"Homework Quiz—7 02-14

"Homework Quiz—7 02-14

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Homework Quiz—7 Name Section 1. Pension Worksheet. Using the information below, complete the pension worksheet for 2010 on the next page. Amounts at December 31, 2009 a.Accumulated OCI (Loss) $91,000 (Prior service cost recognized in 2009) b. PBO Balance $609,000 c.Pension Asset $53,000 d. Plan Assets $662,000 Year 2010 Amounts e.Actual Return on Plan Assets $21,000 f. Amortization of Prior Service Costs $48,000 g. Benefits Paid $76,000 h. Company Contributions to the Pension Plan $94,000 i. Expected earnings rate (rate of return) is 10%; settlement rate is 10% j. Liability decrease from change in Actuarial Assumptions $29,000 k. Service Cost $84,000 l. Unexpected Loss $45,200
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General Journal Entries Memo Record Other Comprehensive Income Items Annual Pension Expense Cash PSC Gain/Loss Pension Asset/ Liability PBO Plan Assets Balance 12/31/09 53,000D 609,000C 662,000D Service cost 84,000D 84,000C Interest cost 60,900D 60,900C Expected return plan assets 66,200C 66,200D Unexpected loss 45,200D 45,200C Amortization prior svc cost 48,000D 48,000C Liability decrease
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Unformatted text preview: 29,000C 29,000D Benefits paid 76,000D 76,000C Contributions 94,000C 94,000D Journal entry 12/31/10 126,700D 94,000C 48,000C 16,200D 900C Accum. comp. inc. 12/31/09 91,000D Balances 12/31/10 43,000D 16,200D 52,100D 648,900C 701,000D Homework Quiz7 Name Section 1. Pension Worksheet. Using the information below, complete the pension worksheet for 2010 on the next page. Amounts at December 31, 2009 a.Accumulated OCI (Loss) $91,000 (Prior service cost recognized in 2009) b. PBO Balance $609,000 c.Pension Asset $53,000 d. Plan Assets $662,000 Year 2010 Amounts e.Actual Return on Plan Assets $21,000 f. Amortization of Prior Service Costs $48,000 g. Benefits Paid $76,000 h. Company Contributions to the Pension Plan $94,000 i. Expected earnings rate (rate of return) is 10%; settlement rate is 10% j. Liability decrease from change in Actuarial Assumptions $29,000 k. Service Cost $84,000 l. Unexpected Loss $45,200 3 Name Section 4...
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"Homework Quiz—7 02-14

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