6. Baker Co. provides the following information related to its pension plan for the year 2022: a. Beginning Balances-January 1, 2022 Plan Assets-$434,000 Projected Benefit Obligation - $436,700 Pension Asset/Liability - $2,700 cr Accumulated OCI- Prior Service Cost-$0 Plan amendment for Prior Service Cost-$85,000 Annual Service Cost - $41,000 Settlement Rate -10% Actual Return on Plan Assets-$55,200 Expected Return on Plan Assets - $46,000 Funding Contributions - $76,000 Benefits Paid to Retirees during the year- $61,500 Amortization of Prior Service Cost-$4,250 (Straight Line) Complete a Pension Worksheet using the above data. b. What is total Pension Expense to be reported in 2022? C. d. What is the balance of each of the following at December 31, 2022? Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated OCI-Prior Service Cost Prepare the journal entry Baker Co. will make to record their pension expense for 2022

6. Baker Co. provides the following information related to its pension plan for the year 2022: a. Beginning Balances-January 1, 2022 Plan Assets-$434,000 Projected Benefit Obligation - $436,700 Pension Asset/Liability - $2,700 cr Accumulated OCI- Prior Service Cost-$0 Plan amendment for Prior Service Cost-$85,000 Annual Service Cost - $41,000 Settlement Rate -10% Actual Return on Plan Assets-$55,200 Expected Return on Plan Assets - $46,000 Funding Contributions - $76,000 Benefits Paid to Retirees during the year- $61,500 Amortization of Prior Service Cost-$4,250 (Straight Line) Complete a Pension Worksheet using the above data. b. What is total Pension Expense to be reported in 2022? C. d. What is the balance of each of the following at December 31, 2022? Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated OCI-Prior Service Cost Prepare the journal entry Baker Co. will make to record their pension expense for 2022

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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Not a graded assignment
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