Homework Answers
Answer-
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Sunland Corp. |
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Pension Worksheet 2021 |
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| Items | General Journal Entries | Memo Record Entries | ||||||||||||
| Annual Pension Expense | Cash | OCI-Prior Service Cost | OCI-Gain/Loss | Pension Asset/Liability | Projected Benefit Obligations | Plan Assets | ||||||||
| Balance Jan 1 2021 | $50,000 | cr | $680,000 | cr | $630,000 | dr | ||||||||
| Service Cost | $78,000 | dr | $78,000 | cr | ||||||||||
| Interest Cost ($680,000*6%) | $40,800 | dr | $40,800 | cr | ||||||||||
| Actual Return | $45,260 | cr | $45,260 | dr | ||||||||||
| Unexpected Loss | $1,160 | cr | $1,160 | dr | ||||||||||
| Amortization PSC | $21,400 | dr | $21,400 | cr | ||||||||||
| Amortization of Loss | $2,540 | dr | $2,540 | cr | ||||||||||
| Contribution | $123,000 | cr | $123,000 | dr | ||||||||||
| Benefits Paid | $88,000 | dr | $88,000 | cr | ||||||||||
| Journal Entries for 2021 | $96,320 | dr | $123,000 | cr | $21,400 | cr | $1,380 | dr | $46,700 | dr | ||||
| Accumulated OCI dec 31 2020 | $83,000 | dr | $73,000 | dr | ||||||||||
| Balance Dec 31 2021 | $61,600 | dr | $74,380 | dr | $3,300 | cr | $710,800 | cr | $710,260 | dr |
Expected Return ($630,000*7%) - 45,260 = $1,160
Corridor Amortization ($73,000-$680,000*7%)/10 = $2,540
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