Question

In: Accounting

Riverbed Company provides the following information about its defined benefit pension plan for the year 2017....

Riverbed Company provides the following information about its defined benefit pension plan for the year 2017.

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, 2017 647,500
Projected benefit obligation at January 1, 2017 707,800
Accumulated OCI (PSC) at January 1, 2017 147,500
Interest/discount (settlement) rate 9 %

Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.)

RIVERBED 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


Prepare the journal entry recording pension expense. (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 0 for the amounts.

Solutions

Expert Solution



Related Solutions

Vaughn Company provides the following information about its defined benefit pension plan for the year 2017....
Vaughn Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2017 648,000 Projected benefit obligation at January 1, 2017 688,100 Accumulated OCI (PSC) at January 1, 2017 148,600 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
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,...
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,...
Xyz Company provides the following information about its defined benefit pension plan for the year 2020....
Xyz Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,600 Contribution to the plan 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2020 650,000 Projected benefit obligation at January 1, 2020 692,000 Accumulated OCI (PSC) at January 1, 2020 150,000 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pina Company provides the following information about its defined benefit pension plan for the year 2020....
Pina 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 % Prepare the journal entry recording pension expense. (Credit account titles are automatically...
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020:...
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,100 Contribution to the plan 262,600 Past service cost, effective December 31, 2020 25,100 Actual return on plan assets 159,000 Benefits paid 101,000 Net defined benefit liability at January 1, 2020 412,000 Plan assets at January 1, 2020 1,590,000 Defined benefit obligation at January 1, 2020 2,002,000 Interest/discount rate on the DBO and plan assets 10% Blossom follows IRFS.
Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020:...
Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,600 Contribution to the plan 263,100 Past service cost, effective December 31, 2020 25,600 Actual return on plan assets 160,000 Benefits paid 106,000 Net defined benefit liability at January 1, 2020 400,600 Plan assets at January 1, 2020 1,600,000 Defined benefit obligation at January 1, 2020 2,000,600 Interest/discount rate on the DBO and plan assets 10% Pharoah follows IFRS. QUESTIONS: A)...
Question 10 Sheridan Company provides the following information about its defined benefit pension plan for the...
Question 10 Sheridan Company provides the following information about its defined benefit pension plan for the year 2020. 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 % 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 Sheridan Company provides the following information about its defined benefit pension plan for the year 2020. 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 % 1. Prepare a pension worksheet inserting January 1, 2020, balances,...
Exercise 20-3 Novak Company provides the following information about its defined benefit pension plan for the...
Exercise 20-3 Novak Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $90,800 Contribution to the plan 106,900 Prior service cost amortization 9,000 Actual and expected return on plan assets 63,500 Benefits paid 40,100 Plan assets at January 1, 2017 642,500 Projected benefit obligation at January 1, 2017 707,800 Accumulated OCI (PSC) at January 1, 2017 152,900 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT