Bramble Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with...
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Bramble Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: (a) 2019 $16,300 10 % 18,400 16,300 14,200 2020 $19,100 10 % 21,870 39,200 16,100 161,700 54,100 2021 $26,400 10 % 24,000 47,700 21,400 41,700 524,600 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.) Bramble Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: (a) 2019 $16,300 10 % 18,400 16,300 14,200 2020 $19,100 10 % 21,870 39,200 16,100 161,700 54,100 2021 $26,400 10 % 24,000 47,700 21,400 41,700 524,600 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.)
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Answer rating: 100% (QA)
To prepare a pension worksheet that shows the pension balances and activities for all three years 2019 2020 and 2021 we need to follow a number of steps using the information provided in the image Sta... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Posted Date:
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