Business, 22.04.2021 20:40, kaydeemyylady
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100
Using the data above, compute pension expense for Webb Corp. for the year 2014 by preparing a pension worksheet.
WEBB CORP.
Pension Worksheet
General Journal Entries
Memo Record
Items
Annual Pension
Expense
Cash
OCIâPrior
Service Cost
OCIâ Gain/
Loss
Pension Asset/
Liability
Projected Benefit
Obligation
Plan
Assets
Balance, Jan. 1, 2014
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
Service cost
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Interest cost
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Actual return
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Unexpected gain
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Amortization of PSC
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Liability increase
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Contributions
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Benefits
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Journal entry for 2014
$
Dr. Cr.
$
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Accumulated OCI, Dec. 31, 2013
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Dr. Cr.
Balance, December 31, 2014
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
$
Dr. Cr.
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Webb Corp. sponsors a defined benefit pension plan
Webb Corp. sponsors a defined benefit pension plan
Prepare the journal entry for pension expense for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
Answers: 3
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Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the fo...
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