mpany provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate
mpany provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate
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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Question 21
Sage Company provides the following selected information related to its defined benefit pension plan for 2020.
| Pension asset/liability (January 1) | $25,600 | Cr. | |
| Accumulated benefit obligation (December 31) | 400,600 | ||
| Actual and expected return on plan assets | 10,400 | ||
| Contributions (funding) in 2020 | 148,800 | ||
| Fair value of plan assets (December 31) | 796,000 | ||
| Settlement rate | 10 | % | |
| Projected benefit obligation (January 1) | 698,500 | ||
| Service cost | 79,600 |
(b)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is partially correct.
Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020.
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Sage Company
Income Statement (Partial) |
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$
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$
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Sage Company
Balance Sheet (Partial) |
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$
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