Carla Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $23,900 Cr. Accumulated benefit obligation (December 31) 401,000 Actual and expected return on plan assets 9,700 Contributions (funding) in 2020 149,800 Fair value of plan assets (December 31) 806,800 Settlement rate 10 % Projected benefit obligation (January 1) 702,800 Service cost 80,680 Results so far that are correct: Pension Expense $141260 Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $31,600. Pension Expense $141260 Pension Asset/Liability $8540 Cash $149800 I am having problem with the Income Statement(Partial) and Balance Sheet (Partial). Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020.
Carla Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $23,900 Cr. Accumulated benefit obligation (December 31) 401,000 Actual and expected return on plan assets 9,700 Contributions (funding) in 2020 149,800 Fair value of plan assets (December 31) 806,800 Settlement rate 10 % Projected benefit obligation (January 1) 702,800 Service cost 80,680 Results so far that are correct: Pension Expense $141260 Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $31,600. Pension Expense $141260 Pension Asset/Liability $8540 Cash $149800 I am having problem with the Income Statement(Partial) and Balance Sheet (Partial). Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Carla Company provides the following selected information related to its defined benefit pension plan for 2020.
| Pension asset/liability (January 1) | $23,900 | Cr. | |
| Accumulated benefit obligation (December 31) | 401,000 | ||
| Actual and expected return on plan assets | 9,700 | ||
| Contributions (funding) in 2020 | 149,800 | ||
| Fair value of plan assets (December 31) | 806,800 | ||
| Settlement rate | 10 | % | |
| Projected benefit obligation (January 1) | 702,800 | ||
| Service cost | 80,680 |
Results so far that are correct:
Pension Expense $141260
Prepare the
Pension Expense $141260
Pension Asset/Liability $8540
Cash $149800
I am having problem with the Income Statement(Partial) and
Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020.
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