Intermediate accounting 14 th edition by kieso

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Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E20-7 (Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2012. On January 1, 2012, Rydell Corp., through plan amendment, grants prior service benefits having a present value of For 2012, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. Annual Pension Expense OCI - Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Note: We show actual return on the worksheet to ensure that plan assets are properly reported. If expected and actual return differ, then an additional adjustment is made to compute the proper amount of pension expense.
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557c0beb4507c9ce94fb59aca03a9d3bc170fc55.xlsx, Exercise 20-7, Page 4 of 8, 03/29/2012, 01:32:39 Name: Date: Instructor: Course: Projected benefit obligation, 1/1/12 (before amendment) $560,000 Plan assets, 1/1/12 546,200 Pension liability 13,800 120,000 Settlement rate 9% Service cost 58,000 Contributions (funding) 65,000 Actual (expected) return on plan assets 52,280 Benefits paid to retirees 40,000 Prior service cost amortization for 2012 17,000 Instructions: RYDELL CORP. Pension Worksheet—2012 General Journal Entries Memo Record Items Cash Balance, January 1, 2011 Formula Formula Formula (a) Prior service cost Formula Formula New balance, January 1, 2012 Formula Formula (b) Service cost Formula Formula (c) Interest cost Formula Formula (d) Actual return Formula Formula (e) Amortization of PSC Formula Formula (f) Contributions Formula Formula (g) Benefits Formula Formula Journal entry, December 31 Formula Formula Formula Formula Accumulated OCI, December 31, 2011 Amount Balance, December 31, 2012 Formula Formula Formula Formula Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E20-7 (Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2012. On January 1, 2012, Rydell Corp., through plan amendment, grants prior service benefits having a present value of For 2012, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. Annual Pension Expense OCI - Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets
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557c0beb4507c9ce94fb59aca03a9d3bc170fc55.xlsx, Problem 20-1 Solution, Page 5 of 8, 03/29/2012, 01:32:39 Name: Solution Date: Instructor: Course: Projected benefit obligation $4,500,000 Fair value of plan assets 4,200,000 The interest (settlement) rate applicable to the plan is 10% On January 1, 2013, the company amends its pension agreement so that service costs of $500,000 are created. Other data related to the pension plan are as follows: 2012 2013 Service costs $150,000 $180,000 Prior service costs amortization 0 90,000 Contributions (funding) to the plan 240,000 285,000 Benefits paid 200,000 280,000 Actual return on plan assets 252,000 260,000 Expected rate of return on assets 6% 8% Instructions: HARRINGTON COMPANY Pension Worksheet—2012 and 2013
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