On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation
Question:
On January 1, 2014, Harrington Company has the following defined benefit pension plan balances.
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, 2015, the company amends its pension agreement so that prior service costs of $500,000 are created. Other data related to the pension plan are as follows.
Instructions
(a) Prepare a pension worksheet for the pension plan for 2014 and 2015.
(b) For 2015, prepare the journal entry to record pension-relatedamounts.
Transcribed Image Text:
2014 $150,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2015 $180,000 90,000 285,000 280,000 260,000 240,000 200,000 252,000 6% 8%
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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