George Corporation has a defined benefit pension plan for its employees. The following information is available for 20x1 $930,000 204,000 196,000 30,000 F30 at 1/1 Payments made to retirees at 12/31 Service cost Actual return on plan assets Plan contributions at 12/31 Fair value of plan assets at 12/31 Amortization of prior service cost Discount rate Expected rate of return on plan assets 130,000 800,000 Required: 1. What was the January 1, 20X1, fair value of the plan assets? 2. What is the expected dollar return on plan assets for 20X1? 3. What amount of pension expense should George report for the year ended December 31, 20X1? 4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1? 5. Prepare the journal entries to record pension expense, the contribution, and the OCI effects. 76,000 10% Complete this question by entering your answers in the tabs below. 1. Fair value of plan assets at 1/1/20X1 Reg S 1. What was the January 1, 20x1, fair value of the plan assets? 2. What is the expected dollar return on plan assets for 2017 3. What amount of pension expense should George report for the year ended December 31, 2017 4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1? Expected dollar return on plan assets for 201 Pension expense for 201 Amount Show less &
George Corporation has a defined benefit pension plan for its employees. The following information is available for 20x1 $930,000 204,000 196,000 30,000 F30 at 1/1 Payments made to retirees at 12/31 Service cost Actual return on plan assets Plan contributions at 12/31 Fair value of plan assets at 12/31 Amortization of prior service cost Discount rate Expected rate of return on plan assets 130,000 800,000 Required: 1. What was the January 1, 20X1, fair value of the plan assets? 2. What is the expected dollar return on plan assets for 20X1? 3. What amount of pension expense should George report for the year ended December 31, 20X1? 4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1? 5. Prepare the journal entries to record pension expense, the contribution, and the OCI effects. 76,000 10% Complete this question by entering your answers in the tabs below. 1. Fair value of plan assets at 1/1/20X1 Reg S 1. What was the January 1, 20x1, fair value of the plan assets? 2. What is the expected dollar return on plan assets for 2017 3. What amount of pension expense should George report for the year ended December 31, 2017 4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1? Expected dollar return on plan assets for 201 Pension expense for 201 Amount Show less &
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am.109.
Transcribed Image Text:George Corporation has a defined benefit pension plan for its employees. The following information is available for 20X1:
PBO at 1/1
Payments made to retirees at 12/31
Service coat
Actual return on plan assets
Plan contributions at 12/31
Fair value of plan assets at 12/31
Anortization of prior service cost
Discount rate
Expected rate of return on plan assets
$930,000
204,000
196,000
30,000
130,000
880,000
76,000
108
68
Required:
1. What was the January 1, 20X1, fair value of the plan assets?
2. What is the expected dollar return on plan assets for 20X1?
3. What amount of pension expense should George report for the year ended December 31, 20X1?
4. What was the dollar amount of loss (gain) on plan assets that was recognized in OCI during 20X1?
5. Prepare the journal entries to record pension expense, the contribution, and the OCI effects.
Complete this question by entering your answers in the tabs below.
1. Fair value of plan assets at 1/1/20X1
2 Expected dollar return on plan assets for 20X1
3.
Pension expense for 20X1
4.
Reg 1 to 4
Req 5
1. What was the January 1, 20X1, fair value of the plan assets?
2. What is the expected dollar return on plan assets for 20X1?
3. What amount of pension expense should George report for the year ended December 31, 20X1?
4. What was the dollar amount of loss (gain) on plan assets that was recognized in OC1 during 20X1?
Amount
Show less A
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