 8,000 500,000 60,000 Compute pension expense for the year 2017 Pension expense for 2017 Prepare the journal entry to record pension expense and the employers contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts.,) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer

Planned Assets beginning balance =$15,000 / 10% = $150,000

Pension Work Sheet 2017 General Journal Entries Memo Record Negative sign indicates Credits Positive Sign Indicates Debits OCI-Prior Annual Pension Expense Projected Benefit Pension tems Cash Cost Asset/Liability Obligation Plan assets Balance, Jan. 1,2017 Service cost Interest cost (settlement rate PBO x 10%) Actual Return (350,000) Cr 500,000) Cr (60,000) Cr (50,000) Cr 150,000 Dr. 60,000 Dr 50,000 Dr (15,000) Cr Cr. 15,000 Dr. Unexpected Loss /(gain) Past service cost Amortization of net gain or loss-AOCI Contributions Benefits Decrease/increase in PBO-(actuarial gain) Journal entry for 2017 Accumulated OCI, 1 Jan 17 Balance Dec. 2017 8,000 Dr (8,000) Cr Dr 90,000 Dr ー140,0001 (90,000) Cr 40,000 Dr Dr 6821 00 103,000 Dr (90,000) Cr (8,000) Cr (5,000) Dr | (8,0001 Dr. | ( 355,000 Dr (570,000) Cr . | 215,000 Dr Pension Expense 2017 103,000

1, Journal entry (or entries) to record all pension effects for 2017 Account title & explanation Debit credit Pension expense Cash Pension Asset/ Liabil Other comprehensive income(PSC) 103,000 90,000 5000 8,000 Journal entries 103,000 15,000 Pension Expense Plann Assets Amortisation of Prior service cost-OCI РВО 8,000 110,000 90,000 Plan Assets Cash 90,000 PBO 40,000 Plan Assets 40,000

0 0
Add a comment
Know the answer?
Add Answer to:
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Exercise 20-1 The following information is available for the pension plan of Martinez Company for the...

    Exercise 20-1 The following information is available for the pension plan of Martinez Company for the year 2017. Actual and expected return on plan assets $ 13,800 Benefits paid to retirees 37,800 Contributions (funding) 84,900 Interest/discount rate 9 % Prior service cost amortization 7,900 Projected benefit obligation, January 1, 2017 500,000 Service cost 63,500 Compute pension expense for the year 2017. Pension expense for 2017 $ Prepare the journal entry to record pension expense and the employer’s contribution to the...

  • The following information is available for the pension plan of Larkspur Company for the year 2017...

    The following information is available for the pension plan of Larkspur Company for the year 2017 $15,300 40,500 92,900 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 11% 7,300 474,000 58,500 Your answer is correct Compute pension expense for the year 2017 Pension expense for 2017 902640 Attempts: 1 of 3 used Prepare the journal entry to record pension expense and...

  • A B The following information is available for the pension plan of Sunland Company for the...

    A B The following information is available for the pension plan of Sunland Company for the year 2017. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost $ 14,000 41,500 94,400 10 % 7,800 479,000 62,500 Compute pension expense for the year 2017. Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Prepare the...

  • The following information is available for the pension plan of Bramble Company for the year 2017....

    The following information is available for the pension plan of Bramble Company for the year 2017. Actual and expected return on plan assets $ 14,200 Benefits paid to retirees 39,300 Contributions (funding) 92,900 Interest/discount rate 10 % Prior service cost amortization 7,500 Projected benefit obligation, January 1, 2017 508,000 Service cost 56,900 Compute pension expense for the year 2017. Pension expense for 2017 $ SHOW LIST OF ACCOUNTS Prepare the journal entry to record pension expense and the employer’s contribution...

  • The following information is available for the pension plan of Crane Company for the year 2017....

    The following information is available for the pension plan of Crane Company for the year 2017. Actual and expected return on plan assets $ 15,300 Benefits paid to retirees 41,500 Contributions (funding) 88,100 Interest/discount rate 10 % Prior service cost amortization 7,700 Projected benefit obligation, January 1, 2017 496,000 Service cost 54,500 Compute pension expense for the year 2017. Pension expense for 2017 $ SHOW LIST OF ACCOUNTS Prepare the journal entry to record pension expense and the employer’s contribution...

  • Exercise 20-12 Windsor Company received the following selected information from its pension plan trustee concerning the...

    Exercise 20-12 Windsor Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2017 $1,525,000 794,000 1,605,000 0 December 31, 2017 $1,553,000 1,124,400 1,724,400 (202,500) The service cost component pension expense for employee services rendered in the current year amounted to $78,000 and...

  • Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the...

    Exercise 20-12 Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017.January 1, 2017 $1,500,000 800,000 1,600,000 December 31, 2017 Projected benefit obligation $1,527,000 Market-related and fair value of plan assets Accumulated benefit obligation 1,130,000 1,720,000 (200,000) Accumulated OCI (G/L)-Net gain The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of...

  • Exercise 20-10 Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1,...

    Exercise 20-10 Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $480,000 600,000 120,00D 100,000 Dr As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected...

  • The following information is available for the pension plan of Riverbed company for the year 2017...

    The following information is available for the pension plan of Riverbed company for the year 2017 Actual and expected return on plan assets..........$13,800 Benefits paid to retirees..........$36,000 Contributions (funding)..........$88,000 Interest/discount rate..........11% Prior service cost amortization..........$7,900 Projected benefit obligation, January 1, 2017..........$502,000 Service cost..........$59,000 A. Compute pension expense for the year 2017 (show work): $__________ B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017 (using table above) Pension expense..........__________ Cash..........__________ Pension...

  • Exercise 20-10 Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1,...

    Exercise 20-10 Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $469,100 Projected benefit obligation 575,200 Pension asset/liability 106,100 Accumulated OCI (PSC) 97,900 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $90,500 Settlement rate, 8% Actual return on plan assets 56,400 Amortization of prior service cost 18,800 Expected return on...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT