Question
In: Accounting
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 December 31, 2017. (Enter all amounts as
positive.)
NOVAK 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
Balance, January 1, 2017
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
Service cost
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Interest cost
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Actual return
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Amortization of PSC
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Contributions
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Benefits
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Journal entry for 2017
$
Dr.
Cr.
$
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Accumulated OCI, Dec. 31, 2016
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Balance, Dec. 31, 2017
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
$
Dr.
Cr.
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
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.)
Account Titles and Explanation
Debit
Credit
Solutions
ekkarill92 answered 8 months agoRelated Solutions
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
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Prepare a pension worksheet inserting January 1, 2020, balances,
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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
%
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Vaughn Company provides the following information about its
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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
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Prepare a pension worksheet inserting January 1, 2017, balances,
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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
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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,
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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
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Interest/discount (settlement) rate
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Prepare the journal entry recording pension expense.
(Credit account titles are automatically...
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,
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E20-3 (Preparation of pension Worksheet) Verde Company provides the following information about its defined benefit pension...
E20-3 (Preparation of pension Worksheet) Verde Company provides
the following information about its defined benefit pension plan
for the year 2017.
Service Cost $90,000
Contribution to the plan $105,000
Prior service cost amortization $10,000
Actual and expected return on plan assets $64,000
Benefits paid $40,000
Plan assets at January 1, 2017 $640,000
Projected benefit obligation at Jaunary 1, 2017 $700,000
Accumulated OCI (PSC) at January 1, 2017 $150,000
Interest/discount(settlement) rate 10%
Instructions:
Prepare a pension worksheet inserting January 1, 2017,...
Exercise 20-13 Indigo Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following...
Exercise 20-13 Indigo Company sponsors a defined benefit pension
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about the plan. January 1, 2020 December 31, 2020 Vested benefit
obligation $1,650 $1,750 Accumulated benefit obligation 1,750 2,750
Projected benefit obligation 2,250 2,770 Plan assets (fair value)
1,730 2,640 Settlement rate and expected rate of return 10 %
Pension asset/liability 520 ? Service cost for the year 2020 440
Contributions (funding in 2020) 750 Benefits paid in 202- 210
(a) Compute the...
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020:...
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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
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Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020:...
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Current service cost
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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
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Defined benefit obligation at January 1, 2020
2,000,600
Interest/discount rate on the DBO and plan assets
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QUESTIONS:
A)...
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