GEN COMBO LOOSELEAF INTERMEDIATE ACCOUNTING; CONNECT ACCESS CARD
9th Edition
ISBN: 9781260089042
Author: J. David Spiceland
Publisher: McGraw-Hill Education
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Question
Chapter 17, Problem 17.8P
1.
To determine
Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.
To Complete: The pension spreadsheet.
2.
To determine
To Prepare: The 2018
3.
To determine
To Prepare: The journal entry to record 2018 gains and losses.
4.
To determine
To Prepare: The 2018 journal entries to record the cash contribution to plan assets and the payment of retiree benefits.
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TB Problem 17-186 (Static) The following is an incomplete...
The following is an incomplete pension spreadsheet for the current year for Sparky Corporation.
Required:
1. Complete the pension spreadsheet.
2. Prepare the journal entries to record pension expense and funding of plan assets for the year.
3. Prepare the journal entry(ies) to record any gains or losses for the year.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Complete the pension spreadsheet.
($ in millions) debit (credit)
PBO
Plan Assets
Prior Service
Cost
Net(Gain)Los8
Pension
Expense
Net Pension
Cash
Beginning balance
450
60
55
(Liability) or Asset
(10)
Service cost
(85)
Interest cost
(45)
Expected return on assets
55
(Gain) or loss on assets
Amortization of:
Prior service cost
Net (gain) or loss
Loss on PBO
Contributions to fund
Retiree benefits paid
Ending balance
(32)
40
(562)
3
(1)
54
89
3 continue b...
The following information is available for the pension plan of Vaughn Company for the year 2020.
Actual and expected return on plan assets
$ 14,700
Benefits paid to retirees
40,800
Contributions (funding)
81,100
Interest/discount rate
10
%
Prior service cost amortization
7,600
Projected benefit obligation, January 1, 2020
458,000
Service cost
63,900
Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (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
enter an account title
enter a debit amount
enter a credit amount…
QUESTION 3 Bacon Bad is a national diner that has set up
a defined benefit pension plan for its employees. The
company uses IFRS and has provided you with the
following information pertaining to its pension plan:
Pension obligation, December 31,2021 - $6854203 Plan
assets, December 31, 2021 - $5906519 Interest rate on
pension obligations - 3% Current service cost for the year
(accrued at the end of the year) - $598059 Improvement in
pension plan, effective on January 1, 2022 - $62000
Actuarial gain on change in assumptions - $0 Expected
retum on plan assets -3% of plan assets Actual return on
plan assets - $271186 Amounts remitted by employer to
pension trust on January 1,2022 - $668416 Payments
we do not need payment to retiree
Chapter 17 Solutions
GEN COMBO LOOSELEAF INTERMEDIATE ACCOUNTING; CONNECT ACCESS CARD
Ch. 17 - Prob. 17.1QCh. 17 - Prob. 17.2QCh. 17 - Prob. 17.3QCh. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5QCh. 17 - Prob. 17.6QCh. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8QCh. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - The return on plan assets is the increase in plan...Ch. 17 - Define prior service cost. How is it reported in...Ch. 17 - Prob. 17.13QCh. 17 - Is a companys PBO reported in the balance sheet?...Ch. 17 - What two components of pension expense may be...Ch. 17 - Prob. 17.16QCh. 17 - Evaluate this statement: The excess of the actual...Ch. 17 - Prob. 17.18QCh. 17 - TFC Inc. revises its estimate of future salary...Ch. 17 - Prob. 17.20QCh. 17 - Prob. 17.21QCh. 17 - Prob. 17.22QCh. 17 - The components of postretirement benefit expense...Ch. 17 - The EPBO for Branch Industries at the end of 2018...Ch. 17 - Prob. 17.25QCh. 17 - Prob. 17.26QCh. 17 - Prob. 17.1BECh. 17 - Prob. 17.2BECh. 17 - Prob. 17.3BECh. 17 - Prob. 17.4BECh. 17 - Prob. 17.5BECh. 17 - Prob. 17.6BECh. 17 - Prob. 17.7BECh. 17 - Prob. 17.8BECh. 17 - Prob. 17.9BECh. 17 - Prob. 17.10BECh. 17 - Net gain LO176 The projected benefit obligation...Ch. 17 - Prob. 17.12BECh. 17 - Prob. 17.13BECh. 17 - Postretirement benefits; determine the APBO and...Ch. 17 - Prob. 17.15BECh. 17 - Prob. 17.1ECh. 17 - Prob. 17.2ECh. 17 - Prob. 17.3ECh. 17 - Prob. 17.4ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Prob. 17.8ECh. 17 - Prob. 17.9ECh. 17 - Prob. 17.10ECh. 17 - Prob. 17.11ECh. 17 - PBO calculations; ABO calculations; present value...Ch. 17 - Prob. 17.13ECh. 17 - Prob. 17.14ECh. 17 - Prob. 17.15ECh. 17 - Prob. 17.16ECh. 17 - Prob. 17.17ECh. 17 - Prob. 17.18ECh. 17 - Prob. 17.19ECh. 17 - Prob. 17.20ECh. 17 - Prob. 17.21ECh. 17 - Prob. 17.22ECh. 17 - Prob. 17.23ECh. 17 - Prob. 17.24ECh. 17 - Prob. 17.25ECh. 17 - Prob. 17.26ECh. 17 - Prob. 17.27ECh. 17 - Prob. 17.28ECh. 17 - Prob. 17.29ECh. 17 - Prob. 17.30ECh. 17 - Prob. 17.31ECh. 17 - Prob. 17.32ECh. 17 - Prob. 17.33ECh. 17 - Prob. 17.1PCh. 17 - PBO calculations; present value concepts LO173...Ch. 17 - Service cost, interest, and PBO calculations;...Ch. 17 - Prob. 17.4PCh. 17 - Prob. 17.5PCh. 17 - Prob. 17.6PCh. 17 - Determining the amortization of net gain LO176...Ch. 17 - Prob. 17.8PCh. 17 - Prob. 17.9PCh. 17 - Prob. 17.10PCh. 17 - Prob. 17.11PCh. 17 - Prob. 17.12PCh. 17 - Prob. 17.13PCh. 17 - Prob. 17.14PCh. 17 - Prob. 17.15PCh. 17 - Prob. 17.16PCh. 17 - Prob. 17.17PCh. 17 - Prob. 17.18PCh. 17 - Prob. 17.19PCh. 17 - Prob. 17.20PCh. 17 - Prob. 17.21PCh. 17 - Prob. 17.1BYPCh. 17 - Prob. 17.2BYPCh. 17 - Prob. 17.3BYPCh. 17 - Prob. 17.5BYPCh. 17 - Prob. 17.6BYPCh. 17 - Prob. 17.7BYPCh. 17 - Prob. 17.8BYPCh. 17 - Prob. 17.9BYPCh. 17 - Prob. 17.11BYPCh. 17 - Prob. 1CCTCCh. 17 - Prob. 1CCIFRS
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