On January 1, 2016, Parkway Company adopted a defined benefit pension plan. At that time, Parkway awarded
Question:
Parkway contributed $670,000 and $700,000 to the pension fund at the end of 2016 and 2017, respectively. There arc no other components of Parkway€™s pension expense. At the end of 2017, the projected benefit obligation was $3,359,800 and the fair value of the pension plan assets was $1,430,300.
Required:
1. Compute the amount of Parkway€™s pension expense for 2016 and 2017.
2. Prepare all the journal entries related to Parkway€™s pension plan for 2016 and 2017.
3. What is the total accrued/prepaid pension cost at the end of 2 017? Is it an asset or a liability?
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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