Homework Answers
| Corrando Inc. | |||||
| Pension Worksheet | |||||
| Items | General Journal Entries | Memo Record | |||
| Annual Pension Expense | Cash | Pension Asset/Liability | Projected Benefit Obligation | Plan Assets | |
| Balance, Jan 1,2017 | (511800) | 511800 | |||
| Service Cost | 36500 | (36500) | |||
| Intrest Cost | 43864 | (43864) | |||
| Actual Return | (50300) | 50300 | |||
| Contributions | (23500) | 23500 | |||
| Benefits | 33400 | (33400) | |||
| Journal Entries. Dec 31 | 30064 | (23500) | |||
| Balance, Dec 31, 2017 | (558764) | 552200 | |||
| Intrest Cost= 511800+36500 = 548300 * Sattelment Rate of 8% = 43864 | |||||
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Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension plan of Coronado Inc. for the year 2017, Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $511,800 511,800 8 % 36,500 23,500 50,300 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year...
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Exercise 20-4 The following facts apply to the pension plan of Metlock Inc. for the year 2017. Plan assets, January 1...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc....
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Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
Exercise 20-7 The following defined pension data of Riverbed Corp. apply to the year 2017. Projected...
Exercise 20-7 The following defined pension data of Riverbed Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $529,000 Plan assets, 1/1/17 516,200 Pension liability 12,800 On January 1, 2017, Riverbed Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 8 % Service cost 54,800 Contributions (funding) 64,100 Actual (expected) return on plan assets 52,800 Benefits paid to retirees 39,800 Prior service cost amortization for 2017 18,300 For 2017, prepare...
The following defined pension data of Monty Corp, apply to the year 2017. For 2017, prepare...
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The following information is available for the pension plan of Riverbed company for the year 2017...
The following information is available for the pension plan of Riverbed company for the year 2017 Actual and expected return on plan assets..........$13,800 Benefits paid to retirees..........$36,000 Contributions (funding)..........$88,000 Interest/discount rate..........11% Prior service cost amortization..........$7,900 Projected benefit obligation, January 1, 2017..........$502,000 Service cost..........$59,000 A. Compute pension expense for the year 2017 (show work): $__________ B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017 (using table above) Pension expense..........__________ Cash..........__________ Pension...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the year 2017 15,000 40,000 90,000 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 1096 8,000 500,000 60,000 Compute pension expense for the year 2017 Pension expense for 2017 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in...
E20-7 (LO1,2,3) Basic Pension Worksheet The following defined pension data of Rydell Corp. apply to the...
E20-7 (LO1,2,3) Basic Pension Worksheet The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $560,000 Plan assets, 1/1/17 546,200 Pension liability 13,800 "On January 1, 2017, Rydell Corp., through plan amendment, grants prior" service benefits having a present value of 120,000 Settlement rate 9% Service cost $58,000 Contributions (funding) 65,000 Actual (expected) return on plan assets 52,280 Benefits paid to retirees 40,000 Prior service cost amortization for 2017 17,000 Instructions:...
Exercise 20-4 Your answer is partially correct. Try again. The following facts apply to the pension plan of Coronado Inc. for the year 2017, Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $511,800 511,800 8 % 36,500 23,500 50,300 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet...
Exercise 20-4 The following facts apply to the pension plan of Boudreau Inc. for the year 2017 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 896 40,000 25,000 49,700 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
E20-4 (LOI,2) (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2017. Plan assets, January 1,2017 Projected benefit obligation, January 1,2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees $490,000 490,000 8% 40,000 25,000 49,700 33,400 Instructions Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension that shows the journal entry for pension...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
The following defined pension data of Monty Corp, apply to the year 2017. For 2017, prepare a pension worksheet for Monty Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. $606,000 591,300 14,700 Projected benefit obligation, 1/1/17 (before) Plan assets, 1/1/17 Pension liability On January 1, 2017, Monty Corp., through plan grants prior service benefits having a present value of Settlement rate Service cost Contributions (funding) Actual (expected) return on plan...
*Exercise 20-1 The following information is available for the pension plan of Radcliffe Company for the year 2017 15,000 40,000 90,000 Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2017 Service cost 1096 8,000 500,000 60,000 Compute pension expense for the year 2017 Pension expense for 2017 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in...
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