Pension data for Barry Financial Services Inc. include the following: Required: 1. Determine pension expense for 2011.
Question:
Pension data for Barry Financial Services Inc. include the following:
Required:
1. Determine pension expense for 2011.
2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for2011.
Transcribed Image Text:
S in 000s) Discount rate, 7% Expected return on plan assets 10% Actual return on plan assets, 9% Service cost, 2011$310 January 1. 2011 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2011 amortization, $25) Net gain-A0CI (2011 amortization, $6) December 31, 2011 Cash contributions to pension fund, December 31, 2011 Benefit payments to retirees, December 31, 2011 2,300 2,000 2,400 325 330 245 270
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Requirement 1 in 000s Service cost 310 Interest cost 7 x 2300 161 Expected return on the plan assets ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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