Tamarisk Company provides the following information about its defined benefit pension plan for the year 202 Service cost $90,900 Contribution to the plan 103,000 Prior service cost amortization 9,300 Actual and expected return on plan assets Benefits paid 63,200 39,800 Plan assets at January 1, 2020 648,600 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 706,600 148,800 Interest/discount (settlement) 10 % rate Using Excel prepare a pension worksheet for 2020 and the December 31, 2020 pension journal entry.
Tamarisk Company provides the following information about its defined benefit pension plan for the year 202 Service cost $90,900 Contribution to the plan 103,000 Prior service cost amortization 9,300 Actual and expected return on plan assets Benefits paid 63,200 39,800 Plan assets at January 1, 2020 648,600 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 706,600 148,800 Interest/discount (settlement) 10 % rate Using Excel prepare a pension worksheet for 2020 and the December 31, 2020 pension journal entry.
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 1E
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Transcribed Image Text:Based on Exercise 20-03
Tamarisk Company provides the following information about its defined benefit pension plan for the year 2020
Service cost
$90,900
Contribution to the plan
103,000
Prior service cost amortization
9,300
Actual and expected return on
plan assets
Benefits paid
63,200
39,800
Plan assets at January 1, 2020
648,600
Projected benefit obligation at
January 1, 2020
Accumulated OCI (PSC) at
January 1, 2020
706,600
148,800
Interest/discount (settlement)
10 %
rate
Using Excel prepare a pension worksheet for 2020 and the December 31, 2020 pension journal entry.
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