Pearl Corporation is a privately owned company that uses ASPE. On January 1, 2020 Pearl's financial...
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Pearl Corporation is a privately owned company that uses ASPE. On January 1, 2020 Pearl's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,400,000 Pension Plan Assets 1,530,000 Pearl Corporation's actuary provided the following information on December 31, 2020: Current year service cost $80,000 Prior service cost, granted Jan 1, 2020 162,000 Employer contributions for the year 92,000 Benefits paid to retirees 30,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Pearl Corporation for 2020. General Journal Entr 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 Net Funding Entry Balance, December 31, 2020 > > > > > > > > Prepare a pension worksheet for Pearl Corporation for 2020. Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > > > > > > > > > > > > > > > > > > Prepare pension plan journal entries for Pearl 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund) Pearl Corporation is a privately owned company that uses ASPE. On January 1, 2020 Pearl's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation $1,400,000 Pension Plan Assets 1,530,000 Pearl Corporation's actuary provided the following information on December 31, 2020: Current year service cost $80,000 Prior service cost, granted Jan 1, 2020 162,000 Employer contributions for the year 92,000 Benefits paid to retirees 30,000 Expected return on assets 5% Actual return on assets 6% Discount rate 5% Prepare a pension worksheet for Pearl Corporation for 2020. General Journal Entr 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 Net Funding Entry Balance, December 31, 2020 > > > > > > > > Prepare a pension worksheet for Pearl Corporation for 2020. Memo Record Net Defined Liability/ Defined Benefit Asset Obligation Plan Assets > > > > > > > > > > > > > > > > > > > > > > > > > > > Prepare pension plan journal entries for Pearl 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record pension expense) (To record payment to the pension fund)
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pension worksheet General Journal entries Memo record annual pension expenses Cash Net defined liabi... View the full answer
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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