ACC423TEAMWK5 - Gary Borne Britne Edmonston Jawonna Jones P20-8 A Annual Pension Expense Balance Jan 1,2008 Service Cost 40,000Dr Interest Cost

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Gary Borne 24-Sep-08 Britne Edmonston Jawonna Jones ACC423 P20-8 Glesen Company A.) Pension Worksheet 2008 and 2009 General Journal Entries Annual Pension Prior Serv. Additional Intangible Expense Cash Cost Liability Pension Asset Balance, Jan 1,2008 80,000Cr 12,300Cr 12300Dr Service Cost 40,000Dr a Interest Cost 65,000Dr Actual Return 36,000Cr b Unexpected loss 5,000Cr Amortization PSC 70,000Dr Contributions 72,000Cr Benefits Increase in PBO c Minimum Liability Adj 81,000Cr 77700Dr Journal Entry 2008 134,000Dr 72,000Cr 62,000Cr Balance,Dec31,2008 142,000Cr 93,300Cr 90,000Dr d Service Cost 59,000Dr Interest Cost 81,050Dr e Actual Return 61,000Cr Unexpected loss 12,350Dr Amortization PSC 55,000Dr Contributions 81,000Cr Benefits f Unrecog. Loss Amort 548Dr c2 Minimum Liability Adj 86,348Dr 83,348Cr Journal Entry 2009 146,948Dr 81,000Cr 65,948Cr Balance, Dec. 31, 2009 207,948Cr 6,552 Cr 6,552Dr Calc: a 65000 = 650,000 x 10% b 5000 = (410,000 x 10%) - 36,000(actual return) c,c2 Min. Liab. Computation
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This note was uploaded on 09/30/2008 for the course ACC 423 taught by Professor Trinahall during the Fall '08 term at University of Phoenix.

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ACC423TEAMWK5 - Gary Borne Britne Edmonston Jawonna Jones P20-8 A Annual Pension Expense Balance Jan 1,2008 Service Cost 40,000Dr Interest Cost

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