benefit pension plan

Project Description:

mangrove corp. sponsors a defined benefit pension plan for its employees. on january 1, 2015, the following balances related to this plan:

• plan assets at fair value $360,000
• projected benefit obligation $520,000
• accrued pension cost liability $160,000
• prior service cost $105,000
• net gain or loss (debit) $71,000

as a result of the operation of the plan during 2015, the actuary provided the following additional data at
december 31, 2015:
• service cost for 2015 $94,000
• settlement rate, 6%; expected return rate, 8%
• actual return on plan assets in 2015 $36,000
• amortization of prior service cost $21,000
• contributions in 2015 $80,000
• benefits paid retirees in 2015 $74,000
• average remaining service life of active employees is 10 years

required:

a) prepare a pension worksheet for mangrove corp. for 2015 that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

b) prepare the actual journal entry or entries that the company should record in the general journal to recognize the pension expense, pension contributions, oci accounts as needed, and the pension asset/liability account.

c) indicate what line item(s) and amount(s) should be reported on the income statement for the year ended december 31, 2015 for the above.

d) indicate what line items and amounts should be reported on the december 31, 2015 balance sheet for the above. if you are able to classify assets and liabilities as current or non-current, do so. if not, indicate what additional information you would need. if any equity items exist, make sure it is clear whether they would be reported as positive or negative in the equity section of the balance sheet.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
Completed
Total Proposals: 5
1 Current viewersl
65 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 4.4
    14 Jobs 8 Reviews
    $20 in 1 Day
  • 5.0
    119 Jobs 91 Reviews
    $10 in 36 Hours
  • 4.9
    95 Jobs 45 Reviews
    $20 in 1 Day
  • 4.8
    405 Jobs 247 Reviews
    $45 in 1 Day
  • 5.0
    1 Jobs 1 Reviews
    $50 in 1 Day