Homework Answers
Part B
|
Account titles and explanation |
debit |
Credit |
|
Pension Expense |
102640 |
|
|
Pension Asset/Liability |
||
|
Cash |
92900 |
|
|
Pension Asset/Liability (102640-92900-7300) |
2440 |
|
|
Other Comprehensive Income (PSC) |
7300 |
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The following information is available for the pension plan of Larkspur Company for the year 2017...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur 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 $15,300 40,500 92,900 11 % 7,300 474,000 58,500 Compute pension expense for the year 2017 Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE...
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 20-1 The following information is available for the pension plan of Radcliffe Company for the...
*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 employer's contribution to the pension plan in...
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...
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 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 20-12 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...
Kingbird Company provides the following information about its defined benefit pension plan for the year 2017....
Kingbird Company provides the following information about its
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,...
Question Shamrock Company received the following selected information from its pension plan trustee concerning the operation...
Question Shamrock 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. December 31, 2017 January 1, 2017 $1,491,000 $1,517,000 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation 804,000 1,138,400 1,587,000 1,704,700 Accumulated OCI (G/L)-Net gain (199,100 ) The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and...
Exercise 20-1 (Part Level Submission) The following information is available for the pension plan of Larkspur 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 $15,300 40,500 92,900 11 % 7,300 474,000 58,500 Compute pension expense for the year 2017 Pension expense for 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE...
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.
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 20-1 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 employer's contribution to the pension plan in...
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...
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...
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...
Kingbird Company provides the following information about its
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,...
Question Shamrock 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. December 31, 2017 January 1, 2017 $1,491,000 $1,517,000 Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation 804,000 1,138,400 1,587,000 1,704,700 Accumulated OCI (G/L)-Net gain (199,100 ) The service cost component of pension expense for employee services rendered in the current year amounted to $76,000 and...
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