N3. Account Tommy Inc. sponsors a defined-benefit pension plan. The corporation's actuary provides the following informationabout the plan.Projected benefit obligationPlan assetsAccumulated OCI (PSC)-Dr.Accumulated OCI (G/L)-Dr.Settlement & expected return rateService costContributions (funding)Actual return on plan assetsBenefits paid to retireesAverage service life of all covered employees in years1-Jan-2019 31-Dec-2019810,000740,000312,000120,000?8%155,000200,50054,400180,000101- Compute pension expense for 2019Service costInterest costActual return - plant assets +/- unexpected G/L = Expected returnPSC amortizationG/L amortizationTotal pension expense2. Prepare the journal entry to pension expense for 2019. Only use the following accounts: Cash, Pension expense, OCI-PSC, OCI-G/L, Pension asset/liability. (if no entry is required, write N/A)

Pension expenditure is the amount that a business charges to expenditure in relation to its arrears…

1- Compute pension expense for 2019 Service cost Interest cost Actual return - plant assets +/- unexpected G/L = Expected return PSC amortization G/L amortization Total pension expense 2. Prepare the journal entry to pension expense for 2019. Only use the following accounts: Cash, Pension expense, OCI- PSC, OCI-G/L, Pension asset/liability. (if no entry is required, write N/A)

1- Compute pension expense for 2019 Service cost Interest cost Actual return - plant assets +/- unexpected G/L = Expected return PSC amortization G/L amortization Total pension expense 2. Prepare the journal entry to pension expense for 2019. Only use the following accounts: Cash, Pension expense, OCI- PSC, OCI-G/L, Pension asset/liability. (if no entry is required, write N/A)

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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