Compute pension expense for 2020 and 2021.Pension expense for 2020 121,800 Pension expense for 2021 159,600 Splish Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020and 2021.20202021Plan assets (fair value), December 31$733,950$891,450Projected benefit obligation, January 1735,000840,000Pension asset/liability, January 1147,000Cr.?Prior service cost, January 1262,500252,000Service cost63,00094,500Actual and expected return on plan assets25,20031,500Amortization of prior service cost10,50012,600Contributions (funding)120,750126,000Accumulated benefit obligation, December 31525,000577,500Interest/settlement rate10 %10 % Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditDec. 31,Pension Expense1218002020Pension Asset/LiabilityOther Comprehensive Income (PSC)10500Other Comprehensive Income (G/L)Cash120750

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, Pension Expense 121800 2020 Pension Asset/Liability Other Comprehensive Income (PSC) 10500 Other Comprehensive Income (G/L) Cash 120750

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, Pension Expense 121800 2020 Pension Asset/Liability Other Comprehensive Income (PSC) 10500 Other Comprehensive Income (G/L) Cash 120750

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

See similar textbooks

Similar questions

Instructions Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. Prepare the journal entry to record 2020 pension expense for Usher Inc. The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2020? In (2) 2021? Explain.
Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual PensionExpense Cash OCI—PriorService Cost OCI—Gain/Loss Pension Asset/Liability Projected BenefitObligation PlanAssets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330…
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Benefits paid Expense entry Contribution entry Balance 12/31/2020 Oriole Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost Contribution to the plan Past service cost, effective December 31, 2020 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2020 Plan assets at January 1, 2020 Defined benefit obligation at January 1, 2020 Interest/discount rate on the DBO and plan assets Oriole follows IRFS. Prepare a pension work sheet. Annual Pension Expense General Journal Entries $226,000 263,450 Cash 25,750 159,600 106,200 420,000 1,596,000 2,016,000 Oriole Corporation Pension Work Sheet-2020 10% Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Required:1. Determine Douglas-Roberts's pension expense for 2021.2. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.
Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid.
a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. Prepare the journal entries relating to pension for the year 2020. (
The accounting staff of Wildhorse Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2021. (a)Determine the missing amounts in the 2021 pension worksheet, indicating whether the amounts are debits or credits. Annual Pension Expense debit/ credit Cash debit/ credit OCI - Prior Service Cost debit/ credit OCI - Gain/Loss debit/ credit pension asset/liability debit/credit Projected benefit obligation debit/credit Plan Assets debit/credit Balance Jan 1, 2021 1,190 Cr. 4,120 2,930 service cost $ 570 interest cost $ 326 actual return $ 422 unexpected gain 157 $ amortization of psc $ 61 contributions 1,190 1,190…
SFAS No. 87, “Employers’ Accounting for Pensions,” requires an understanding of certainterms. Discuss the following components of annual pension cost:i. Service costii. Interest costiii. Actual return on plan assetsiv. Amortization of unrecognized prior service costv. Amortization of the transition amount
Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR Cash
Pkease Do not Give image format Note .Prepare a partial income statement and balance sheet for the pension expense. *The pension expense on the Income statement is not $133,470.