Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Assets PBO Net Pension Asset/Liability Cash Outflow Pension Expense Balance, January 1, 2020 Service cost Interest cost Expected return Contributions to fund
Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Assets PBO Net Pension Asset/Liability Cash Outflow Pension Expense Balance, January 1, 2020 Service cost Interest cost Expected return Contributions to fund
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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Preparing a Pension Worksheet
Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual
Note: Use a negative sign for credits to accounts.
| Pension Worksheet | Reported Net in Financial Statements | Balance Sheet | Income Statement | ||
|---|---|---|---|---|---|
| Plan Assets |
PBO | Net Pension Asset/Liability |
Outflow |
Pension Expense |
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| Balance, January 1, 2020 |
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| Service cost |
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| Interest cost |
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| Expected return |
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| Contributions to fund |
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| Benefit payments |
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| Balance, December 31, 2020 |
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