Buffalo Company provides the following information about its defined benefit pension plan for the year 2020....
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020.
|
Service cost |
$90,900 |
||
|
Contribution to the plan |
103,000 |
||
|
Prior service cost amortization |
9,300 |
||
|
Actual and expected return on plan assets |
63,200 |
||
|
Benefits paid |
39,800 |
||
|
Plan assets at January 1, 2020 |
648,600 |
||
|
Projected benefit obligation at January 1, 2020 |
706,600 |
||
|
Accumulated OCI (PSC) at January 1, 2020 |
148,800 |
||
|
Interest/discount (settlement) rate |
10 |
% |
- Using Excel prepare a pension worksheet inserting January 1, 2020, balances, and then showing December 31, 2020. Prepare the worksheet in good form based on examples in chapter 20 and chapter 20 exercises.
- Prepare the journal entry to record pension expense.
Homework Answers
| Buffalo Company | ||||||||||||
| Pension Worksheet- 2020 | ||||||||||||
| 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, 2020 | $ 148,800 | Dr. | $ 58,000 | Cr. | $ 706,600 | Cr. | $ 648,600 | Dr. | ||||
| Service cost | $ 90,900 | Dr. | $ 90,900 | Cr. | ||||||||
| Interest cost (706600*10%) | $ 70,660 | Dr. | $ 70,660 | Cr. | ||||||||
| Actual and expected return | $ 63,200 | Cr. | $ 63,200 | Dr. | ||||||||
| Amortization of PSC | $ 9,300 | Dr. | $ 9,300 | Cr. | ||||||||
| Contributions | $ 103,000 | Cr. | $ 103,000 | Dr. | ||||||||
| Benefits | $ 39,800 | Dr. | $ 39,800 | Cr. | ||||||||
| Journal entry for 2020 | $ 107,660 | Dr. | $ 103,000 | Cr. | $ 9,300 | Cr. | $ 4,640 | Dr. | ||||
| Accumulated OCI, Dec.31, 2019 | $ 148,800 | Dr. | ||||||||||
| Balance, Dec 31, 2020 | $ 139,500 | Dr. | $ 53,360 | Cr. | $ 828,360 | Cr. | $ 775,000 | Dr. | ||||
| Journal entry | |||
| Account Titles and Explanation | Debit | Credit | |
| Pension Expense | $ 107,660 | ||
| Pension Asset/ Liability | $ 4,640 | ||
| OCI-PSC | $ 9,300 | ||
| Cash | $ 103,000 | ||
| (To record pension expense) |
Feel free to ask any clarification, if required. Kindly
provide feedback by thumbs up, if satisfied. It will be highly
appreciated.
Thank you.
Add Answer to:
Buffalo Company provides the following information about its
defined benefit pension plan for the year 2020....
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017....
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,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
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....
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....
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....
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....
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....
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,...
Bonita Company provides the following information about its defined benefit pension plan for the ...
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,...
Headland Company provides the following information about its defined benefit pension plan for the year 2017....
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,...
Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020....
Bridgeport 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 % Compute the pension expense for the year 2020. Pension expense for...
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,...
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,...
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,...
Most questions answered within 3 hours.
-
Learning aquatic zumba is an example of tacit knowledge. true or
false
asked 23 minutes ago -
Journalize the entries to record the following (refer to the
Chart of Accounts for exact wording...
asked 6 minutes ago -
An electron moves at 2.60×106 m/s through a region in
which there is a magnetic field...
asked 3 minutes ago -
An AC generator supplies an rms voltage of 240 V at 50.0 Hz. It
is connected...
asked 5 minutes ago -
China’s income per capital maintained an 8% rate of growth in
recent decades. As a result,...
asked 8 minutes ago -
What steps would you take to institutionalize the controls you’d
select for your organization? Where do...
asked 23 minutes ago -
Table salt contains 39.33 g of sodium per 100 g of salt. The
U.S. Food and...
asked 40 minutes ago -
C&A records the following profit figures for the last six
months in Excel for a linear...
asked 37 minutes ago -
This needs to be done in c++11 and be compatible with g++
compiling
Project description:
Write...
asked 39 minutes ago -
.
NEED ANSWER ASAP
******NEW ANSWER NEVER USED BEFORE****
Write a page paper on conducting marketing...
asked 40 minutes ago -
Assume that capital markets are competitive and that the
international Fisher hypothesis holds. The one-year interest...
asked 1 hour ago -
Solid potassium phosphate is slowly added to 150 mL of a 0.0518
M calcium nitrate solution....
asked 1 hour ago