FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Harley Corp has provides the following information relating to their defined benefit pension plan for 2018:

Pension liability @12/31/17                                                                            25,000

Plan Assets @ 12/31/17                                                                                675,000

Projected Benefit Obligation @ 12/31/17                                                      700,000      

Actual 2018 and expected return on Plan Assets                                            10,000

Contributions (amounts funded ) in 2018                                                       150,000

Settlement Rate                                                                                                    10%  

Service Cost in 2018 for current employees                                                    80,000 

Benefits paid to retired employees                                                                   35,000

 

  1. Complete a Pension Worksheet
  2. Prepare the Journal entries required as of 12/31/18

 

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