Homework Answers
Answer:
| Pension Worksheet :-2020 | |||||
| Items | Annual Pension Exp. | Cash | Pension Asset/Liability | Defined Benefit Obligation | Plant Assets |
| Balance jan. 1 2020 | $558,800 Cr | $558,800 Dr | |||
| Service Cost | $36000 Dr. | $36000 Cr. | |||
| Interest Cost*(558800*8% | $44704Dr. | $44704 Cr. | |||
| Actual Return | $50700 Cr. | $50700 Dr. | |||
| Contributions | $26600 Cr. | $26600 Dr. | |||
| Benefirs | $35300 Dr. | $35300 Cr. | |||
| Journal entry, Dec.31 | $30004 Dr. | $26600 Cr. | $3404 Cr. | ||
| Balance Dec. 31 | $3404Cr. | $604204 Cr. | $600800 Dr. | ||
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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, 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...
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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, 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...
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