Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20
Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 6MC
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