The following defined pension data of Grouper Corp. apply to the year 2020.For 2020, prepare a pension worksheet for Grouper Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Grouper Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 9%Service cost 58,300 Contributions (funding) 59,600 Actual (expected) return on plan assets 48,300 Benefits paid to retirees 43,500 Prior service cost amortization for 2020 16,400 Crane Company provides the following information about its defined benefit pension plan for the year 2017.Service cost$9,200Contribution to the plan106,100Prior service cost amortization10,300Actual and expected return on plan assets64,100Benefits paid40,100Plan assets at January 1, 2017Projected benefit obligation at January 1, 2017632,500702,600Accumulated OCI (PSC) at January 1, 2017151,200Interest/discount (settlement) rate11 %Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.)CRANE COMPANYPension Worksheet-2017.General Journal EntriesMemo RecordProjected BenefitObligationOCIAnnualPension ExpensePension Asset/LiabilityPlanAssetsItemsCashPrior Service CostBalance, January 1, 2017Service costInterest costActual returnAmortization of PSCContributionsBenefitsJournal entry for 2017Accumulated OCI, Dec. 31, 2016Balance, Dec. 31, 2017Prepare 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 o for the amounts.)Account Titles and ExplanationDebitCredit

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Answered: The following defined pension data of…

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 7RE

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The following defined pension data of Grouper Corp. apply to the year 2020.

For 2020, prepare a pension worksheet for Grouper Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

Projected benefit obligation, 1/1/20 (before amendment)	$509,000
Plan assets, 1/1/20	496,000
Pension liability	13,000
On January 1, 2020, Grouper Corp., through plan amendment, grants prior service benefits having a present value of	123,000
Settlement rate	9	%
Service cost	58,300
Contributions (funding)	59,600
Actual (expected) return on plan assets	48,300
Benefits paid to retirees	43,500
Prior service cost amortization for 2020	16,400

Crane Company provides the following information about its defined benefit pension plan for the year 2017.
Service cost
$9,200
Contribution to the plan
106,100
Prior service cost amortization
10,300
Actual and expected return on plan assets
64,100
Benefits paid
40,100
Plan assets at January 1, 2017
Projected benefit obligation at January 1, 2017
632,500
702,600
Accumulated OCI (PSC) at January 1, 2017
151,200
Interest/discount (settlement) rate
11 %
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.)
CRANE COMPANY
Pension Worksheet-2017.
General Journal Entries
Memo Record
Projected Benefit
Obligation
OCI
Annual
Pension Expense
Pension Asset/
Liability
Plan
Assets
Items
Cash
Prior Service Cost
Balance, January 1, 2017
Service cost
Interest cost
Actual return
Amortization of PSC
Contributions
Benefits
Journal entry for 2017
Accumulated OCI, Dec. 31, 2016
Balance, Dec. 31, 2017
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 o for the amounts.)
Account Titles and Explanation
Debit
Credit

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