Part A
General Journal Entries |
Memo Record |
|||||||||||
Items |
Annual Pension Expense |
Cash |
OCI Prior Service Cost |
Pension Asset/Liability |
Projected Benefit Obligation |
Plan Assets |
||||||
Balance, January 1, 2017 |
45700 |
Cr. |
694400 |
Cr. |
648700 |
Dr. |
||||||
Service cost |
91300 |
Dr. |
91300 |
Cr. |
||||||||
Interest cost |
62496 |
Dr. |
62496 |
Cr. |
||||||||
Actual return |
64800 |
Cr. |
64800 |
Dr. |
||||||||
Amortization of PSC |
9500 |
Dr. |
9500 |
Cr. |
||||||||
Contributions |
102900 |
Cr. |
102900 |
Dr. |
||||||||
Benefits |
39400 |
Dr. |
39400 |
Cr. |
||||||||
Journal entry for 2017 |
98496 |
Dr. |
102900 |
Cr. |
9500 |
Cr. |
13904 |
Dr. |
||||
Accumulated OCI, Dec. 31, 2016 |
150900 |
Dr. |
||||||||||
Balance, Dec. 31, 2010 |
141400 |
Dr. |
31796 |
Cr. |
808796 |
Cr. |
777000 |
Dr. |
Interest cost = 694400*9% = 62496
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Headland Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2017 632,300 Projected benefit obligation at January 1, 2017 686,100 Accumulated OCI (PSC) at January 1, 2017 147,300 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Bonita Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $89,400 Contribution to the plan 105,700 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,500 Benefits paid 40,200 Plan assets at January 1, 2017 640,200 Projected benefit obligation at January 1, 2017 710,100 Accumulated OCI (PSC) at January 1, 2017 152,200 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Kingbird Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $90,600 Contribution to the plan 103,900 Prior service cost amortization 10,100 Actual and expected return on plan assets 63,100 Benefits paid 39,600 Plan assets at January 1, 2017 644,100 Projected benefit obligation at January 1, 2017 710,600 Accumulated OCI (PSC) at January 1, 2017 149,400 Interest/discount (settlement) rate 9 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-2 Vaughn Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $ 88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2017 648,000 Projected benefit obligation at January 1, 2017 688,100 Accumulated OCI (PSC) at January 1, 2017 148,600 Interest/discount (settlement) rate 11 % Compute the pension expense for the year 2017. Pension...
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Requirements: Using Excel prepare a pension worksheet inserting January 1, 2017, balances,...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...