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 asset/liab..........__________
OCI (PSC)..........___________
ANSWER
A
Service Cost | 59,000 |
Interest Cost 502,000*11% | 55,220 |
Actual Return on Plan assets | -13,800 |
Unrecognized prior service cost amortization | 7,900 |
Pension Expense for 2017 | 108,320 |
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The following information is available for the pension plan of Riverbed company for the year 2017...
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Exercise 20-1
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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
$
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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
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Pension expense for 2017
$
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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
$
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Riverbed 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.
January 1, 2017
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Projected benefit obligation
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$1,550,000
Market-related and fair value of plan assets
794,000
1,128,400
Accumulated benefit obligation
1,597,000
1,716,400
Accumulated OCI (G/L)—Net gain
0
(202,300
)
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rendered in the current year amounted to $77,000 and...
A
B
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Contribution to the plan
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Prior service cost amortization
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Plan assets at January 1, 2017
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Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
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