Loss (gain) on PBO for assumption changes = $3,528 USE THE FOLLOWING INFORMATION FOR # 11 -
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Loss (gain) on PBO for assumption changes = $3,528
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USE THE FOLLOWING INFORMATION FOR # 11 - 20: Interest (Cost) Rate Expected rate of return on plan assets 3.0% 4.0% Actual rate of return on plan assets 5.0% Beginning of year balance in CASH $126,000 Projected benefit obligation at the beginning of 2019 Service cost, 2019 $ 370,440 $ 35,784 Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ (50,400) Plan assets at the beginning of the year Cash contributions to the pension plan in 2019 Less: Benefits paid to retirees during the year $ 297,360 $ 44,352 $ (50,400) Additional information reported from the actuary and plan trustee: Prior Service Costs incurred beginning of 2018 Beginning of year balance in AOCI for Net Loss Average remaining service years of employees $ 32,760 $ 44,100 7 years Beginning of year balance in AOCI for PSC $28,668 11.) Calculate the 2019 Interest cost and write the answer on the cover sheet. 12.) Calculate the 2019 expected return on plan assets and write the answer on the cover sheet. USE THE FOLLOWING INFORMATION FOR # 11 - 20: Interest (Cost) Rate Expected rate of return on plan assets 3.0% 4.0% Actual rate of return on plan assets 5.0% Beginning of year balance in CASH $126,000 Projected benefit obligation at the beginning of 2019 Service cost, 2019 $ 370,440 $ 35,784 Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ (50,400) Plan assets at the beginning of the year Cash contributions to the pension plan in 2019 Less: Benefits paid to retirees during the year $ 297,360 $ 44,352 $ (50,400) Additional information reported from the actuary and plan trustee: Prior Service Costs incurred beginning of 2018 Beginning of year balance in AOCI for Net Loss Average remaining service years of employees $ 32,760 $ 44,100 7 years Beginning of year balance in AOCI for PSC $28,668 11.) Calculate the 2019 Interest cost and write the answer on the cover sheet. 12.) Calculate the 2019 expected return on plan assets and write the answer on the cover sheet.
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Year 2019 Pension Expense 40106 Journal entry 2019 ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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