FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
Cash
Outflow
Pension
Expense
Plan
Assets
PBO
Net Pension
Asset/Liability
Balance, January 1
$
$
$
Service cost
$
$
Interest cost
Expected return
Contributions to fund
Benefit payments
Balance, December 31 $
$
$
$
Check
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Transcribed Image Text: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 Cash Outflow Pension Expense Plan Assets PBO Net Pension Asset/Liability Balance, January 1 $ $ $ Service cost $ $ Interest cost Expected return Contributions to fund Benefit payments Balance, December 31 $ $ $ $ Check
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