The accounting staff of Riverbed Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual Pension Expense Cash OCI—Prior Service Cost OCI—Gain/ Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330 Actual return 260 Unexpected gain 177 $ Amortization of PSC $65 Contributions $944 944 Benefits 236 236 Liability increase
The accounting staff of Riverbed Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual Pension Expense Cash OCI—Prior Service Cost OCI—Gain/ Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330 Actual return 260 Unexpected gain 177 $ Amortization of PSC $65 Contributions $944 944 Benefits 236 236 Liability increase
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 7E
Related questions
Question
The accounting staff of Riverbed Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020.
(a)
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Your answer is partially correct.
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.)
Pension Worksheet—Riverbed Inc.
|
|||||||||||||||
General Journal Entries
|
Memo Record
|
||||||||||||||
Annual Pension
Expense |
Cash
|
OCI—Prior
Service Cost |
OCI—Gain/
Loss |
Pension Asset/
Liability |
Projected Benefit
Obligation |
Plan
Assets |
|||||||||
Balance, Jan. 1, 2020 |
$1,298
|
Cr.
|
$3,304
|
|
$2,006
|
|
|||||||||
Service cost |
$
|
|
590
|
|
|||||||||||
Interest cost |
|
|
330
|
|
|||||||||||
Actual return |
|
|
260
|
|
|||||||||||
Unexpected gain |
177
|
|
$
|
||||||||||||
Amortization of PSC |
|
|
$65
|
|
|||||||||||
Contributions |
$944
|
|
944
|
|
|||||||||||
Benefits |
236
|
|
236
|
|
|||||||||||
Liability increase |
|
431
|
|
||||||||||||
$
|
|
$
|
|
|
|
||||||||||
Accumulated OCI, Dec. 31, 2019 |
1,298
|
|
0
|
||||||||||||
Balance, Dec. 31, 2020 |
$1,233
|
|
$254
|
|
$1,445
|
|
$4,419
|
|
$2,974
|
|
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