In this simulation, you are asked to address questions related to the accounting for pensions. Prepare responses
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In this simulation, you are asked to address questions related to the accounting for pensions. Prepare responses to allparts.
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KWW_Professional _Simulation 上 E Accounting for Pensions Time Remaining 2 hours 20 minutes Direotions Situation Measurement Jounal Entry Disolosure Resouroes Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2010, the following balances relate to this plan Plan assets Defined benefit obligation Pension assetliability Unrecognized past service cost $480,000 625,000 45,000 Cr 100,000 As a result of the operation of the plan during 2010, the following additional data are provided by the actuary for 2010 Service cost Discount rate Actual return on plan assets Amortization of past service cost Expected return on plan assets Unexpected loss from change in defined benefit obligation, $90,000 9% 57,000 19,000 52,000 due to change in actuarial predictions Contributions Benefits paid retirees 76,000 99,000 85,000 Directions Situation ! Measurement Journal Entry Disclosure Resouroes (a) Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, defined benefit obligation, plan assets, unrecognized past service cost, and unrecognized net gain or loss (b) Compute the same items as in (a), assuming that the discount rate is now 7% and the expected rate of return is 10% Directions Stuation Measurement Joumal E ntry Disalosure Resouroes Prepare the jounal entry to record pension expense in 2010 Direotions Situation MeasurementJoumal EntryDisclosure Resouroes Prepare a schedule reconciling the funded status of the plan with the pension amount reported on the statement of financial position.
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a Measurement b Simply change the formula in cell B11 to multiply by 07 change the formula in cell B...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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