Flounder Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the...
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Flounder Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,300 197,200 255,900 387,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,000; the projected benefit obligation was $487,000; fair value of pension assets was $279,200; the accumulated benefit obligation amounted to $360,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,400. The company's current year's contribution to the pension plan amounted to $70,600. No benefits were paid during the year. Your answer is partially correct. Indicate the pension amounts reported in the financial statement as of December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -15,630 or parentheses e.g. (15,630).) Operating Expenses Flounder Company Income Statement (Partial) For the Year Ended December 31, 2020 Pension Expense Other Income / Expenses Pension Expense Liabilities. Pension Asset/Liability Stockholders' Equity eTextbook and Media Flounder Company Balance Sheet (Partial) December 31, 2020 Accumulated Other Comprehensive Income (PSC) Accumulated Other Comprehensive Loss List of Accounts $ $ $ $ 84,960 17,500 207,800 134,370 18,070 Flounder Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information. Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $149,300 197,200 255,900 387,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51,000; the projected benefit obligation was $487,000; fair value of pension assets was $279,200; the accumulated benefit obligation amounted to $360,700. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $11,400. The company's current year's contribution to the pension plan amounted to $70,600. No benefits were paid during the year. Your answer is partially correct. Indicate the pension amounts reported in the financial statement as of December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -15,630 or parentheses e.g. (15,630).) Operating Expenses Flounder Company Income Statement (Partial) For the Year Ended December 31, 2020 Pension Expense Other Income / Expenses Pension Expense Liabilities. Pension Asset/Liability Stockholders' Equity eTextbook and Media Flounder Company Balance Sheet (Partial) December 31, 2020 Accumulated Other Comprehensive Income (PSC) Accumulated Other Comprehensive Loss List of Accounts $ $ $ $ 84,960 17,500 207,800 134,370 18,070
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Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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