The following defined pension data of EPA Corporation apply to the year 2017. PBO, Jan 1 2017
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Question:
The following defined pension data of EPA Corporation apply to the year 2017.
PBO, Jan 1 2017 (before amendment) | 5,200,000 |
Plan assets, Jan 1, 2017 | 5,180,000 |
On Jan 1,2017, through plan amendment, prior service benefits granted having a PV of | 215,000 |
Settlement and expected return rate | 9% |
Service Cost | 255,000 |
Contributions (funding) | 388,000 |
Actual return on plan assets | 429,000 |
Benefits paid to retirees | 420,000 |
Average service life of all covered employees in years | 10 |
Instructions:
a) For 2017, prepare a pension worksheet that shows the journal entry for pension expense and the year end balances in the related pension accounts.
b) Prepare the journal entry for pension expense for 2017.
Related Book For
Intermediate Accounting
ISBN: 978-0470616314
IFRS edition volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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