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Caribbean. prs a define

Caribbean. prs a define

FINANCIAL ACCOUNTING
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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Accounting Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands). Defined benefit obligation Plan assets (market-related value) Pension asset/liability $340,000 $270,000 $ 70,000 Cr OCI-Loss $ 39,000 On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. $27,000 $45,000 $41,000 $65,000 Actual return on plan assets Service cost Benefits paid retirees Contributions Discount (interest) rate 7% 1. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020 2. Indicate the pension-related amounts that would be reported on the income statement and the statement of financial position for Ridley Corporation for the year 2020
Transcribed Image Text:Accounting Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands). Defined benefit obligation Plan assets (market-related value) Pension asset/liability $340,000 $270,000 $ 70,000 Cr OCI-Loss $ 39,000 On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. $27,000 $45,000 $41,000 $65,000 Actual return on plan assets Service cost Benefits paid retirees Contributions Discount (interest) rate 7% 1. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020 2. Indicate the pension-related amounts that would be reported on the income statement and the statement of financial position for Ridley Corporation for the year 2020
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