The following defined pension data of Grouper Corp. apply to the year 2020. For 2020, prepare a pension worksheet for Grouper Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Grouper Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 9 % Service cost 58,300 Contributions (funding) 59,600 Actual (expected) return on plan assets 48,300 Benefits paid to retirees 43,500 Prior service cost amortization for 2020 16,400
The following defined pension data of Grouper Corp. apply to the year 2020. For 2020, prepare a pension worksheet for Grouper Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Grouper Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 9 % Service cost 58,300 Contributions (funding) 59,600 Actual (expected) return on plan assets 48,300 Benefits paid to retirees 43,500 Prior service cost amortization for 2020 16,400
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 7RE
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The following defined pension data of Grouper Corp. apply to the year 2020.
For 2020, prepare a pension worksheet for Grouper Corp. that shows the
Projected benefit obligation, 1/1/20 (before amendment) | $509,000 | ||
Plan assets, 1/1/20 | 496,000 | ||
Pension liability | 13,000 | ||
On January 1, 2020, Grouper Corp., through plan amendment, grants prior service benefits having a present value of |
123,000 | ||
Settlement rate | 9 | % | |
Service cost | 58,300 | ||
Contributions (funding) | 59,600 | ||
Actual (expected) return on plan assets | 48,300 | ||
Benefits paid to retirees | 43,500 | ||
Prior service cost amortization for 2020 |
16,400
|
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