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, 2017. (Enter all amounts as positive.)
Items | General Entries | Memo Record | |||||
Annual Pension Expenses | Cash | OCI Prior service Cost | Pension Asset / Liability | Defined Benefit Obligation | Plan Assets | ||
Balance as at Jan 01, 2017 | $ 53,800 Cr. | $ 6,86,100 Cr. | $ 6,32,300 Dr. | ||||
(a) Service Cost | $ 91,400 Dr. | $ 91,400 Cr. | |||||
(b) Interest Cost | $ 75,471 Dr. | $ 75,471 Cr. | |||||
(c) Annual Returns | $ 64,900 Cr. | $ 64,900 Dr. | |||||
(d) Amortization of PSC | $ 9,600 Dr. | $ 9,600 Cr. | |||||
(e) Contributions | $ 102,900 Cr. | $ 102,900 Dr. | |||||
(f) Benefits | $ 40,600 Dr. | $ 40,600 Cr. | |||||
Journal Entry for 2017 | $ 111,571 Dr. | $ 102,900 Cr. | $ 9,600 Cr. | $ 929 Dr. | |||
Accumulated OCI as at Dec 31, 2017 | $ 147,300 Dr. | ||||||
Balance as at Dec 31, 2017 | $ 137,700 Dr. | $ 52,871 Cr. | $ 812,371 Cr. | $ 759,500 Dr. |
Headland Company provides the following information about its defined benefit pension plan for the year 2017....
Exercise 20-2 xYour answer is incorrect. Try again Sheridan Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11 % Compute the pension expense...
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,...
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,...
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Requirements: Using Excel prepare a pension worksheet inserting January 1, 2017, balances,...
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,...