Using the information in E20.13 about Erickson Company?s defined benefit pension plan, prepare a 2020 pension worksheet
Question:
Using the information in E20.13 about Erickson Company?s defined benefit pension plan, prepare a 2020 pension worksheet with supplementary schedules of computations. Prepare the journal entries at December 31, 2020, to record pension expense and related pension transactions. Also, indicate the pension amounts reported in the balance sheet.
December 31, 2020 $1,900 2,730 3,300 2,620 January 1, 2020 Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) $1,500 1,900 2,500 1,700 January 1, 2020 December 31, 2020 Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 2020 10% $ ? 400 $ 800 700 200
Step by Step Answer:
Journal entries 123120 1 Other Comprehensive Income GL 100 Pension Expense 480 Pension Asset Liabili...View the full answer
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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