Explanation Given information: Projected benefit is $600,000 and the rate of interest is 9%. Interest cost = Projected benefit × Interest rate = $ 600 , 000 × 9 % = $ 54 , 000 Then compute the unexpected gain. Unexpected gain = Actual return − Expected return = $ 55 , 000 - $ 52 , 000 = $ 3 , 000 Then compute pension worksheet. Pension Worksheet 2017 General Journal entries Memo records Particulars Annual Pension Expense ($) Cash($) OCI prior Service Cost ($) OCI Gain/Loss ($) Pension asset/Liability ($) Projected Benefit Obligation ($) Plan Assets ($) Balance Jan 1,2017 120,000Cr 600,000Cr 480,000Dr Service cost 90,000Dr 90,000Cr Interest cost 54,000Dr 54,000Cr Actual return 55,000Cr 55,000Dr Unexpected gain 3,000Dr 3,000Cr ...

Intermediate Accounting, Binder Ready Version

16th Edition

ISBN: 9781118742976

Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Publisher: WILEY

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization shou…

Question

Chapter 20, Problem 10E

To determine

Pension expense: A fixed sum of money, receivable in future or after the age of retirement, which the beneficiary has invested during the period of employment is termed as pension. The pension expense is the amount of expense incurred during a specific year for the purpose of pension contribution, creation and maintenance of fund.

To determine the pension expense 2017 using pension worksheet.

Expert Solution & Answer

Chapter 20 Solutions

Intermediate Accounting, Binder Ready Version

Ch. 20 - Prob. 1Q Ch. 20 - Prob. 2Q Ch. 20 - Prob. 3Q Ch. 20 - 4. The meaning of the term "fund" depends on the...Ch. 20 - Prob. 5Q Ch. 20 - Prob. 6Q Ch. 20 - Prob. 7Q Ch. 20 - Prob. 8Q Ch. 20 - Prob. 9Q Ch. 20 - Prob. 10Q

Ch. 20 - Prob. 11Q Ch. 20 - Prob. 12Q Ch. 20 - Prob. 13Q Ch. 20 - Prob. 14Q Ch. 20 - Prob. 15Q Ch. 20 - Prob. 16Q Ch. 20 - Prob. 17Q Ch. 20 - Prob. 18Q Ch. 20 - Prob. 19Q Ch. 20 - Prob. 20Q Ch. 20 - Prob. 21Q Ch. 20 - Prob. 22Q Ch. 20 - Prob. 23Q Ch. 20 - Prob. 24Q Ch. 20 - Prob. 25Q Ch. 20 - Prob. 26Q Ch. 20 - Prob. 27Q Ch. 20 - Prob. 28Q Ch. 20 - Prob. 29Q Ch. 20 - Prob. 1BE Ch. 20 - Prob. 2BE Ch. 20 - Prob. 3BE Ch. 20 - Prob. 4BE Ch. 20 - Prob. 5BE Ch. 20 - Prob. 6BE Ch. 20 - Prob. 7BE Ch. 20 - Prob. 8BE Ch. 20 - BE20-9 (L05) Norton Co. had the following amounts...Ch. 20 - Prob. 10BE Ch. 20 - *BE20-11 (L06,7) Manno Corporation has the...Ch. 20 - *BE20-12 (L06,7) For 2017, Sampsell Inc. computed...Ch. 20 - Prob. 1E Ch. 20 - Prob. 2E Ch. 20 - Prob. 3E Ch. 20 - Prob. 4E Ch. 20 - Prob. 5E Ch. 20 - Prob. 6E Ch. 20 - Prob. 7E Ch. 20 - Prob. 8E Ch. 20 - Prob. 9E Ch. 20 - Prob. 10E Ch. 20 - Prob. 11E Ch. 20 - Prob. 12E Ch. 20 - Prob. 13E Ch. 20 - Prob. 14E Ch. 20 - Prob. 15E Ch. 20 - Prob. 16E Ch. 20 - Prob. 17E Ch. 20 - Prob. 18E Ch. 20 - Prob. 19E Ch. 20 - Prob. 20E Ch. 20 - Prob. 21E Ch. 20 - Prob. 22E Ch. 20 - Prob. 23E Ch. 20 - Prob. 24E Ch. 20 - Prob. 1P Ch. 20 - Prob. 2P Ch. 20 - Prob. 3P Ch. 20 - Prob. 4P Ch. 20 - Prob. 5P Ch. 20 - Prob. 6P Ch. 20 - Prob. 7P Ch. 20 - Prob. 8P Ch. 20 - Prob. 9P Ch. 20 - Prob. 10P Ch. 20 - Prob. 11P Ch. 20 - Prob. 12P Ch. 20 - Prob. 13P Ch. 20 - Prob. 14P Ch. 20 - Prob. 1CA Ch. 20 - Prob. 2CA Ch. 20 - Prob. 3CA Ch. 20 - Prob. 4CA Ch. 20 - Prob. 5CA Ch. 20 - Prob. 6CA Ch. 20 - Prob. 7CA Ch. 20 - Prob. 1UJ Ch. 20 - Prob. 2UJ Ch. 20 - Prob. 3UJ Ch. 20 - Accounting, Analysis, and Principles PENCOMP's...Ch. 20 - Prob. 1CE Ch. 20 - Prob. 2CE Ch. 20 - Prob. 3CE Ch. 20 - Prob. 4CE Ch. 20 - Prob. 1CRC Ch. 20 - Prob. 1IST Ch. 20 - Prob. 2IST Ch. 20 - Prob. 3IST Ch. 20 - Prob. 4IST Ch. 20 - Prob. 5IST Ch. 20 - Prob. 1ICA Ch. 20 - Prob. 2ICA Ch. 20 - Prob. 3ICA Ch. 20 - Prob. 4ICA Ch. 20 - Prob. 5ICA Ch. 20 - Prob. 6ICA Ch. 20 - Prob. 7ICA Ch. 20 - Prob. 8ICA Ch. 20 - Prob. 9ICA Ch. 20 - Prob. 10ICA Ch. 20 - Prob. 11ICA Ch. 20 - Prob. 12ICA

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