Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20

Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20

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 9# Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (b) Prepare the journal entry recording pension expense. (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.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount…
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