Please, look at images. Will rate answer correctly if correct! Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditDec. 31, 2020 Pension Expense136880Pension Asset/Liability27140Other Comprehensive I11800Other Comprehensive16520Cash135700Dec. 31, 2021 TPension Expense179360Pension Asset/Liability23600Other Comprehensive I14160Cash141600 Problem 20-04 (Part Level Submission)Sage Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021.20202021Plan assets (fair value), December 31Projected benefit obligation, January 1Pension asset/liability, January 1$824,820$1,001,820826,000944,000165,200 Cr.?Prior service cost, January 1295,000283,200Service cost70,800106,200Actual and expected return on planassets28,32035,400Amortization of prior service cost11,80014,160Contributions (funding)Accumulated benefit obligation,December 31135,700141,600590,000649,000Interest/settlement rate10 %10 %

Pension cost is the amount charged to expense by a company in relation to its obligations for…

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

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 5E

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Question 16## Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation,   due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Also please help me answer part B. (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…
Question 16 Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation,   due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Prepare the journal entry for pension expense for 2020. (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…
Question 16# Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation,   due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
Problem 20-07 Tamarisk Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $474,000 Projected benefit obligation 759,000 Pension asset/liability 285,000 Cr. Prior service cost 84,000 Net gain or loss (debit) 89,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $107,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 43,000 Amortization of prior service cost 25,000 Contributions 138,000 Benefits paid retirees 93,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Tamarisk Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) TAMARISK…
Exercise 20-07 The following defined pension data of Teal Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $568,000 Plan assets, 1/1/20 553,400 Pension liability 14,600 On January 1, 2020, Teal Corp., through plan amendment, grants prior service benefits having a present value of 130,000 Settlement rate 10 % Service cost 58,500 Contributions (funding) 64,300 Actual (expected) return on plan assets 47,100 Benefits paid to retirees 36,300 Prior service cost amortization for 2020 17,400 For 2020, prepare a pension worksheet for Teal Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
Problem 20-02 Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,000 $26,000 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,000 24,000 Annual funding (contributions) 16,000 40,000 48,000 Benefits paid 14,000 16,400 21,000 Prior service cost (plan amended, 1/1/20) 160,000 Amortization of prior service cost 54,400 41,600 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 520,000 Indicate the pension-related amounts reported in the financial…
Exercise 20-10 Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $498,300 Projected benefit obligation 614,700 Pension asset/liability 116,400 Accumulated OCI (PSC) 96,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $92,500 Settlement rate, 9% Actual return on plan assets 54,200 Amortization of prior service cost 18,100 Expected return on plan assets 51,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,200 Contributions 97,200 Benefits paid retirees 82,600 Using the data above, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as…
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Compute pension expense for 2020 and 2021. Pension expense for 2020 $ Pension expense for 2021 $
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Pension expense for 2020: $135,720 Pension expense for 2021: $177,840 Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years. Date Account Titles and Explanation Debit Credit Dec.…
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years.
18). Wasim Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2019, the following balances relate to this plan. Plan assets $480,000 Defined benefit obligation 600,000 Pension asset/liability 120,000 Accumulated OCI -0- As a result of the operation of the plan during 2019, the following additional data are provided by the actuary. Service cost for 2019 $90,000 Discount (interest) rate 6% Actual return on plan assets in 2019 55,000 Unexpected loss from change in defined benefit obligation, due to change in actuarial predictions 76,000 Contributions in 2019 99,000 Benefits paid retirees in 2019 85,000 Instructions (a). Using the data above, compute pension expense for Wasim Corp. for the year 2019 by preparing a pension worksheet. (b). Prepare the journal entry for pension expense for 2019.
Exercise 20-03 (Part Level Submission) Windsor Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2020 632,300 Projected benefit obligation at January 1, 2020 686,100 Accumulated OCI (PSC) at January 1, 2020 147,300 Interest/discount (settlement) rate 11 % A. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020.