8. [25 POINTS] Tim Turner Enterprises sponsors a defined benefit pension plan for its employees. The...

  

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8. [25 POINTS] Tim Turner Enterprises sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2019. Plan assets, at fair value, January 1 Pension asset/liability, January 1 Prior service cost-AOCI, January 1 Actuarial gain-AOCI, January 1 Service cost All S Amounts in thousands Discount rate Expected rate of return on beginning of year plan assets Actual return on plan assets. Annual contributions Benefits paid retirees Decrease in PBO due to changes in actuarial assumptions at 12/31 Accumulated benefit obligation at December 31 Average remaining service life for prior service cost amortization Average remaining service life for all employees Vested benefit obligation at December 31 Year 2019 1,780 12.8 160 Cr.. cor 500 314 195 10% 10% 196 350 221 100 650 A. [25 POINTS] Prepare all journal entries to record the defined benefit pension plan activity for the year 2019. You may complete the pension worksheet and include debit and credit indicators instead of writing out formal journal entries. 10 years 20 years 532 E.G. You may write 41Dr. and 41Cr. in the appropriate columns of the spreadsheet instead of a journal entry. And don't forget to close OCI accounts to AOCI. 20,000 0,000 2,000 x 40%. ,000 20 Return on Assets Benefits Paid Actual Return Service CosF Interest Cost Contributions PSC A Pensium Expense J 12/31/ Adutional JES Home Journal Entry Per Textbook includes all the above as one entry Closing Entres OCIACI Closing Entries DC to ADC Balances, Dec 31, 20XX A P G196,000 Dr195,000 Price 000 Dr S D- IC 1,000 CH OCE Pro Servic CHE Company Name Work Guna Cokles OCI P G 178,000 Dr. AOC Pr Pirsin Asse Tabing P-500,000 01314,000 CH 160,000 ADGP Gr Deres Recad Prowded ber Plan 1780,000 8. [25 POINTS] Tim Turner Enterprises sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2019. Plan assets, at fair value, January 1 Pension asset/liability, January 1 Prior service cost-AOCI, January 1 Actuarial gain-AOCI, January 1 Service cost All S Amounts in thousands Discount rate Expected rate of return on beginning of year plan assets Actual return on plan assets. Annual contributions Benefits paid retirees Decrease in PBO due to changes in actuarial assumptions at 12/31 Accumulated benefit obligation at December 31 Average remaining service life for prior service cost amortization Average remaining service life for all employees Vested benefit obligation at December 31 Year 2019 1,780 12.8 160 Cr.. cor 500 314 195 10% 10% 196 350 221 100 650 A. [25 POINTS] Prepare all journal entries to record the defined benefit pension plan activity for the year 2019. You may complete the pension worksheet and include debit and credit indicators instead of writing out formal journal entries. 10 years 20 years 532 E.G. You may write 41Dr. and 41Cr. in the appropriate columns of the spreadsheet instead of a journal entry. And don't forget to close OCI accounts to AOCI. 20,000 0,000 2,000 x 40%. ,000 20 Return on Assets Benefits Paid Actual Return Service CosF Interest Cost Contributions PSC A Pensium Expense J 12/31/ Adutional JES Home Journal Entry Per Textbook includes all the above as one entry Closing Entres OCIACI Closing Entries DC to ADC Balances, Dec 31, 20XX A P G196,000 Dr195,000 Price 000 Dr S D- IC 1,000 CH OCE Pro Servic CHE Company Name Work Guna Cokles OCI P G 178,000 Dr. AOC Pr Pirsin Asse Tabing P-500,000 01314,000 CH 160,000 ADGP Gr Deres Recad Prowded ber Plan 1780,000

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Pension Worksheet Date Ref Description Debit Credit 12312019 PB... View the full answer