in assets, January 1, 2020 jected benefit obligation, January 1, 2020 tlement rate vice cost tributions (funding) ual and expected return on plan assets nefits paid to retirees ms ance, January 1, 2020 vice cost erest cost $487,400 $ 487,400 g the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positiv 8 % 40,300 26,600 47,000 31.800 Annual Pension Expense $ General Journal Entries Cash BLOSSOM INC. Pension Worksheet-2020 $ Pension Asset/ Liability v $ Projected Benefit Obligation Memo Record $ Plan Assets

in assets, January 1, 2020 jected benefit obligation, January 1, 2020 tlement rate vice cost tributions (funding) ual and expected return on plan assets nefits paid to retirees ms ance, January 1, 2020 vice cost erest cost $487,400 $ 487,400 g the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positiv 8 % 40,300 26,600 47,000 31.800 Annual Pension Expense $ General Journal Entries Cash BLOSSOM INC. Pension Worksheet-2020 $ Pension Asset/ Liability v $ Projected Benefit Obligation Memo Record $ Plan Assets

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 12E

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Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024. Service cost Interest cost, discount rate, 5 Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $45) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, December 31, 2024 $ ($ in millions) $ 500 40 PBO Required: Prepare a pension spreadsheet…
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