None 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. Thisresulted in a $43,000 increase in the defined benefit obligation, as of 31 December 20X6.Answer is not complete.PensionObligationPlanAssetsPensionExpenseNetPensionAsset/Liab.AccumulatedOCI20X6Opening$ 369,000$ 103,500$ (265,500)$CSC112,0000112,000Net interest23,0505,1750 ×PSC (new)48,000048,000Actuarial gains/losses04,525Revaluation43,000000SFunding126,000$ 239,2004,525(4,525)(43,000)43,0000 ×0126,0000$0 $38,475

A pension is a fund that receives contributions from an employee while they are still working and…

Answered: 2. Prepare a pension spreadsheet that…

Business

Accounting

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

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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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

None

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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