Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31. 2021, projected benefit obligation of 519,300 Dec. 31, Pension Expense 89618 2021 Pension Asset/Liability 19800 Other Comprehensive Income (G/L) 19118 Other Comprehensive Income (PSC) 41600 Cash 48700
Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31. 2021, projected benefit obligation of 519,300 Dec. 31, Pension Expense 89618 2021 Pension Asset/Liability 19800 Other Comprehensive Income (G/L) 19118 Other Comprehensive Income (PSC) 41600 Cash 48700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education