Provide correct answer financial Accounting question At December 31, 2017, Blossom Corporation had a projectedbenefit obligation of $551,500, plan assets of $313,400, and priorservice cost of $134,800 in accumulated other comprehensiveincome.- Determine the pension asset/liability at December 31, 2017.

Step 1: Define Pension PlanA pension plan can be funder or unfunded. If it is funded, it is the…

Answered: At December 31, 2017, Blossom…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,500 Interest cost on projected benefit obligation 11,390 Expected return on plan assets 11,960 Amortization of prior service cost 1,900 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $12,900. Required: 1. Compute the amount of Robey's pension expense for 2016. 2. Prepare all the journal entries related to Robey's pension plan for 2016 if it funds the pension plan in the amount of (a) $114,830, (b) $113,840, and (c) $118,870. 3. Next Level Assuming Robey's beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,480 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,460 at the end of 2016?
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Blossom Company provides the following information about its defined benefit pension plan Service cost $ 91,800 Contribution to the plan 103,500 Prior service cost amortization 9,400 Actual and expected return on plan assets Benefits paid Plan assets at anuary 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 63,200 39,700 647,900 712,300 147,400 10 % Compute the pension expense for the year 2017.

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At December 31, 2017, Blossom Corporation had a projected benefit obligation of $551,500, plan assets of $313,400, and prior service cost of $134,800 in accumulated other comprehensive income. - Determine the pension asset/liability at December 31, 2017.