George Corporation has a defined benefit pension plan for its employees. The following 20X1: PBO at 1/1 $930,000 204,000 196,000 30,000 130,000 880,000 76,000 Payments made to retirees at 12/31 Service cost Actual return on plan assets Plan contributions at 12/31 Fair value of plan assets at 12/31 Amortization of prior service cost Discount rate 10%
George Corporation has a defined benefit pension plan for its employees. The following 20X1: PBO at 1/1 $930,000 204,000 196,000 30,000 130,000 880,000 76,000 Payments made to retirees at 12/31 Service cost Actual return on plan assets Plan contributions at 12/31 Fair value of plan assets at 12/31 Amortization of prior service cost Discount rate 10%
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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- What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1?
- Prepare the
journal entries to record pension expense, the contribution, and the OCI effects.
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