Question
In: Accounting
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017....
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Solutions
Expert Solution
| Ayayai Company | ||||||||||||
| Pension Worksheet- 2017 | ||||||||||||
| General Journal Entries | Memo Record | |||||||||||
| Items | Annual Pension Expense | Cash | OCI-Prior Service Cost | Pension Asset/ Liability | Projected Benefit Obligation | Plan Assets | ||||||
| Balance, Jan 1, 2017 | $ 152,100 | Dr. | $ 54,100 | Cr. | $ 686,700 | Cr. | $ 632,600 | Dr. | ||||
| Service cost | $ 91,200 | Dr. | $ 91,200 | Cr. | ||||||||
| Interest cost (686,700*9%) | $ 61,803 | Dr. | $ 61,803 | Cr. | ||||||||
| Actual return | $ 62,800 | Cr. | $ 62,800 | Dr. | ||||||||
| Amortization of PSC | $ 9,800 | Dr. | $ 9,800 | Cr. | ||||||||
| Contributions | $ 104,700 | Cr. | $ 104,700 | Dr. | ||||||||
| Benefits | $ 40,500 | Dr. | $ 40,500 | Cr. | ||||||||
| Journal entry for 2014 | $ 100,003 | Dr. | $ 104,700 | Cr. | $ 9,800 | Cr. | $ 14,497 | Dr. | ||||
| Accumulated OCI, Dec.31, 2017 | $ 152,100 | Dr. | ||||||||||
| Balance, Dec 31, 2018 | $ 142,300 | Dr. | $ 39,603 | Cr. | $ 799,203 | Cr. | $ 759,600 | Dr. | ||||
| Journal entry | ||||||||||||
| Account Titles and Explanation | Debit | Credit | ||||||||||
| Pension Expense | $ 100,003 | |||||||||||
| Pension Asset/ Liability | $ 14,497 | |||||||||||
| OCI-PSC | $ 9,800 | |||||||||||
| Cash | $ 104,700 | |||||||||||
| (To record pension expense) | ||||||||||||
Feel free to ask any clarification, if required. Please provide feedback by thumbs up, if satisfied. It will be highly appreciated. Thank you.
ekkarill92 answered 6 months agoRelated Solutions
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:
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Service cost
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Contribution to the plan
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Prior service cost amortization
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Actual and expected return on plan assets
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Benefits paid
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Plan assets at January 1, 2017
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Projected benefit obligation at January 1, 2017
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Accumulated OCI (PSC) at January 1, 2017
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Contribution to the plan
107,000
Prior service cost amortization
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Actual and expected return on plan assets
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Benefits paid
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Plan assets at January 1, 2017
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Projected benefit obligation at January 1, 2017
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Accumulated OCI (PSC) at January 1, 2017
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Prior service cost amortization
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Actual and expected return on plan assets
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Plan assets at January 1, 2020
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Projected benefit obligation at January 1, 2020
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Contribution to the plan
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Prior service cost amortization
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Actual and expected return on plan assets
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Benefits paid
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Projected benefit obligation at January 1, 2020
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Contribution to the plan
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Past service cost, effective December 31, 2020
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Actual return on plan assets
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Net defined benefit liability at January 1, 2020
400,600
Plan assets at January 1, 2020
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Defined benefit obligation at January 1, 2020
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Interest/discount rate on the DBO and plan assets
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QUESTIONS:
A)...
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Question 10
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Service cost
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Contribution to the plan
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Prior service cost amortization
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Actual and expected return on plan assets
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Benefits paid
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Plan assets at January 1, 2020
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Projected benefit obligation at January 1, 2020
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Accumulated OCI (PSC) at January 1, 2020
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Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing...
Question 10 Sheridan Company provides the following information about its defined benefit pension plan for the...
Question 10
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Service cost
$89,800
Contribution to the plan
107,000
Prior service cost amortization
10,700
Actual and expected return on plan assets
65,200
Benefits paid
40,100
Plan assets at January 1, 2020
647,500
Projected benefit obligation at January 1, 2020
707,800
Accumulated OCI (PSC) at January 1, 2020
147,500
Interest/discount (settlement) rate
9
%
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Exercise 20-3 Novak Company provides the following information about its defined benefit pension plan for the...
Exercise 20-3
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Actual and expected return on plan assets 63,500
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Interest/discount (settlement) rate 11 %
Prepare a pension worksheet inserting January 1, 2017, balances,
showing...
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