Current Attempt in Progress Pharoah Company provides the following selected information related to its defined benet pension plan for 2025 Pension anset/ahity Uanuary 1) Accumulated benet obligation December 31) Actual and expected return on plan assets Contributions Munding in 2025 Fair value of plan asets (December 21 Settlement rate Projected benefit obligation (anuary 1 Service cost $24.700 402.500 7400 150.200. 799.300 10% 496.500 79.930

Current Attempt in Progress Pharoah Company provides the following selected information related to its defined benet pension plan for 2025 Pension anset/ahity Uanuary 1) Accumulated benet obligation December 31) Actual and expected return on plan assets Contributions Munding in 2025 Fair value of plan asets (December 21 Settlement rate Projected benefit obligation (anuary 1 Service cost $24.700 402.500 7400 150.200. 799.300 10% 496.500 79.930

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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Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Items Pension Experse Balance, January 1, 2020 91200 Service cost 61801 Interest cost T 62800 Actual return 9800 Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec 31, 2020 eTextbook and Media List of Accounts $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100 9% eTextbook and Media 100003 Dr. Dr. cr. Cash Debit 104700 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do na indent manually. If no entry is required, select "No Entry" for the account titles and…
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