Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1 balances of $5,000 and $4,800 in Plan Assets and Projected Benefit Obligation, respectively. During the year, the company incurred $1,000 in service cost, made plan contributions of $210, and paid benefits to retirees for $150. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for the year. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Assets Net Pension Cash PBO Asset/Liability Outflow Pension Expense Balance, January 1 $ $ $ Service cost $ $ Interest cost Expected return Contributions to fund Benefit payments Balance, December 31 $ $ $ $ Check

Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1 balances of $5,000 and $4,800 in Plan Assets and Projected Benefit Obligation, respectively. During the year, the company incurred $1,000 in service cost, made plan contributions of $210, and paid benefits to retirees for $150. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for the year. Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement Plan Assets Net Pension Cash PBO Asset/Liability Outflow Pension Expense Balance, January 1 $ $ $ Service cost $ $ Interest cost Expected return Contributions to fund Benefit payments Balance, December 31 $ $ $ $ Check

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 6RE

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