The following defined pension data of Grouper Corp. apply to the year 2020.
For 2020, prepare a pension worksheet for Grouper Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
(Enter all amounts as positive.)
Projected benefit obligation, 1/1/20 (before amendment) |
|
$509,000 |
|
Plan assets, 1/1/20 |
|
496,000 |
|
Pension liability |
|
13,000 |
|
On January 1, 2020, Grouper Corp., through plan amendment,
grants prior service benefits having a present value of |
|
123,000 |
|
Settlement rate |
|
9 |
% |
Service cost |
|
58,300 |
|
Contributions (funding) |
|
59,600 |
|
Actual (expected) return on plan assets |
|
48,300 |
|
Benefits paid to retirees |
|
43,500 |
|
Prior service cost amortization for 2020 |
|
16,400
|
Extracted text: Crane Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $9,200 Contribution to the plan 106,100 Prior service cost amortization 10,300 Actual and expected return on plan assets 64,100 Benefits paid 40,100 Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 632,500 702,600 Accumulated OCI (PSC) at January 1, 2017 151,200 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.) CRANE COMPANY Pension Worksheet-2017. General Journal Entries Memo Record Projected Benefit Obligation OCI Annual Pension Expense Pension Asset/ Liability Plan Assets Items Cash Prior Service Cost Balance, January 1, 2017 Service cost Interest cost Actual return Amortization of PSC Contributions Benefits Journal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit