TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Loss Pension Expense Cash Net Pension (Liability) or Asset Beginning balance 450 60 55 (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets 3 Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance 32 (32) 40 (562) (1) 54 89

TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Loss Pension Expense Cash Net Pension (Liability) or Asset Beginning balance 450 60 55 (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets 3 Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance 32 (32) 40 (562) (1) 54 89

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal
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The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)
The accounting staff of Wildhorse Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2021. (a)Determine the missing amounts in the 2021 pension worksheet, indicating whether the amounts are debits or credits. Annual Pension Expense debit/ credit Cash debit/ credit OCI - Prior Service Cost debit/ credit OCI - Gain/Loss debit/ credit pension asset/liability debit/credit Projected benefit obligation debit/credit Plan Assets debit/credit Balance Jan 1, 2021 1,190 Cr. 4,120 2,930 service cost $ 570 interest cost $ 326 actual return $ 422 unexpected gain 157 $ amortization of psc $ 61 contributions 1,190 1,190…
(Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2017. Check the below image for facts. InstructionsUsing 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 2017 and the year-end balances in the related pension accounts.
Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
Instructions Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. Prepare the journal entry to record 2020 pension expense for Usher Inc. The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2020? In (2) 2021? Explain.
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook Air