Balance, 01/01/2020Service costPast service costNet interest/finance costContributionsBenefits paidExpense entryContribution entryBalance 12/31/2020Oriole Corporation provides the following information about its defined benefit pension plan for the year 2020:Current service costContribution to the planPast service cost, effective December 31, 2020Actual return on plan assetsBenefits paidNet defined benefit liability at January 1, 2020Plan assets at January 1, 2020Defined benefit obligation at January 1, 2020Interest/discount rate on the DBO and plan assetsOriole follows IRFS.Prepare a pension work sheet.AnnualPensionExpenseGeneral Journal Entries$226,000263,450Cash25,750159,600106,200420,0001,596,0002,016,000Oriole CorporationPension Work Sheet-202010%Net Def.BenefitLiab/AssetDefinedBenefitObligationMemo RecordPlanAssets Prepare all journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually)Account Titles and ExplanationDateDecember 31, 2020December 31, 2020(To record pension expense)Plan's(To record contributions paid)What is the amount of the plan's surplus/deficit at December 31, 2020?DebitCreditAttempts: 0 of 1 usedSubmit Amwer

Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Annual Pension Expense Oriole Corporation Pension Work Sheet-2020 General Journal Entries Cash Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets

Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Annual Pension Expense Oriole Corporation Pension Work Sheet-2020 General Journal Entries Cash Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets

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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Question

Balance, 01/01/2020
Service cost
Past service cost
Net interest/finance cost
Contributions
Benefits paid
Expense entry
Contribution entry
Balance 12/31/2020
Oriole Corporation provides the following information about its defined benefit pension plan for the year 2020:
Current service cost
Contribution to the plan
Past service cost, effective December 31, 2020
Actual return on plan assets
Benefits paid
Net defined benefit liability at January 1, 2020
Plan assets at January 1, 2020
Defined benefit obligation at January 1, 2020
Interest/discount rate on the DBO and plan assets
Oriole follows IRFS.
Prepare a pension work sheet.
Annual
Pension
Expense
General Journal Entries
$226,000
263,450
Cash
25,750
159,600
106,200
420,000
1,596,000
2,016,000
Oriole Corporation
Pension Work Sheet-2020
10%
Net Def.
Benefit
Liab/Asset
Defined
Benefit
Obligation
Memo Record
Plan
Assets

Prepare all journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually)
Account Titles and Explanation
Date
December 31, 2020
December 31, 2020
(To record pension expense)
Plan's
(To record contributions paid)
What is the amount of the plan's surplus/deficit at December 31, 2020?
Debit
Credit
Attempts: 0 of 1 used
Submit Amwer

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