InstructionsDetermine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. Prepare the journal entry to record 2020 pension expense for Usher Inc. The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2020? In (2) 2021? Explain. E20.18(LO 1, 2, 3, 4) (Pension Worksheet-Missing Amounts) The accounting staff of UsherInc. has prepared the following pension worksheet. Unfortunately, several entries in theworksheet are not decipherable. The company has asked your assistance in completing theworksheet and completing the accounting tasks related to the pension plan for2020.Pension Worksheet-Usher Inc.HomeInsertPage Layout Formulas DataReview ViewP18НGeneral Journal EntriesMemo RecordPensionAsset/AnnualProjectedBenefit4PensionOC-PriorOC-ItemsExpenseCashService Cost Gain/Loss Liability Obligation Plan Assets6 Balance, Jan. 1, 20207 Service cost8 Interest cost1,100 Cr.2,8001,700500(1)(2)2809 Actual return10 Unexpected gain(3)220150(4)11 Amortization of PSC(5)5512 Contributions80080013 Benefits20020014 Liability increase15 Journal entry(6)(10)365(7)(8)(9)(11)1617 Accumulated OCI, Dec. 31, 20191,1001,04518 Balance, Dec. 31, 20202151,2253,7452,52019

Pension Accounts have the following items in simple terms: Annual Pension Expense - Which is the…

Answered: E20.18 (LO 1, 2, 3, 4) (Pension…

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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Instructions

Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits.

Prepare the journal entry to record 2020 pension expense for Usher Inc.

The accounting staff has heard of a pension accounting procedure called “corridor amortization.” Is Usher required to record any amounts for corridor amortization in (1) 2020? In (2) 2021? Explain.

E20.18
(LO 1, 2, 3, 4) (Pension Worksheet-Missing Amounts) The accounting staff of Usher
Inc. has prepared the following pension worksheet. Unfortunately, several entries in the
worksheet are not decipherable. The company has asked your assistance in completing the
worksheet and completing the accounting tasks related to the pension plan for
2020.
Pension Worksheet-Usher Inc.
Home
Insert
Page Layout Formulas Data
Review View
P18
Н
General Journal Entries
Memo Record
Pension
Asset/
Annual
Projected
Benefit
4
Pension
OC-Prior
OC-
Items
Expense
Cash
Service Cost Gain/Loss Liability Obligation Plan Assets
6 Balance, Jan. 1, 2020
7 Service cost
8 Interest cost
1,100 Cr.
2,800
1,700
500
(1)
(2)
280
9 Actual return
10 Unexpected gain
(3)
220
150
(4)
11 Amortization of PSC
(5)
55
12 Contributions
800
800
13 Benefits
200
200
14 Liability increase
15 Journal entry
(6)
(10)
365
(7)
(8)
(9)
(11)
16
17 Accumulated OCI, Dec. 31, 2019
1,100
1,045
18 Balance, Dec. 31, 2020
215
1,225
3,745
2,520
19

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