Scallion Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Balance, Jan. 1 Service Cost Interest cost Benefits paid Balance, Dec. 31 $400,000 195,000 32,000 (80,000) $547,000 Plan Assets Balance, Jan. 1 Actual return Annual contribution Benefits paid Balance, Dec. 31 Expected rate of return on plan assets is 10% 1. Please calculate pension expenses and make the entry $250,000 30,000 110,000 (80,000) 310,000

Scallion Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Balance, Jan. 1 Service Cost Interest cost Benefits paid Balance, Dec. 31 $400,000 195,000 32,000 (80,000) $547,000 Plan Assets Balance, Jan. 1 Actual return Annual contribution Benefits paid Balance, Dec. 31 Expected rate of return on plan assets is 10% 1. Please calculate pension expenses and make the entry $250,000 30,000 110,000 (80,000) 310,000

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 6E

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