At January 1, 2020, Sarasota Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sarasota Company for 2020.
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At January 1, 2020, Sarasota Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500.
Prepare a pension worksheet for Sarasota Company for 2020.
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- At January 1, 2020, Cullumber Company had plan assets of $305,800 and a projected benefit obligation of the same amount. During 2020, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $24,900, contributions were $20,200, and benefits paid were $17,300.Prepare a pension worksheet for Cullumber Company for 2020. CULLUMBER COMPANY General Journal Entries Memo Record Items PensionExpense Cash PensionAsset/Liability ProjectedBenefitObligation PlanAssets 1/1/20 $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit…At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020. HENNEIN COMPA General Journal Entries Pension Items Expense Cash 1/1/20 Service cost Interest cost Actual return Contributions Benefits $ Journal entry, 12/31/20 Balance, 12/31/20 %24 %24 %24 %24 %24At January 1, 2020, Windsor Company had plan assets of $303,400 and a projected benefit obligation of the same amount. During 2020, service cost was $26,700, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $19,700, and benefits paid were $16,900.Prepare a pension worksheet for Windsor Company for 2020. WINDSOR COMPANY General Journal Entries Memo Record Items PensionExpense Cash PensionAsset/Liability ProjectedBenefitObligation PlanAssets 1/1/20 $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit…
- At January 1, 2025, Crane Company had plan assets of $254,500 and a projected benefit obligation of the same amount. During 2025, service cost was $26,600, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $20,800, and benefits paid were $16,800. Prepare a pension worksheet for Crane for 2025.) At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020.At January 1, 2025, Ivanhoe Company had plan assets of $300,400 and a projected benefit obligation of the same amount. During 2025, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,900, contributions were $20,100, and benefits paid were $17,800. Prepare a pension worksheet for Ivanhoe for 2025. (Enter all amounts as positive.) Items Pension Expense $ Balance 1/1/25 Service cost Interest cost Actual return Contributions Benefits $ Journal entry IVANHOE COMI General Journal Entries $ Cash Balance, 12/31/25 Prepare a pension worksheet for Ivanhoe for 2025. (Enter all amounts as positive.) HOE COMPANY Pension Asset/Liability > > Memo Record Projected $ Benefit Obligation > > > > $ > > > > A $ Plan Assets
- The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets, January 1, 2020 $470,900 Projected benefit obligation, January 1, 2020 470,900 Settlement rate 8 % Service cost 38,500 Contributions (funding) 24,300 Actual and expected return on plan assets 46,800 Benefits paid to retirees 34,700 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WILDHORSE INC.Pension Worksheet—2020 General Journal Entries Memo Record Items Annual PensionExpense Cash Pension Asset/Liability Projected BenefitObligation PlanAssets Balance, January 1, 2020 $enter a net debit or credit balance select between debit and credit $enter a net debit or…The following facts apply to the pension plan of Teal Inc. for the year 2020. Plan assets, January 1, 2020 $534,900 Projected benefit obligation, January 1, 2020 534,900 Settlement rate 8 % Service cost 40,500 Contributions (funding) 23,800 Actual and expected return on plan assets 53,000 Benefits paid to retirees 31,900 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)At January 1, 2019, Jolly Company had plan assets of P2, 800,000 and a projected benefit obligation of the same amount. During 2019, service cost was P275,000, the settlement rate was 10%, actual and expected return on plan assets were P250,000, contributions were P200,000, and benefits paid were P175,000. Prepare a pension worksheet for Jolly Company for 2019.
- The following facts apply to the pension plan of Splish Inc. for the year 2020. Plan assets, January 1, 2020 $525,500 Projected benefit obligation, January 1, 2020 525,500 Settlement rate 8% Service cost 36,800 Contributions (funding) 23,800 Actual and expected return on plan assets 49,800 Benefits paid to retirees 30,300 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts.The following facts apply to the pension plan of Novak Inc. for the year 2020. Plan assets, January 1, 2020 $490,400 Projected benefit obligation, January 1, 2020 490,400 Settlement rate 8 % Service cost 38,500 Contributions (funding) 27,300 Actual and expected return on plan assets 48,000 Benefits paid to retirees 32,500 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) NOVAK INC.Pension Worksheet—2020 General Journal Entries Memo Record Items Annual PensionExpense Cash Pension Asset/Presented below is information related to the pension plan of Sandhill Inc. for the year 2021. 1. The service cost related to pension expense is $250,000 using the projected benefits approach. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $330,000 and $300,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3. The accumulated OCI – prior service cost at the beginning of the year is $150,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service-years is 1,000 and the service-years attributable to 2021 is 200. The company has decided to use the years-of-service method of amortization for these costs. 4. At the beginning of the period, the fair value of pension plan assets was $300,000. The company had an Accumulated OCI (loss) at the beginning of the period of $100,000. Any amortization of…