{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

E20-4 - Boudreau Inc Pension Worksheet-2012 Items General...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
E20-4 Your answer is correct. (Basic Pension Worksheet) The following facts apply to the pension plan of Boudreau Inc. for the year 2012. Plan assets, January 1, 2012 $490,000 Projected benefit obligation, January 1, 2012 490,000 Settlement rate 8% Service cost 40,000 Contributions (funding) 25,000 Actual and expected return on plan assets 49,700 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2012. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2012 and the year-end balances in the related pension accounts.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Boudreau Inc. Pension Worksheet-2012 Items General Journal Entries Memo Record Annual Pension Expense Cash Pension Asset/Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2012 490,000 Cr. 490,000 Dr. Service cost 40,000 Dr. 40,000 Cr. Interest cost 39,200 Dr. 39,200 Cr. Actual return 49,700 Cr. 49,700 Dr. Contributions 25,000 Cr. 25,000 Dr. Benefits 33,400 Dr. 33,400 Cr. Journal entry, December 31 29,500 Dr. 25,000 Cr. 4,500 Cr. Balance, December 31, 2012 4,500 Cr. 535,800 Cr. 531,300 Dr....
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern