At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000,contributions were $20,000, and benefits paid were $17,500.Prepare a pension worksheet for Hennein Company for 2020.HENNEIN COMPAGeneral Journal EntriesPensionItemsExpenseCash1/1/20Service costInterest costActual returnContributionsBenefits$Journal entry, 12/31/20Balance, 12/31/20%24%24%24%24%24 At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000,contributions were $20,000, and benefits paid were $17,500.Prepare a pension worksheet for Hennein Company for 2020.NEIN COMPANYMemo RecordProjectedPensionBenefitPlanAsset/LiabilityObligationAssets$$%24%24%24%24

Interest cost: Interest Cost = Projected benefit Obligation × Settlement Discount Rate Service Cost:…

At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020. HENNEIN COMPA General Journal Entries Pension Items Expense Cash $ 1/1/20 Service cost Interest cost Actual return Contributions Benefits 2$ Journal entry, 12/31/20 Balance, 12/31/20 2$ %24 %24 %24 %24

At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020. HENNEIN COMPA General Journal Entries Pension Items Expense Cash $ 1/1/20 Service cost Interest cost Actual return Contributions Benefits 2$ Journal entry, 12/31/20 Balance, 12/31/20 2$ %24 %24 %24 %24

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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