Test 3 - Name: _ Test 3 Acct 3312 Spring 2010 Page 1 1. Ma...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: __________________________ Test 3 Acct 3312 Spring 2010 Page 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
1. Ma rli n Co rpo rati on Pe nsi on W ork Sh eet - 20 11 Ge ner al Jo urn al En trie s Me mo En trie s Preparing a pension work sheet. The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2011: Service cost $550,000 Actual return on plan assets 250,000 Annual contribution to the plan 850,000 Amortization of prior service cost 125,000 Benefits paid to retirees 70,000 Settlement rate 10% Expected rate of return on plan assets 8% Instructions (a) Using the above information for Marlin Corporation, complete the pension work sheet for 2011. Indicate (credit) entries by parentheses. Calculated amounts should be supported. (b) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2011.
Background image of page 2
Page 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Av era ge re ma ini ng ser vic e life of act ive em plo ye es 10 ye ars Ins tru cti on s (a) Co mp ute pe nsi on ex pe nse for Ho wa rd Co rp. for Pension Worksheet Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2011, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 500,000 Pension asset/liability 50,000 Cr OCI - Prior service cost 75,000 OCI – Loss 65,000 As a result of the operation of the plan during 2011, the actuary provided the following additional data at December 31, 2011. Service cost for 2011
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/11/2011 for the course ACCOUNTING 323 taught by Professor None during the Spring '10 term at Prince George's Community College, Largo.

Page1 / 6

Test 3 - Name: _ Test 3 Acct 3312 Spring 2010 Page 1 1. Ma...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online