Exercise 20-4
The following facts apply to the pension plan of Metlock Inc. for the year 2017.
| Plan assets, January 1, 2017 | $515,100 | ||
| Projected benefit obligation, January 1, 2017 | 515,100 | ||
| Settlement rate | 8 | % | |
| Service cost | 36,800 | ||
| Contributions (funding) | 26,700 | ||
| Actual and expected return on plan assets | 50,200 | ||
| Benefits paid to retirees | 36,700 |
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension expense for 2017 and the
year-end balances in the related pension accounts.
(Enter all amounts as positive.)
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Exercise 20-4 The following facts apply to the pension plan of Metlock Inc. for the year 2017. Plan assets, January 1...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
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Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 896 40,000 25,000 49,700 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense...
E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc....
E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2017. Plan assets, January 1,2017 Projected benefit obligation, January 1,2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 8% 40,000 25,000 49,700 33,400 Instructions Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension that shows the journal entry for pension...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension plan of Coronado Inc. for the year 2017, Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $511,800 511,800 8 % 36,500 23,500 50,300 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected...
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At January 1, 2017, Blue Company had plan assets of $303,400 and a projected benefit obligation...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
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The following defined pension data of Monty Corp, apply to the year 2017. For 2017, prepare a pension worksheet for Monty Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. $606,000 591,300 14,700 Projected benefit obligation, 1/1/17 (before) Plan assets, 1/1/17 Pension liability On January 1, 2017, Monty Corp., through plan grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
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Exercise 20-10 Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1,...
Exercise 20-10 Ivanhoe Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $469,100 Projected benefit obligation 575,200 Pension asset/liability 106,100 Accumulated OCI (PSC) 97,900 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $90,500 Settlement rate, 8% Actual return on plan assets 56,400 Amortization of prior service cost 18,800 Expected return on...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 896 40,000 25,000 49,700 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense...
E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2017. Plan assets, January 1,2017 Projected benefit obligation, January 1,2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 8% 40,000 25,000 49,700 33,400 Instructions Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension that shows the journal entry for pension...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension plan of Coronado Inc. for the year 2017, Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $511,800 511,800 8 % 36,500 23,500 50,300 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
The following defined pension data of Monty Corp, apply to the year 2017. For 2017, prepare a pension worksheet for Monty Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. $606,000 591,300 14,700 Projected benefit obligation, 1/1/17 (before) Plan assets, 1/1/17 Pension liability On January 1, 2017, Monty Corp., through plan grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
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