Chapter 20 - P20-8

Chapter 20 - P20-8 - (a) Glesen Company Pension...

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Unformatted text preview: (a) Glesen Company Pension Worksheet—2011 and 2012 General Journal Entries OCI—Prior Service OCI— Cash Cost Gain/Loss Memo Record Projected Benefit Obligation Plan Assets 410,000 Dr. Items Annual Pension Expense Pension Asset/ Liability Balance, Jan. 1, 2011 Service cost 40,000 Dr. Interest cost(a) 65,000 Dr. Actual return 36,000 Cr. Unexpected loss(b) 5,000 Cr. Amortization of PSC 70,000 Dr. Contributions Benefits Increase in PBO Journal entry for 2011 134,000 Dr. Accumulated OCI, Dec. 31, 2010 Balance, Dec. 31, 2011 Service cost 59,000 Dr. (c) Interest cost 81,050 Dr. Actual return 61,000 Cr. (d) Unexpected gain 12,350 Dr. Amortization of PSC 55,000 Dr. Amortization of Loss(e) 548 Dr. Contributions Benefits Journal entry for 2012 146,948 Dr. Accumulated OCI, Dec. 31, 2011 Balance, Dec. 31, 2012 240,000 Cr. 650,000 Cr. 40,000 Cr. 65,000 Cr. 5,000 Dr. 70,000 Cr. 72,000 Cr. 87,000 Dr. 92,000 Dr. 0 92,000 Dr. 31,500 Dr. 87,000 Cr. 84,000 Cr. 324,000 Cr. 810,500 Cr. 59,000 Cr. 81,050 Cr. 36,000 Dr. PROBLEM 20-8 72,000 Dr. 31,500 Cr. 20-51 72,000 Cr. 70,000 Cr. 160,000 Dr. 90,000 Dr. 486,500 Dr. 61,000 Dr. 12,350 Cr. 55,000 Cr. 548 Cr. 81,000 Cr. 54,000 Dr. 81,000 Cr. 55,000 Cr. 90,000 Dr. 35,000 Dr. 12,898 Cr. 92,000 Dr. 79,102 Dr. 1,950 Dr. 322,050 Cr. 896,550 Cr. 574,500 Dr. 81,000 Dr. 54,000 Cr. ...
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