TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Loss Pension Expense Cash Net Pension (Liability) or Asset Beginning balance 450 60 55 (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets 3 Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance 32 (32) 40 (562) (1) 54 89

TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Loss Pension Expense Cash Net Pension (Liability) or Asset Beginning balance 450 60 55 (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets 3 Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance 32 (32) 40 (562) (1) 54 89

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 7E

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The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). A) Net pension asset of $323.50 million B) Net pension liability of $519.00 million C) Net pension liability of $323.50 million D) Net pension asset of $519.00 million
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The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $720 Expected return on plan assets 72 Actual return on plan assets 58 Contributions to the pension fund (end of year) 124 Amortization of net loss 14 Pension benefits paid (end of year) 17 Pension expense 96 Required: Determine the amount of pension plan assets at fair…
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