Marigold Corporation is a privately owned company that uses ASPE. On January 1, 2020 Marigold's financial...
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Marigold Corporation is a privately owned company that uses ASPE. On January 1, 2020 Marigold's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1,480,000 Marigold Corporation's actuary provided the following information on December 31, 2020: Current year service cost $82,000 Prior service cost, granted Jan 1, 2020 171,000 Employer contributions for the year 89,000 Benefits paid to retirees 30,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Marigold Corporation for 2020. General Journal Entries Annual Pension Expense Cash Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 > > > > > > > Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > > > > > > > > > > Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 > Prepare pension plan journal entries for Marigold Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status for Marigold Corporation at December 31, 2020? Marigold's pension plan is by $ on December 31, 2020. Marigold Corporation is a privately owned company that uses ASPE. On January 1, 2020 Marigold's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,350,000 Pension Plan Assets 1,480,000 Marigold Corporation's actuary provided the following information on December 31, 2020: Current year service cost $82,000 Prior service cost, granted Jan 1, 2020 171,000 Employer contributions for the year 89,000 Benefits paid to retirees 30,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Marigold Corporation for 2020. General Journal Entries Annual Pension Expense Cash Balance, January 1, 2020 Current Service Cost Past Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Pension Expense Entry - 2020 > > > > > > > Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > > > > > > > > > > Pension Expense Entry - 2020 Net Funding Entry Balance, December 31, 2020 > Prepare pension plan journal entries for Marigold Corporation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) What is the funded status for Marigold Corporation at December 31, 2020? Marigold's pension plan is by $ on December 31, 2020.
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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