Homework Help is Here – Start Your Trial Now!
Business
Accounting
2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: Current service cost for accounting was $128,000. • A plan amendment on 1 January resulted in a past service cost of $56,000 being granted. Total funding of the pension plan was $134,000, on 31 December 20X6. • Actual return on fund assets was $10,500. • An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6. 20X6 Opening CSC Net interest PSC (new) Actuarial gains/losses Revaluation Funding Pension Obligation Plan Assets Pension Expense Net Pension Accumulated Asset/Liab. OCI Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding Accumulated OCI

2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: Current service cost for accounting was $128,000. • A plan amendment on 1 January resulted in a past service cost of $56,000 being granted. Total funding of the pension plan was $134,000, on 31 December 20X6. • Actual return on fund assets was $10,500. • An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6. 20X6 Opening CSC Net interest PSC (new) Actuarial gains/losses Revaluation Funding Pension Obligation Plan Assets Pension Expense Net Pension Accumulated Asset/Liab. OCI Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding Accumulated OCI

Intermediate Accounting: Reporting And Analysis
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 1E
See similar textbooks
icon
Related questions
Question
2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: Current service cost for accounting was $128,000. • A plan amendment on 1 January resulted in a past service cost of $56,000 being granted. Total funding of the pension plan was $134,000, on 31 December 20X6. • Actual return on fund assets was $10,500. • An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6. 20X6 Opening CSC Net interest PSC (new) Actuarial gains/losses Revaluation Funding Pension Obligation Plan Assets Pension Expense Net Pension Accumulated Asset/Liab. OCI
Transcribed Image Text:2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: Current service cost for accounting was $128,000. • A plan amendment on 1 January resulted in a past service cost of $56,000 being granted. Total funding of the pension plan was $134,000, on 31 December 20X6. • Actual return on fund assets was $10,500. • An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6. 20X6 Opening CSC Net interest PSC (new) Actuarial gains/losses Revaluation Funding Pension Obligation Plan Assets Pension Expense Net Pension Accumulated Asset/Liab. OCI
Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding Accumulated OCI
Transcribed Image Text:Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding Accumulated OCI
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

SEE SOLUTION
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS