499,000 Benefits paid 294,350 Amortization of prior service costs 111,000 In the journal entry (from the worksheet) to reflect pension plan transactions and events on December 31, 2021, Pension Asset/Liability will be debited or credited at $__________. (Enter the amount only. DO NOT put a plus or minus sign in front of the amount.)
499,000 Benefits paid 294,350 Amortization of prior service costs 111,000 In the journal entry (from the worksheet) to reflect pension plan transactions and events on December 31, 2021, Pension Asset/Liability will be debited or credited at $__________. (Enter the amount only. DO NOT put a plus or minus sign in front of the amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A company's pension expense is $538,000 under its defined-benefit pension plan in 2021. Other data related to the pension plan are:
|
Amortization of accumulated OCI-gain |
$85,150 |
|
Increase in projected benefit obligation |
199,000 |
|
Contributions |
499,000 |
|
Benefits paid |
294,350 |
|
Amortization of prior service costs |
111,000 |
In the
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