At January 1, 2020, Cullumber Company had plan assets of $305,800 and a projected benefit obligation of the same amount. During 2020, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $24,900, contributions were $20,200, and benefits paid were $17,300. Prepare a pension worksheet for Cullumber Company for 2020. CULLUMBER COMPANY General Journal Entries Memo Record Items Pension Expense Cash Pension Asset/Liability Projected Benefit Obligation Plan Assets 1/1/20 $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit Service cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Interest cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Actual return enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Contributions enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Benefits enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Journal entry, 12/31/20 $enter a total amount select a debit or credit $enter a total amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Balance, 12/31/20 $enter a total amount
At January 1, 2020, Cullumber Company had plan assets of $305,800 and a projected benefit obligation of the same amount. During 2020, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $24,900, contributions were $20,200, and benefits paid were $17,300. Prepare a pension worksheet for Cullumber Company for 2020. CULLUMBER COMPANY General Journal Entries Memo Record Items Pension Expense Cash Pension Asset/Liability Projected Benefit Obligation Plan Assets 1/1/20 $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit $enter a dollar amount select a debit or credit Service cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Interest cost enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Actual return enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Contributions enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Benefits enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Journal entry, 12/31/20 $enter a total amount select a debit or credit $enter a total amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit enter a dollar amount select a debit or credit Balance, 12/31/20 $enter a total amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
At January 1, 2020, Cullumber Company had plan assets of $305,800 and a projected benefit obligation of the same amount. During 2020, service cost was $27,100, the settlement rate was 10%, actual and expected return on plan assets were $24,900, contributions were $20,200, and benefits paid were $17,300.
Prepare a pension worksheet for Cullumber Company for 2020.
CULLUMBER COMPANY
|
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
General Journal Entries
|
Memo Record
|
||||||||||||||
Items
|
Pension
Expense |
Cash
|
Pension
Asset/Liability |
Projected
Benefit Obligation |
Plan
Assets |
||||||||||
1/1/20
|
$enter a dollar amount
|
select a debit or credit
|
$enter a dollar amount
|
select a debit or credit
|
$enter a dollar amount
|
select a debit or credit
|
$enter a dollar amount
|
select a debit or credit
|
$enter a dollar amount
|
select a debit or credit
|
|||||
Service cost
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
Interest cost
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
Actual return
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
Contributions
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
Benefits
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
|
$enter a total amount
|
select a debit or credit
|
$enter a total amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
enter a dollar amount
|
select a debit or credit
|
|||||
Balance, 12/31/20
|
$enter a total amount
|
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