Harrison Forklift's pension expense includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 1 Prepare the appropriate journal entry to record pension expense in situation 1 above. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

Harrison Forklift's pension expense includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 1 Prepare the appropriate journal entry to record pension expense in situation 1 above. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7RE

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Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). Interest cost, $8; expected return on assets, $21; amortization of net loss, $6. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7 million. Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan). ($ in millions) 1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5. 2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5. 3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense…
es Harrison Forklift's pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). ($ in millions) 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
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II. Pension data for the Phoenix Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,400,000 1,000,000 1,500,000 20,000 4,000 $220,000 240,000 a) Determine pension expense for the year. b) Prepare the journal entries to record pension expenses and funding for the year.