Homework Answers
Part A
|
Pension expense |
$317400 |
|
Service cost |
94000 |
|
Interest cost |
335600 |
|
Expected return on plan assets |
(149000) |
|
Prior service cost amortization |
36800 |
|
Pension expense |
$317400 |
Part B
|
Other comprehensive income |
$10000 |
|
Comprehensive income |
$410000 |
2017 comprehensive income
|
Amortization of prior service cost |
(36800) |
|
Actuarial Loss (122200-149000) |
26800 |
|
Other comprehensive income |
(10000) |
|
Net income |
400000 |
|
Other comprehensive income |
10000 |
|
Comprehensive income |
$410000 |
Part C
|
Accumulated Other Comprehensive Income |
$341200 |
|
PSC |
Gain |
|
|
Balance January 1, 2017 |
404800 |
|
|
Amortization of PSC |
(36800) |
|
|
Unexpected gain |
26800 |
|
|
Balance December 31, 2017 |
368000 |
26800 |
Accumulated Other Comprehensive Income = 368000-26800 = 341200
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Prior service cost amortization
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Actual and expected return on plan assets
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Benefits paid
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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...
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,...
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