Balance, 01/01/2020Service costPast service costNet interest/finance costContributionsBenefits paidExpense entryContribution entryBalance 12/31/2020Oriole Corporation provides the following information about its defined benefit pension plan for the year 2020:Current service costContribution to the planPast service cost, effective December 31, 2020Actual return on plan assetsBenefits paidNet defined benefit liability at January 1, 2020Plan assets at January 1, 2020Defined benefit obligation at January 1, 2020Interest/discount rate on the DBO and plan assetsOriole follows IRFS.Prepare a pension work sheet.AnnualPensionExpenseGeneral Journal Entries$226,000263,450Cash25,750159,600106,200420,0001,596,0002,016,000Oriole CorporationPension Work Sheet-202010%Net Def.BenefitLiab/AssetDefinedBenefitObligationMemo RecordPlanAssets Prepare all journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually)Account Titles and ExplanationDateDecember 31, 2020December 31, 2020(To record pension expense)Plan's(To record contributions paid)What is the amount of the plan's surplus/deficit at December 31, 2020?DebitCreditAttempts: 0 of 1 usedSubmit Amwer

A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…

Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Annual Pension Expense Oriole Corporation Pension Work Sheet-2020 General Journal Entries Cash Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets

Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Annual Pension Expense Oriole Corporation Pension Work Sheet-2020 General Journal Entries Cash Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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