Question

Illustration: On January 1, 2017, Sheffield Company provides the following information related to its pension plan...

Illustration: On January 1, 2017, Sheffield Company provides the following information related to its pension plan for the year 2017. Annual service cost is $91,700 Funding contributions are $104,300 Prior Service Cost Amortization is 10,800 Actual return on plan assets is $65,300 Benefits paid to retirees during the year are $39,700. Plan assets, January 1, 2017, are $633,400 Projected benefit obligation, January 1, 2017, is $711,600. Accumulated OCI (PSC) at Jan 1, 2017 is 148,000 Settlement rate is 10 percent. Instructions:

(1) Prepare the pension worksheet for 2017.

(2) Prepare the journal entries as of 12/31/17

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Company provides the following information about its defined benefit pension plan for the year 2020. What...
Company provides the following information about its defined benefit pension plan for the year 2020. What is Brownie’s pension expense for 2020? Service cost $107,000 Contribution to the plan 102,000 Prior service cost amortization 10,000 Actual and expected return on plan assets 33,000 Benefits paid 36,000 Plan assets at January 1, 2017 583,000 Projected benefit obligation at January 1, 2017 664,000 Accumulated OCI (PSC) at January 1, 2017 148,000 Interest/discount (settlement) rate 5%
The following facts apply to the pension plan of Sandhill Inc. for the year 2017. Plan...
The following facts apply to the pension plan of Sandhill Inc. for the year 2017. Plan assets, January 1, 2017 $524,400 Projected benefit obligation, January 1, 2017 524,400 Settlement rate 8 % Service cost 42,000 Contributions (funding) 25,000 Actual and expected return on plan assets 45,400 Benefits paid to retirees 32,900 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 for...
The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) 4,275,000 Plan assets, 1/1/17 4,500,000 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 900,000 Settlement rate 6% Service cost 810,000 Contributions (funding) 641,250 Actual (expected) return on plan assets 342,000 Benefits paid to retirees 540,000 Prior Service cost of Ammortization for 2017 135,000 a) Fill out pension Worksheet Items Annual pnesion...
Exercise 20-03 (Part Level Submission) Splish Company provides the following information about its defined benefit pension...
Exercise 20-03 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,500 Contribution to the plan 103,300 Prior service cost amortization 10,300 Actual and expected return on plan assets 62,800 Benefits paid 39,700 Plan assets at January 1, 2020 642,100 Projected benefit obligation at January 1, 2020 712,900 Accumulated OCI (PSC) at January 1, 2020 148,800 Interest/discount (settlement) rate 9 % (a) Prepare a pension worksheet inserting January...
Marin Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Marin Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $754,920 $916,920 Projected benefit obligation, January 1 756,000 864,000 Pension asset/liability, January 1 151,200 Cr. ? Prior service cost, January 1 270,000 259,200 Service cost 64,800 97,200 Actual and expected return on plan assets 25,920 32,400 Amortization of prior service cost 10,800 12,960 Contributions (funding) 124,200 129,600 Accumulated benefit obligation,...
The following information is available for the pension plan of Radcliffe Company for the year 2017....
The following information is available for the pension plan of Radcliffe Company for the year 2017. Actual and expected rate of return on plan assets $ 15,000 Benefits paid to retirees 40,000 Contributions (funding) 90,000 Interest/discount rate 10% Prior service cost amortization $ 8,000 Projected benefit obligation, January 1, 2017 500,000 Service cost 60,000 Instructions: (a) Compute pension expense for the year 2017. Computation of pension expense: (b) Prepare the journal entry to record pension expense and the employer's contribution...
The following information is available for the pension plan of Pina Company for the year 2017....
The following information is available for the pension plan of Pina Company for the year 2017. Actual and expected return on plan assets $ 16,300 Benefits paid to retirees 38,400 Contributions (funding) 94,400 Interest/discount rate 11 % Prior service cost amortization 8,800 Projected benefit obligation, January 1, 2017 510,000 Service cost 63,300
The following defined pension data of Culver Corp. apply to the year 2020. Projected benefit obligation,...
The following defined pension data of Culver Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $594,000 Plan assets, 1/1/20 579,900 Pension liability 14,100 On January 1, 2020, Culver Corp., through plan amendment,    grants prior service benefits having a present value of 116,000 Settlement rate 9 % Service cost 58,100 Contributions (funding) 67,700 Actual (expected) return on plan assets 54,100 Benefits paid to retirees 42,200 Prior service cost amortization for 2020 16,000 For 2020, prepare a pension...
Coronado Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values...
Coronado Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2017 Projected benefit obligation $2,715,800 Accumulated benefit obligation 1,992,600 Fair value of plan assets 2,283,600 Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/17 balance, 0) 45,600 Pension liability 432,200 Other pension plan data for 2017: Service cost $94,600 Prior service cost amortization 42,200 Actual return on plan assets 130,900 Expected return on plan assets 176,500 Interest on January 1, 2017, projected...
Swifty Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Swifty Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2017 and 2018. 2017 2018 Plan assets (fair value), December 31 $810,840 $984,840 Projected benefit obligation, January 1 812,000 928,000 Pension asset/liability, January 1 162,400 Cr. ? Prior service cost, January 1 290,000 278,400 Service cost 69,600 104,400 Actual and expected return on plan assets 27,840 34,800 Amortization of prior service cost 11,600 13,920 Contributions (funding) 133,400 139,200 Accumulated benefit obligation,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT