Question

In: Accounting

Bonita Co. provides the following information about its postretirement benefit plan for the year 2017. Service...

Bonita Co. provides the following information about its postretirement benefit plan for the year 2017.

Service cost $85,500
Prior service cost amortization 2,800
Contribution to the plan 56,200
Actual and expected return on plan assets 58,600
Benefits paid 36,700
Plan assets at January 1, 2017 702,400
Accumulated postretirement benefit obligation at January 1, 2017 769,700
Accumulated OCI (PSC) at January 1, 2017 102,000 Dr.
Discount rate 9 %


Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)

BONITA CO.
Postretirement Benefit Worksheet—2017

General Journal Entries

Memo Record

Items

Annual Postretirement
Expense

Cash

OCI—Prior
Service Cost

Postretirement Asset/
Liability

APBO

Plan Assets

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

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,...
Pronghorn Co. provides the following information about its postretirement benefit plan for the year 2020. Service...
Pronghorn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $87,700 Prior service cost amortization 3,200 Contribution to the plan 60,500 Actual and expected return on plan assets 62,100 Benefits paid 39,000 Plan assets at January 1, 2020 704,000 Accumulated postretirement benefit obligation at January 1, 2020 763,900 Accumulated OCI (PSC) at January 1, 2020 101,900 Dr. Discount rate 9 % Prepare a worksheet inserting January 1, 2020, balances, showing December 31, 2020,...
E20-22 Englehart Co. provides the following information about its postretirement benefit plan for the year 2017....
E20-22 Englehart Co. provides the following information about its postretirement benefit plan for the year 2017. Service Cost $90,000 Prior service cost and amortization 3,000 Contribution to the plan 56,000 Actual and expected return on plan assets 62,000 Benefits paid 40,000 Plan assets at January 1, 2017 710,000 Accumulated postretirement benefit obligation at January 1, 2017 760,000 Accumulated OCI (PSC) at January 1, 2017 100,000 Dr. Discount rate 9% Instructions Compute the postretirement benefit expense for 2017. E20-23 Using the...
Exercise 20-23 Pronghorn Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23 Pronghorn Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $89,900 Prior service cost amortization 3,100 Contribution to the plan 51,500 Actual and expected return on plan assets 57,900 Benefits paid 43,400 Plan assets at January 1, 2017 714,600 Accumulated postretirement benefit obligation at January 1, 2017 750,400 Accumulated OCI (PSC) at January 1, 2017 102,300 Dr. Discount rate 9 % Prepare a worksheet inserting January 1, 2017, balances, showing December...
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,...
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,...
Metlock Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit...
Metlock Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation $2,239,000 Fair value of plan assets 2,239,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $177,000 are created. Other data related to the plan are: 2020 2021 Service costs $75,000 $85,000 Prior service costs amortization 0 12,000 Contributions (funding) to the plan 45,000 35,000 Benefits paid...
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.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT