At January 1, 2018, nor.C have plan assets of $250,000, Projected benefit obligation of the same...
At January 1, 2018, nor.C have plan assets of $250,000, Projected benefit obligation of the same amount. ,During 2018 service-cost was $27,500 ,discount rate was 10% actual return on plan-assets was $25,000, contributions,were $20,000, and benefits-paid were $17,500. with this information, what would be the Projected benefit obligation at December 31, 2018????
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Homework Answers
Pension worksheet for the nor.C for 2018
| Pension worksheet | ||||||||
| General journal entries | Memo record | |||||||
| Items | Annual pension expense | Cash | pension asset/Pension liability | Pension asset/liability | Defined benefit obligation | Plan asset | Unrecognized past service cost | |
| Balance January 1,2017 | (250,000) | 250,000 | ||||||
| Service cost | 27500 | (27,500) | ||||||
| Settlement cost | 25000 | (25000) | ||||||
| Actual and expected return | (25,000) | 25000 | ||||||
| Contributions | (20000) | 20000 | ||||||
| Benfits | 17500 | (17,500) | ||||||
| Journal entry | 27,500 | (20000) | (7,500) | |||||
| Dec'31'2017 | (7,500) | (285,000) | 277,500 | |||||
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At January 1, 2018, nor.C have plan assets of $250,000,
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General Journal Entries
Memo Record
Items
Pension
Expense
Cash
Pension
Asset/Liability
Projected
Benefit
Obligation
Plan
Assets
1/1/17
$
Dr.Cr.
$...
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and a projected benefit obligation of the same amount. During 2017,
service cost was $26,600, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$20,800, and benefits paid were $16,800.
Prepare a pension worksheet for Flint Company for 2017.
FLINT COMPANY
General Journal Entries
Memo Record
Items
Pension
Expense
Cash
Pension
Asset/Liability
Projected
Benefit
Obligation
Plan
Assets
1/1/17
$
Dr.Cr.
$...
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