Pension data for Barry Financial Services Inc. Include the following: Discount rate, 7% Expected return on...
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Pension data for Barry Financial Services Inc. Include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $45) Net gain-AOCI (2021 amortization, $10) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2921 Benefit payments to retirees, December 31, 2021 (5 in thousands) $418 2,800 2,500 2,900 375 430 345 378 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2021. Pension data for Barry Financial Services Inc. Include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $45) Net gain-AOCI (2021 amortization, $10) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2921 Benefit payments to retirees, December 31, 2021 (5 in thousands) $418 2,800 2,500 2,900 375 430 345 378 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2021.
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To determine the pension expense for 2021 we need to use the following formula Pension Expense Servi... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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