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2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6

2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: . Current service cost for accounting was $112,000. A plan amendment on 1 January resulted in a past service cost of $48,000 being granted. Total funding of the pension plan was $126,000, on 31 December 20X6. Actual return on fund assets was $9,700. . An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $43,000 increase in the defined benefit obligation, as of 31 December 20X6. Answer is not complete. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI 20X6 Opening $ 369,000 $ 103,500 $ (265,500) $ CSC 112,000 0 112,000 Net interest 23,050 5,175 0 × PSC (new) 48,000 0 48,000 Actuarial gains/losses 0 4,525 Revaluation 43,000 0 0 0 S Funding 126,000 $ 239,200 4,525 (4,525) (43,000) 43,000 0 × 0 126,000 0 $ 0 $ 38,475
Transcribed Image Text:2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6: . Current service cost for accounting was $112,000. A plan amendment on 1 January resulted in a past service cost of $48,000 being granted. Total funding of the pension plan was $126,000, on 31 December 20X6. Actual return on fund assets was $9,700. . An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. This resulted in a $43,000 increase in the defined benefit obligation, as of 31 December 20X6. Answer is not complete. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. Accumulated OCI 20X6 Opening $ 369,000 $ 103,500 $ (265,500) $ CSC 112,000 0 112,000 Net interest 23,050 5,175 0 × PSC (new) 48,000 0 48,000 Actuarial gains/losses 0 4,525 Revaluation 43,000 0 0 0 S Funding 126,000 $ 239,200 4,525 (4,525) (43,000) 43,000 0 × 0 126,000 0 $ 0 $ 38,475
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