Exercise 19-9 The following defined benefit pension data of Blossom Corp. apply to the year 2020:...
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Exercise 19-9 The following defined benefit pension data of Blossom Corp. apply to the year 2020: Defined benefit obligation, funding basis, 1/1/20 (before amendment) Plan assets, 1/1/20 Net defined benefit liability, 1/1/20 On January 1, 2020, Blossom Corp., through a plan amendment, granted prior service benefits having a present value of Interest/discount rate Annual pension service cost Contributions (funding) Actual return on plan assets Benefits paid to retirees The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis. Prepare a continuity schedule for the DDO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Corp. Continuity Schedule ✓| LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT V $ V Net defined benefit LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT v Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Corp. Continuity Schedule LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Pension Calculate pension expense for 2020 Pension expense Prepare the entry to record the expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date December 31, 2020 Account Titles and Explanation Debit December 31, 2020 $ $400,000 390,000 10,000 Calculate the balance of the net defined benefit liability/asset at December 31, 2020. 50,100 9% LINK TO TEXT LINK TO TEXT Identify the plan's surplus or deficit at December 31, 2020. 40,000 39.000 37,000 30,000 3 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Credit Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Exercise 19-9 The following defined benefit pension data of Blossom Corp. apply to the year 2020: Defined benefit obligation, funding basis, 1/1/20 (before amendment) Plan assets, 1/1/20 Net defined benefit liability, 1/1/20 On January 1, 2020, Blossom Corp., through a plan amendment, granted prior service benefits having a present value of Interest/discount rate Annual pension service cost Contributions (funding) Actual return on plan assets Benefits paid to retirees The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis. Prepare a continuity schedule for the DDO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Corp. Continuity Schedule ✓| LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT V $ V Net defined benefit LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT v Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Blossom Corp. Continuity Schedule LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Pension Calculate pension expense for 2020 Pension expense Prepare the entry to record the expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date December 31, 2020 Account Titles and Explanation Debit December 31, 2020 $ $400,000 390,000 10,000 Calculate the balance of the net defined benefit liability/asset at December 31, 2020. 50,100 9% LINK TO TEXT LINK TO TEXT Identify the plan's surplus or deficit at December 31, 2020. 40,000 39.000 37,000 30,000 3 LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Credit Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
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Solution Defined benefit obligation 1120 400000 Past service cost 50100 ... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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