Baron Company adopted a defined benefit pension plan 0n January 1, 2018. The following information pertains tothe pension plan for 2019 and 2020:1. Compute the amount of Baron’s pension expense for 2019 and 2020. 2. Prepare the journal entries to record the pension expense for 2019 and 2020. 20192020Service costProjected benefit obligation (1/1)Plan assets (1/1)Company contribution (funded 12/31)$160,000120,000120,000165,000$172,000289,600294,600175,000Discount rate8%8%Expected long-term (and actual) rate ofreturn on plan assets8%8%There are no other components of Baron's pension expense.

2019 2020 Service cost Projected benefit obligation (1/1) Plan assets (1/1) Company contribution (funded 12/31) $160,000 120,000 120,000 165,000 $172,000 289,600 294,600 175,000 Discount rate 8% 8% Expected long-term (and actual) rate of return on plan assets 8% 8% There are no other components of Baron's pension expense.

2019 2020 Service cost Projected benefit obligation (1/1) Plan assets (1/1) Company contribution (funded 12/31) $160,000 120,000 120,000 165,000 $172,000 289,600 294,600 175,000 Discount rate 8% 8% Expected long-term (and actual) rate of return on plan assets 8% 8% There are no other components of Baron's pension expense.

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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Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %
Oriole Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2025. SEE ATTACHED IMAGE The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $122,100. The company's actual funding (contributions) of the plan in 2025 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,221,000 on January 1, 2025. Assume no benefits paid in 2025. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles…
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Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Sandhill Corporation reports the following January 1, 2023 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2023 2024 2025 Annual service cost $34,800 $43,700 $58,600 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,040 54,000 Funding of current service cost 34,800 43,700 58,600 Funding of past service cost 74,000 78,500 Benefits paid 31,500 37,490 49,000 Past service cost (plan amended, 1/1/24) 348,000 Change in actuarial assumptions establishes a December 31, 2025 defined benefit obligation of 1,196,000
Subject: acounting
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. ( Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) The following information is available for the pension plan of Sandhill Company for the year 2020.
Please provide proper tables for each requirement. For the spreadhseet as well as the journal entries so it is easy to understand. Tables with titles and calculations and accounts etc.
Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. The disclosure required in the notes to the financial statements for pension plan assets. 2. Recognition of the net pension asset or net pension liability. 3. Disclosures required in the notes to the financial statements for pension cost for a defined contribution plan.
Defined Benefit Pension Plan Skywalker Inc. is a publicly traded company that follows IFRS. On November 30, 2019, Skywalker's accounting records included the following information: Defined benefit obligation $ 1,408,599 Pension plan assets $ 1,531,086 Skywalker's actuary provided the following information about its defined benefit pension plan for the year ended November 30, 2020: Current year service cost $ 84,516 Prior service cost, granted December 1, 2019 $ 169,032 Employer contributions for the year $ 91,865 Benefits paid to retirees $ 28,172 Expected return on assets 6% Actual return on assets 7% Discount rate 6% Defined benefit obligation at November 30, 2020 $ 1,725,036 Required: a) Prepare a pension worksheet for Skywalker's pension plan for the year ended November 30, 2020. b) Prepare the journal…