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 a pension worksheet for Riverbed Corp. that shows
the journal entry for pension expense and the year-end balances in
the related pension accounts. (Enter all amounts as
positive.)
|
RIVERBED CORP. |
|||||||||||||||||||
|
General Journal Entries |
Memo Record |
||||||||||||||||||
|
Items |
Annual Pension |
Cash |
OCI–Prior |
Pension |
Projected Benefit |
Plan |
|||||||||||||
| Balance, Dec. 31, 2016 | |||||||||||||||||||
| Prior service cost | |||||||||||||||||||
| Balance, Jan. 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 | |||||||||||||||||||
Homework Answers
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Exercise 20-7
The following defined pension data of Riverbed Corp. apply to
the year 2017.
Projected...
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