Question

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, 2017

Prepare the journal entry recording pension expense

Answer 1

		Year 2017
1	Pension Expense	$          111,691
2	Journal entry
	Account title & Explaination	2017
	Debit	Credit
	Annual pension expense	111,691
	OCI-Prior Service Cost		10,600
	OCI-(Gain/Loss)		-
	Cash		107,100
	Net Pension Asset/liability	6,009
	(To record pension expense and remeasurement loss recorded)
3	Plan Asset	107,100
	Cash		107,100
	(To record the contribution made)
	Net Pension Asset/liability	40,800
	Cash		40,800
	(To record benefit paid)
4	Net Pension Asset/(liability)	$          (34,091)
5	Projected benefit obligation	$       (811,491)
	Plan Asset	$          777,400
	Plan Surplus/(Deficit)	$          (34,091)

Pension Worksheet 2017
Items	Annual Pension Expense	Cash		OCI-Prior Service Cost	OCI-Gain/(Loss)	Pension Asset/liability	Projected benefit obligation	Plan Asset
Balance, Jan 1,2017	$                     -	$                   -		$     148,600	$                     -	$        (40,100)	$              (688,100)	$               648,000
Past Service Cost created	$                     -	$                   -		$                 -	$                     -	$                    -	$                            -	$                          -
Service Cost	$            88,500	$                   -			$                     -	$                    -	$                (88,500)	$                          -
Interest Cost	$            75,691	$                   -			$                     -	$                    -	$                (75,691)	$                          -
Actual return	$          (63,100)	$                   -			$                     -	$                    -	$                            -	$                 63,100
Unexpected gain/ loss	$                     -	$                   -			$                     -	$                    -	$                            -	$                          -
Amortisation of PSC	$            10,600	$                   -		$     (10,600)	$                     -	$                    -	$                            -
Amortisation of OCI-Gain/loss	$                     -	$                   -		$                 -	$                     -	$                    -	$                            -
Liability (increases)/decreases	$                     -	$                   -			$                     -	$                    -	$                            -
Contributions	$                     -	$     (107,100)			$                     -	$                    -	$                            -	$               107,100
Benefits	$                     -	$                   -			$                     -	$                    -	$                   40,800	$               (40,800)
	$                     -	$                   -			$                     -	$                    -	$                            -	$                          -
Journal entry for 2017	$          111,691	$     (107,100)		$     (10,600)	$                     -	$             6,009	$              (123,391)	$               129,400
Accumulated OCI dec 31, 2017	$                     -	$                   -		$     148,600	$                     -	$                    -	$                            -	$                          -
Balance, December 31, 2017	$                     -	$                   -		$     138,000	$                     -	ekkarill92 Next > < Previous Related 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: 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,... 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,... 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... Vaughn Co. provides the following information about its postretirement benefit plan for the year 2017. Service... Vaughn Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $83,900 Prior service cost amortization 3,100 Contribution to the plan 51,000 Actual and expected return on plan assets 67,100 Benefits paid 42,700 Plan assets at January 1, 2017 697,300 Accumulated postretirement benefit obligation at January 1, 2017 756,400 Accumulated OCI (PSC) at January 1, 2017 103,300 Dr. Discount rate 8 % Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017,... 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,... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions Explain the use of neural networking modeling in predictive analytics. Current Market Mix of Netflix, as detail as possible, please. This is all one question, thank you so much in advance! You must evaluate a proposal... X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup... There are a large number of tasks involved in information technology and programming, and many of... Using one quantitative and one qualitative health policy research method described in this chapter, design a... What is the Rawls' solution to the age-old question of social         (economic / distributive) justice?... ADVERTISEMENT About @ 2020 WizEdu