Question 1: Preparation of Pension Worksheet ( Vidalia Corporation, which follows ASPE, provides the following information about its defined benefit pension plan for the year 2022: Current service cost Contribution to the plan Past service cost, effective December 31, 2022 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2022 Plan assets at January 1, 2022 Defined benefit obligation at January 1, 2022 Interest/discount rate on the DBO and plan assets $ 144,000 182,600 60,000 160,000 95,000 20,000 1,780,000 1,800,000 9% Instructions a. Prepare a pension work sheet: insert the January 1, 2022 balances and show the December 31, 2022 balances. Indicate credit entries by parentheses, e.g. (25,000) Prepare all journal entries. b. c. What is the amount of the plan's surplus/deficit at December 31, 2022?

Question 1: Preparation of Pension Worksheet ( Vidalia Corporation, which follows ASPE, provides the following information about its defined benefit pension plan for the year 2022: Current service cost Contribution to the plan Past service cost, effective December 31, 2022 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2022 Plan assets at January 1, 2022 Defined benefit obligation at January 1, 2022 Interest/discount rate on the DBO and plan assets $ 144,000 182,600 60,000 160,000 95,000 20,000 1,780,000 1,800,000 9% Instructions a. Prepare a pension work sheet: insert the January 1, 2022 balances and show the December 31, 2022 balances. Indicate credit entries by parentheses, e.g. (25,000) Prepare all journal entries. b. c. What is the amount of the plan's surplus/deficit at December 31, 2022?

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 3P

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