hat is the Pension Asset/Liability balance on January 1, 2025?

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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H1.

Account 

Items
Balance, Jan. 1, 2025
(a) Service Cost
(b) Interest Cost
(c) Actual Return
(d) Contributions
(e) Benefits
Journal Entry for 2025
Balance, Dec. 31, 2025
General Journal Entries
Annual Pension
Expense
$49000 dr
29000 dr
Cullumber Company
Pension Worksheet
26000 cr
Cash
$54000 cr
$52000 dr $54000 cr
Pension Asset/
Liability
??
??
What is the Pension Asset/Liability balance on January 1, 2025?
Memo Record
Projected Benefit
Obligation
$178000 cr $134000 dr
24000 dr
$202000
Plan
Assets
54000 dr
24000 cr
$164000
Transcribed Image Text:Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 General Journal Entries Annual Pension Expense $49000 dr 29000 dr Cullumber Company Pension Worksheet 26000 cr Cash $54000 cr $52000 dr $54000 cr Pension Asset/ Liability ?? ?? What is the Pension Asset/Liability balance on January 1, 2025? Memo Record Projected Benefit Obligation $178000 cr $134000 dr 24000 dr $202000 Plan Assets 54000 dr 24000 cr $164000
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