Check i ectronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) BO balance, January 1 lan assets balance, January 1 tervice cost Cnterest cost Cain from change in actuarial assumption enefits paid ctual return on plan assets Contributions 2021 $480 300 75 45 22 (36) 20 60 e expected long-term rate of return on plan assets was 8%. There were no OCI balances related to pensions on January 1, 2021, t at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. quired: Calculate the pension expense for 2021. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, d (e) payment of benefits for 2021. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required Required 3 Required 1 Calculate the pension expense for 2021. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) million Pension expense 3 of 3 Next Prey
Check i ectronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) BO balance, January 1 lan assets balance, January 1 tervice cost Cnterest cost Cain from change in actuarial assumption enefits paid ctual return on plan assets Contributions 2021 $480 300 75 45 22 (36) 20 60 e expected long-term rate of return on plan assets was 8%. There were no OCI balances related to pensions on January 1, 2021, t at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. quired: Calculate the pension expense for 2021. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, d (e) payment of benefits for 2021. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required Required 3 Required 1 Calculate the pension expense for 2021. (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) million Pension expense 3 of 3 Next Prey
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 4E
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