age Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,300 $19,100 $26,400 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,400 21,870 24,000 Annual funding (contributions) 16,300 39,200 47,700 Benefits paid 14,200 16,100 21,400 Prior service cost (plan amended, 1/1/20) 161,700 Amortization of prior service cost 54,100 41,700 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 524,600 a. How to prepare a pension worksheet presenting all 3 years’ pension balances and activities.
age Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,300 $19,100 $26,400 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,400 21,870 24,000 Annual funding (contributions) 16,300 39,200 47,700 Benefits paid 14,200 16,100 21,400 Prior service cost (plan amended, 1/1/20) 161,700 Amortization of prior service cost 54,100 41,700 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 524,600 a. How to prepare a pension worksheet presenting all 3 years’ pension balances and activities.
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 7E
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Question
age Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years’ operation of the plan are as follows.
|
2019 |
2020 |
2021 |
|||||||
| Annual service cost | $16,300 | $19,100 | $26,400 | ||||||
| Settlement rate and expected rate of return | 10 | % | 10 | % | 10 | % | |||
| Actual return on plan assets | 18,400 | 21,870 | 24,000 | ||||||
| Annual funding (contributions) | 16,300 | 39,200 | 47,700 | ||||||
| Benefits paid | 14,200 | 16,100 | 21,400 | ||||||
| Prior service cost (plan amended, 1/1/20) | 161,700 | ||||||||
| Amortization of prior service cost | 54,100 | 41,700 | |||||||
| Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: |
524,600 |
a. How to prepare a pension worksheet presenting all 3 years’ pension balances and activities.
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