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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Instructions
Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits.
Prepare the
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ce92aaf-9fd3-499e-83f8-c28adca0e5dd%2Ff49541c9-24fc-40ad-bf24-43d03ceb1ebc%2F304ep6d.png&w=3840&q=75)
Transcribed Image Text: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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