Homework Answers
| PINA COMPANY | |||||||
| Pension Worksheet—2017 and 2018 | |||||||
| Memo Record | |||||||
| Items |
Annual Pension Expense |
Cash | OCI - Prior Service Cost | OCI - Gain/Loss |
Pension Asset/ Liability |
Projected Benefit Obligation |
Plan Assets |
| Balance, Jan. 1, 2017 | $ (211,000.00) | $ (4,441,000.00) | $ 4,230,000.00 | ||||
| (a) Service cost | $ 150,000.00 | $ (150,000.00) | |||||
| (b) Interest cost | $ 444,100.00 | $ (444,100.00) | |||||
| (c) Actual return | $ (253,800.00) | $ 253,800.00 | |||||
| (d) Contributions | $ (240,000.00) | $ 240,000.00 | |||||
| (e) Benefits | $ 196,000.00 | $ (196,000.00) | |||||
| Journal entry, 12/31/17 | $ 340,300.00 | $ (240,000.00) | $ - | $ - | $ (100,300.00) | ||
| Accum OCI, 12/31/16 | |||||||
| Balance, Dec. 31, 2017 | $ (311,300.00) | $ (4,839,100.00) | $ 4,527,800.00 | ||||
| (f) Additional PSC | $ 620,000.00 | $ (620,000.00) | |||||
| January 1, 2018 | $ (5,459,100.00) | ||||||
| (g) Service cost | $ 179,000.00 | $ (179,000.00) | |||||
| (h) Interest cost | $ 545,910.00 | $ (545,910.00) | |||||
| (i) Actual return | $ (254,000.00) | $ 254,000.00 | |||||
| (j) Unexpected loss | $ (108,224.00) | $ 108,224.00 | |||||
| (k) Amortization of PSC | $ 89,000.00 | $ (89,000.00) | |||||
| (l) Contributions | $ (290,000.00) | $ 290,000.00 | |||||
| (m) Benefits | $ 276,000.00 | $ (276,000.00) | |||||
| Journal entry, 12/31/18 | $ 451,686.00 | $ (290,000.00) | $ 531,000.00 | $ 108,224.00 | $ (800,910.00) | ||
| Accum OCI, 12/31/17 | $ - | $ - | |||||
| Balance, Dec. 31, 2018 | $ 531,000.00 | $ 108,224.00 | $ (1,112,210.00) | $ (5,908,010.00) | $ 4,795,800.00 | ||
| Debit | Credit | |
| Pension Expense | $ 451,686.00 | |
| Other Comprehensive Income (PSC) | $ 531,000.00 | |
| Other Comprehensive Income (G/L) | $ 108,224.00 | |
| Cash | $ 290,000.00 | |
| Pension Asset/Liability | $ 800,910.00 |
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"Problem 20-1 On January 1, 2017, Pina Company has the following defined benefit pension plan balances...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected be...
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Scottsdale Corp. sponsors a defined benefit pension plan for its
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this plan.
Plan assets
$480,000
Projected benefit obligation
625,000
Accumulated OCI (PSC)
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Accumulated OCI (Gain/Loss)
85,000 Cr.
As a result of the operation of the plan during 2017, the
following additional data are provided by the actuary:
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$90,000
Settlement rate
9%
Actual return on plan assets in 2017
57,000
Expected return on plan assets...
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Contribution to the plan
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Prior service cost amortization
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Actual and expected return on plan assets
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this plan.
Plan assets
$480,000
Projected benefit obligation
625,000
Accumulated OCI (PSC)
100,000 Dr.
Accumulated OCI (Gain/Loss)
85,000 Cr.
As a result of the operation of the plan during 2017, the
following additional data are provided by the actuary:
Service cost for 2017
$90,000
Settlement rate
9%
Actual return on plan assets in 2017
57,000
Expected return on plan assets...
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defined benefit pension plan for the year 2017.
Service cost
$90,600
Contribution to the plan
103,900
Prior service cost amortization
10,100
Actual and expected return on plan assets
63,100
Benefits paid
39,600
Plan assets at January 1, 2017
644,100
Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Waterway Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the years 2017 and 2018.
Prepare a pension worksheet presenting both years 2017 and 2018.
(Round answers to 0 decimal places, e.g. 5,125. Enter
all amounts as positive.)
Calculate the amortization of the loss (2018) using the corridor
approach.
Amortization of the loss $ _______
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions...
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