Webb Corporation | |||||||
Pension Worksheet | |||||||
Journal Entries | Memo Record | ||||||
Items | Annual Pension Expense | Cash | OCI-Prior Service cost | OCI-Gain/Loss | Pension Assets/Liabilitiy | Projected benefit obligation | Plan Assets |
Balance on Jan1,2017 | $ -1,20,000.00 | $-6,00,000.00 | $ 4,80,000.00 | ||||
Service Cost | $ 90,000.00 | $ -90,000.00 | |||||
Interest Cost=($600000*9%) | $ 54,000.00 | $ -54,000.00 | |||||
Actual Return | $ -55,000.00 | $ 55,000.00 | |||||
Unexpected gain=(Actual Retun-Expected Return)=($55000-$52000) | $ 3,000.00 | $ -3,000.00 | |||||
Amortization of PSC | $ 19,000.00 | $ -19,000.00 | |||||
Liability Increase | $ 76,000.00 | $ -76,000.00 | |||||
Contributions | $ -99,000.00 | $ 99,000.00 | |||||
Benefits | $ 85,000.00 | $ -85,000.00 | |||||
Journal Entry for 2017 | $ 1,11,000.00 | $ -99,000.00 | $ -19,000.00 | $ 73,000.00 | $ -66,000.00 | ||
Accumulated OCI,December 31st, 2016 | $ 1,00,000.00 | ||||||
Balance on December 31st 2017 | $ 81,000.00 | $ 73,000.00 | $ -1,86,000.00 | $-7,35,000.00 | $ 5,49,000.00 | ||
General Journal | Debit | Credit | |||||
Pension Expense | 111000 | ||||||
Other comprehensive income(G/L) | 73000 | ||||||
To Cash | 99000 | ||||||
To Other comprehensive income | 19000 | ||||||
To Pension Assets/Liability=($11100+$73000-$99000-$19000) | 66000 | ||||||
(Being amount of Pension Expense paid in cash and other comprehensive income arises) |
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