he following defined pension data of Splish Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $532,000 Plan assets, 1/1/20 517,400 Pension liability 14,600 On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of 113,000 Settlement rate 9 % Service cost 53,700 Contributions (funding) 60,500 Actual (expected) return on plan assets 49,400 Benefits paid to retirees 38,200 Prior service cost amortization for 2020 15,700 For 2020, prepare a pension worksheet for Splish Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

he following defined pension data of Splish Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $532,000 Plan assets, 1/1/20 517,400 Pension liability 14,600 On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of 113,000 Settlement rate 9 % Service cost 53,700 Contributions (funding) 60,500 Actual (expected) return on plan assets 49,400 Benefits paid to retirees 38,200 Prior service cost amortization for 2020 15,700 For 2020, prepare a pension worksheet for Splish Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

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 1E

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The following defined pension data of Indigo Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $ 612,000 Plan assets, 1/1/20 598,000 Pension liability 14,000 On January 1, 2020, Indigo Corp., through plan amendment, grants prior service benefits having a present value of 122,000 Settlement rate 9 % Service cost 62,900 Contributions (funding) 63,900 Actual (expected) return on plan assets 56,700 Benefits paid to retirees 38,600 Prior service cost amortization for 2020 16,000 For 2020, prepare a pension worksheet for Indigo Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
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Projected benefit obligation, 1/1/20 (before amendment)	$532,000
Plan assets, 1/1/20	517,400
Pension liability	14,600
On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of	113,000
Settlement rate	9	%
Service cost	53,700
Contributions (funding)	60,500
Actual (expected) return on plan assets	49,400
Benefits paid to retirees	38,200
Prior service cost amortization for 2020	15,700