Question

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 December 31, 2020. (Enter all amounts as positive.)

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.)

Answer 1

		Year 2020
1	Pension Expense	$      99,002.00
2	Journal entry
	Account title & Explaination	2020
	Debit	Credit
	Annual pension expense	99,002.00
	OCI-Prior Service Cost		10,700.00
	OCI-(Gain/Loss)	-
	Cash		1,07,000.00
	Net Pension Asset/liability	18,698.00
	(To record pension expense and remeasurement loss recorded)
3	Plan Asset	1,07,000
	Cash		1,07,000
	(To record the contribution made)
	Net Pension Asset/liability	40,100
	Cash		40,100
	(To record benefit paid)
4	Net Pension Asset/(liability)	$         (41,602)
5	Projected benefit obligation	$       (8,21,202)
	Plan Asset	$        7,79,600
	Plan Surplus/(Deficit)	$         (41,602)

Pension Worksheet 2020
Items	Annual Pension Expense	Cash		OCI-Prior Service Cost	OCI-Gain/(Loss)	Pension Asset/liability	Projected benefit obligation	Plan Asset
Balance, Jan 1,2020	$                    -	$                 -		$    1,47,500	$                    -	$         (60,300)	$             (7,07,800)	$             6,47,500
Past Service Cost created	$                    -	$                 -			$                    -	$                   -	$                           -	$                         -
Service Cost	$            89,800	$                 -			$                    -	$                   -	$                 (89,800)	$                         -
Interest Cost	$            63,702	$                 -			$                    -	$                   -	$                 (63,702)	$                         -
Actual return	$          (65,200)	$                 -			$                    -	$                   -	$                           -	$                65,200
Unexpected gain/ loss	$                    -	$                 -			$                    -	$                   -	$                           -	$                         -
Amortisation of PSC	$            10,700	$                 -		$      (10,700)	$                    -	$                   -	$                           -
Amortisation of OCI-Gain/loss	$                    -	$                 -		$                -	$                    -	$                   -	$                           -
Liability (increases)/decreases	$                    -	$                 -				$                   -	$                           -
Contributions	$                    -	$    (1,07,000)			$                    -	$                   -	$                           -	$             1,07,000
Benefits	$                    -	$                 -			$                    -	$                   -	$                  40,100	$               (40,100)
	$                    -	$                 -			$                    -	$                   -	$                           -	$                         -
Journal entry for 2020	$           99,002	$   (1,07,000)		$     (10,700)	$                    -	$          18,698	$            (1,13,402)	$             1,32,100
Accumulated OCI dec 31, 2019	$                    -	$                 -		$    1,47,500	$                    -	$                   -	$                           -	$                         -
Balance, December 31, 2020	$                    -	$                 -		$    1,36,800	$                    -	$        (41,602)	$            (8,21,202)	$             7,79,600
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