Bridgeport Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost | $ 90,300 | ||
Contribution to the plan | 106,800 | ||
Prior service cost amortization | 9,600 | ||
Actual and expected return on plan assets | 63,800 | ||
Benefits paid | 39,700 | ||
Plan assets at January 1, 2020 | 629,900 | ||
Projected benefit obligation at January 1, 2020 | 706,100 | ||
Accumulated OCI (PSC) at January 1, 2020 | 150,800 | ||
Interest/discount (settlement) rate | 10 | % |
Compute the pension expense for the year 2020.
Pension expense for 2020 |
$_____________________ |
Calculation of Pension Expense for 2020 | |
$ | |
Service Cost | 90,300.00 |
Interest cost (706,100*10%) | 70,610.00 |
Expected return on the plan assets | (63,800.00) |
Prior service cost amortization | 9,600.00 |
Pension Expense | 106,710.00 |
Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,900 Contribution to the plan 103,000 Prior service cost amortization 9,300 Actual and expected return on plan assets 63,200 Benefits paid 39,800 Plan assets at January 1, 2020 648,600 Projected benefit obligation at January 1, 2020 706,600 Accumulated OCI (PSC) at January 1, 2020 148,800 Interest/discount (settlement) rate 10 % Using Excel prepare a pension worksheet inserting January 1, 2020, balances, and...
Bonita Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,400 Contribution to the plan 105,700 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,500 Benefits paid 40,200 Plan assets at January 1, 2017 640,200 Projected benefit obligation at January 1, 2017 710,100 Accumulated OCI (PSC) at January 1, 2017 152,200 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Headland Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2017 632,300 Projected benefit obligation at January 1, 2017 686,100 Accumulated OCI (PSC) at January 1, 2017 147,300 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-2 Vaughn Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $ 88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2017 648,000 Projected benefit obligation at January 1, 2017 688,100 Accumulated OCI (PSC) at January 1, 2017 148,600 Interest/discount (settlement) rate 11 % Compute the pension expense for the year 2017. Pension...