At the end of the current year, Chelsey Company has a projected benefit obligation of $600,000 for its pension plan, and the lair value of its pension plan assets is $580,000. Chelsey has a credit balance of $32,000 in its Accrued/Prepaid Pension Cost account. Prepare the journal entry' to adjust its Accrued/Prepaid Pension Cost account. Assume that the difference between the projected benefit obligation and the fair value of the pension plan assets is due to the actual return on plan assets being different from the expected return on plan assets. Indicate why and where (and the amount) Chelsey would report its Accrued/Prepaid Pension Cost.
Answer to relevant QuestionsAt the beginning of the current year. Willow Company adopts a pension plan and awards retroactive benefits to its employees. Willow's actuary computes these prior service casts to be $280,000. Willow' amortizes the prior ...Refer to the information provided in E19-13 In exercise Straight-Line Amortization At the beginning of 2016, Brent Company amended its defined benefit pension plan. The amendment entitled five active participating employees ...On January 1, 2016, Vasby Software Company adopted a healthcare plan tor its retired employees. To determine eligibility tor benefits, Vasby retroactively gives credit to the date of hire for each employee. The service cost ...Obtain The Coca-Cola Company’s 2013 annual report either using the “Investor Relations" portion of its website (do a web search for Coca-Cola investor relations) or go to http://www.sec.gov and dick “Search for company ...Multiple Choice Questions 1. The present value of the minimum lease payments should be used by the lessee in the determination of a(n): 2. East Company leased a new machine from North Company on May 1, 2016, under a lease ...
Post your question