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In: Accounting
The following defined pension data of Stellar Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Stellar Corp. apply to the
year 2017.
| Projected benefit obligation, 1/1/17 (before amendment) | $582,000 | ||
| Plan assets, 1/1/17 | 566,900 | ||
| Pension liability | 15,100 | ||
| On January 1, 2017, Stellar Corp., through plan
amendment, grants prior service benefits having a present value of |
130,000 | ||
| Settlement rate | 9 | % | |
| Service cost | 59,500 | ||
| Contributions (funding) | 60,400 | ||
| Actual (expected) return on plan assets | 53,100 | ||
| Benefits paid to retirees | 40,500 | ||
| Prior service cost amortization for 2017 | 15,400 |
For 2017, prepare a pension worksheet for Stellar Corp. that shows
the journal entry for pension expense and the year-end balances in
the related pension accounts.
Solutions
Expert Solution
prepare a pension worksheet for Stellar Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
ekkarill92 answered 2 years agoRelated Solutions
The following defined pension data of Stellar Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Stellar Corp. apply to the
year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$582,000
Plan assets, 1/1/17
566,900
Pension liability
15,100
On January 1, 2017, Stellar Corp., through plan
amendment,
grants prior service benefits having a present
value of
130,000
Settlement rate
9
%
Service cost
59,500
Contributions (funding)
60,400
Actual (expected) return on plan assets
53,100
Benefits paid to retirees
40,500
Prior service cost amortization for 2017
15,400
For 2017, prepare a pension...
The following defined pension data of Coronado Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Coronado Corp. apply to
the year 2017. Projected benefit obligation, 1/1/17 (before
amendment) $530,000 Plan assets, 1/1/17 516,700 Pension liability
13,300 On January 1, 2017, Coronado Corp., through plan amendment,
grants prior service benefits having a present value of 131,000
Settlement rate 9 % Service cost 60,400 Contributions (funding)
67,100 Actual (expected) return on plan assets 52,700 Benefits paid
to retirees 43,200 Prior service cost amortization for 2017 18,200
For 2017, prepare a pension...
Exercise 20-7 The following defined pension data of Teal Corp. apply to the year 2017. Projected...
Exercise 20-7
The following defined pension data of Teal Corp. apply to the
year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$538,000
Plan assets, 1/1/17
525,000
Pension liability
13,000
On January 1, 2017, Teal Corp., through plan amendment,
grants prior service benefits having a present
value of
119,000
Settlement rate
9
%
Service cost
62,100
Contributions (funding)
67,100
Actual (expected) return on plan assets
52,100
Benefits paid to retirees
42,000
Prior service cost amortization for 2017
18,600
For 2017, prepare...
Exercise 20-7 The following defined pension data of Sarasota Corp. apply to the year 2017. Projected...
Exercise 20-7
The following defined pension data of Sarasota Corp. apply to
the year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$568,000
Plan assets, 1/1/17
553,400
Pension liability
14,600
On January 1, 2017, Sarasota Corp., through plan
amendment,
grants prior service benefits having a present
value of
130,000
Settlement rate
10
%
Service cost
58,500
Contributions (funding)
64,300
Actual (expected) return on plan assets
47,100
Benefits paid to retirees
36,300
Prior service cost amortization for 2017
17,400
For 2017, prepare...
At year end, a company has a defined benefit pension plan with a projected benefit obligation...
At year end, a company has a defined benefit pension plan with a
projected benefit obligation of $350,000; a net gain of $140,000
that was not previously recognized in net periodic pension cost;
and prior service cost of $210,000 that was not previously
recognized in net periodic pension cost. What amount should be
reported in accumulated other comprehensive income related to the
company's defined benefit pension plan at year end?
A credit balance of $420,000.
A debit balance of $420,000....
Exercise 20-07 The following defined pension data of Cheyenne Corp. apply to the year 2020. Projected...
Exercise 20-07
The following defined pension data of Cheyenne Corp. apply to the
year 2020.
Projected benefit obligation, 1/1/20 (before amendment)
$616,000
Plan assets, 1/1/20
601,600
Pension liability
14,400
On January 1, 2020, Cheyenne Corp., through plan
amendment,
grants prior service benefits having a present
value of
126,000
Settlement rate
9
%
Service cost
61,500
Contributions (funding)
61,000
Actual (expected) return on plan assets
54,800
Benefits paid to retirees
42,700
Prior service cost amortization for 2020
15,600
For 2020, prepare...
On January 1, 2019, a company's defined benefit pension plan had a projected benefit obligation (PBO)...
On January 1, 2019, a company's defined benefit pension plan had
a projected benefit obligation (PBO) of $380,000. The fair value of
its pension plan assets on January 1 was $350,000. During 2019, the
company contributed $50,000 to the pension plan and paid pension
benefits to retirees in the amount of $70,000. The settlement rate
for the pension plan for 2019 was 12%. Service cost for the year
was estimated to be $109,000. The expected rate of return on
pension...
On January 1, 2017, Larkspur Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Larkspur Company has the following defined
benefit pension plan balances. Projected benefit obligation
$4,571,000 Fair value of plan assets 4,210,000 The interest
(settlement) rate applicable to the plan is 10%. On January 1,
2018, the company amends its pension agreement so that prior
service costs of $492,000 are created. Other data related to the
pension plan are as follows. 2017 2018 Service cost $152,000
$179,000 Prior service cost amortization 0 89,000 Contributions
(funding) to the plan...
On January 1, 2017, Grouper Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Grouper Company has the following defined
benefit pension plan balances. Projected benefit obligation
$4,464,000 Fair value of plan assets 4,190,000 The interest
(settlement) rate applicable to the plan is 10%. On January 1,
2018, the company amends its pension agreement so that prior
service costs of $504,000 are created. Other data related to the
pension plan are as follows. 2017 2018 Service cost $148,000
$181,000 Prior service cost amortization 0 89,000 Contributions
(funding) to the plan...
On January 1, 2017, Blossom Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Blossom Company has the following defined
benefit pension plan balances. Projected benefit obligation
$4,517,000 Fair value of plan assets 4,250,000 The interest
(settlement) rate applicable to the plan is 10%. On January 1,
2018, the company amends its pension agreement so that prior
service costs of $504,000 are created. Other data related to the
pension plan are as follows. 2017 2018 Service cost $148,000
$180,000 Prior service cost amortization 0 92,000 Contributions
(funding) to the plan...
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