Needing help with the Question for Chapter 19 in Intermediate Accounting III

Ex.19-05

D21 1-3 Hom X Cengage X My Hom X Sign out X Digital C X S ACC 345 x hoggarx * Homewc x + X C https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 19 Homework Assignment | eBook Pension Expense Different Than Funding: Multiple Years ? Instructions Chart of Accounts General Journal Calculations Instructions Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $160,000 $172,000 Projected benefit obligation (1/1) 120,000 289,600 Plan assets (1/1) 120,000 294,600 Company contribution (funded 12/31) 165,000 175,000 Discount rate 8% 8% Expected long-term (and actual) rate of return on plan assets 8% 8% There are no other components of Baron's pension expense. Required: 1. Compute the amount of Baron's pension expense for 2016 and 2017. 2. Prepare the journal entries to record the pension expense for 2016 and 2017. Chart of Accounts Check My Work Previous Next Assignment Score: 20% Email Instructor Save and Exit Submit Assignment for Grading 82'F O X 9:36 AM Mostly cloudy 6/14/2022 4D21 1-3 Hom X Cengage X 2 My Hom x Sign out X Digital C x |S ACC 345 x hoggar x * Homewe x + X -> C https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false VO Chapter 19 Homework Assignment | eBook CHART OF ACCOUNTS Baron Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 522 Pension Expense 211 Accounts Payable 532 Bad Debt Expense 231 Salaries Payable 540 Interest Expense 250 Unearned Revenue 541 Depreciation Expense 251 Accrued/Prepaid Pension Cost 559 Miscellaneous Expenses 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings Check My Work Previous Next Assignment Score: 20% Email Instructor Save and Exit Submit Assignment for Grading 9:36 AM 82'F O X 6/14/2022 4 Mostly cloudyD21 1-3 Hom X Cengage X My Hom X Sign out X Digital C x S ACC 345 X hoggarx * Homewc x + X -> C https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 19 Homework Assignment eBook General Journal Prepare the journal entries to record the pension expense for 2016 and 2017 on December 31 of each year. Additional Instructions PAGE 2016 PAGE 2017 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Calculations Compute the amount of Baron's pension expense for 2016 and 2017. 2016 2017 Pension expense $ $ Check My Work Previous Next Assignment Score: 20% Email Instructor Save and Exit Submit Assignment for Grading 82'F 9:36 AM Mostly cloudy O O X 6/14/2022 4D21 1-3 Hom X Cengage X My Hom X Sign out X Digital C x S ACC 345 X hoggarx * Homewc x + X -> C https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 19 Homework Assignment eBook General Journal Prepare the journal entries to record the pension expense for 2016 and 2017 on December 31 of each year. Additional Instructions PAGE 2016 PAGE 2017 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Calculations Compute the amount of Baron's pension expense for 2016 and 2017. 2016 2017 Pension expense $ $ Check My Work Previous Next Assignment Score: 20% Email Instructor Save and Exit Submit Assignment for Grading 82'F Mostly cloudy O O X 9:37 AM 6/14/2022 4