A531-9UFS

A531-9UFS - Requirement (a) The funded status of the plan,...

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Requirement (a) The funded status of the plan, and the pension expense for each years are calculated below using Name: Umme Fatema Siddique Immidiate Recognition Approach under PE GAAP: Student Number: 805 936 291 Course Code/Number: ACCT 531 2011 calcualtion: Assignment Number: 9 Plan Assets: Pension Expense: Fair value, Beginning Balance $75,000 Current Service Cost for Year $12,000 Employer Contribution for the year $12,000 Interest Cost [$70,000 x 8%] $5,600 Actual Earnings on Plan Assets $6,500 Actual Earnings on Plan Assets $(6,500) Benefits Paid to retirees by trustee $- Past Service Cost Granted $75,000 Plan Assets, Ending Balance $93,500 Total Pension Expense $86,100 Accrued Benefit Obligation: Funded Status: (Journal Entry) ABO for funding purposes, Beginning Balance $70,000 Current Service Cost for Year $12,000 Plan Assets $93,500 Interest Cost [$70,000 x 8%] $5,600 Funded status and Accrued Pension $5,900 Benefits Paid to retirees by trustee $- Accrued benefit obligation $87,600 ABO for funding purposes, Ending Balance $87,600 2012 calcualtion: Plan Assets: Pension Expense: Fair value, Beginning Balance $93,500 Current Service Cost for Year $13,000 Employer Contribution for the year $15,000 Interest Cost [$87,600 x 8%] $7,008 Actual Earnings on Plan Assets $10,000 Actual Earnings on Plan Assets $(10,000) Benefits Paid to retirees by trustee $(4,000) Past Service Cost Granted $- Plan Assets, Ending Balance $114,500 Total Pension Expense $10,008 Accrued Benefit Obligation: Funded Status: (Journal Entry) ABO for funding purposes, Beginning Balance $87,600 Current Service Cost for Year $13,000 Plan Assets $114,500 Interest Cost [$70,000 x 8%] $7,008 Funded status and Accrued Pension $10,892 Benefits Paid to retirees by trustee $(4,000) Accrued benefit obligation $103,608 ABO for funding purposes, Ending Balance $103,608 2013 calcualtion: Plan Assets: Pension Expense: Fair value, Beginning Balance
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This note was uploaded on 01/01/2012 for the course ACCT 531 taught by Professor Janicecharko during the Winter '11 term at Humber.

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A531-9UFS - Requirement (a) The funded status of the plan,...

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