Question:Sunland Co. provides the following information about its
postretirement benefit plan for the year 2020.
Service...
Question
Sunland Co. provides the following information about its
postretirement benefit plan for the year 2020.
Service...
Sunland Co. provides the following information about its
postretirement benefit plan for the year 2020.
Service cost
$49,500
Contribution to the plan
9,000
Actual and expected return on plan assets
10,500
Benefits paid
20,900
Plan assets at January 1, 2020
112,700
Accumulated postretirement benefit obligation at January 1,
2020
309,400
Discount rate
10
%
Prepare a worksheet inserting January 1, 2020, balances, and
showing December 31, 2020, balances. (Enter all amounts
as positive.)
Sunland Co.
Pension Worksheet—2020
General Journal Entries
Memo Record
Annual Postretirement Expense
Cash
Postretirement Asset/ Liability
APBO
Plan Assets
Balance, Jan. 1, 2020
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
Service cost
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Interest cost
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Actual return
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Contributions
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Benefits
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Journal entry for 2020
$
Dr.Cr.
$
Dr.Cr.
Dr.Cr.
Dr.Cr.
Dr.Cr.
Balance, Dec. 31, 2020
$
Dr.Cr.
$
Dr.Cr.
$
Dr.Cr.
SHOW LIST OF ACCOUNTS
Prepare the journal entry recording postretirement benefit
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 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
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