Homework Answers
| Pension worksheet | ||||||
| General Journal entries | Memo Record | |||||
| Items | Annual pension expense | Cash | Pension Asset/Liability | Projected Benefit Obligation | Plan Assets | |
| Balance Jan 1 2017 | 490000 Cr. | 490000 Dr. | ||||
| Service cost | 40000 Dr. | 40000 Cr. | ||||
| Interest cost | 39200 Dr. | 39200 Cr. | ||||
| Actual Returns | 49700 Cr. | 49700 Sr. | ||||
| Contributions | 25000 Cr. | 25000 Dr. | ||||
| Benefits | 33400 Dr. | 33400 Cr. | ||||
| Journal Entry December 31 | 29500 Dr. | 25000 Cr. | 4500 Cr. | |||
| Balance Dec 31 2017 | 4500 Cr. | 535800 Cr. | 531300 Dr. | |||
| Note:490000*8%=$39,200 | ||||||
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E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc....
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year...
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...
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...
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 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...
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...
please construct a pension worksheet The following information is available for the pension plan of Talkspace Corpor...
please construct a pension worksheet
The following information is available for the pension plan of Talkspace Corporation for the year 2019. Actual and expected return on plan assets. Benefits paid to retirees ..... .. Contributions (funding)............ Prior service cost amortization .. Projected benefit obligation, January 1, 2019... Service cost......... - $ 65,000 .163,000 ..230,000 ...40,000 .... 2,600,000 ..250,000 Interest/discount rate.... .8% (a) Compute pension expense for 2019 (b) Prepare the journal entry to record pension expense and the employers contribution...
The following facts apply to the person plan of Tamar . for the year 2020 $55R...
The following facts apply to the person plan of Tamar . for the year 2020 $55R ROO 55 800 Planets, January 1.2020 Projected benefit obligation January 1, 2020 Settlement rate Service cont Contribution funding Actual and expected return on planassets Benefits paid to retirees 2000 5700 Using the preceding data compute pensione accounts were amon ) for the year 2020. As part of your s on prepara pension worksheet that shows the journal entry for pension expense for 2020 and...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
The following defined pension data of Monty Corp, apply to the year 2017. For 2017, prepare...
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...
10 Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees....
10 Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1. 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017. Service cost for 2017 $75,000 Actual return on...
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...
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 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...
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...
please construct a pension worksheet
The following information is available for the pension plan of Talkspace Corporation for the year 2019. Actual and expected return on plan assets. Benefits paid to retirees ..... .. Contributions (funding)............ Prior service cost amortization .. Projected benefit obligation, January 1, 2019... Service cost......... - $ 65,000 .163,000 ..230,000 ...40,000 .... 2,600,000 ..250,000 Interest/discount rate.... .8% (a) Compute pension expense for 2019 (b) Prepare the journal entry to record pension expense and the employers contribution...
The following facts apply to the person plan of Tamar . for the year 2020 $55R ROO 55 800 Planets, January 1.2020 Projected benefit obligation January 1, 2020 Settlement rate Service cont Contribution funding Actual and expected return on planassets Benefits paid to retirees 2000 5700 Using the preceding data compute pensione accounts were amon ) for the year 2020. As part of your s on prepara pension worksheet that shows the journal entry for pension expense for 2020 and...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
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...
10 Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1. 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017. Service cost for 2017 $75,000 Actual return on...
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