he following defined pension data of Splish Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $532,000 Plan assets, 1/1/20 517,400 Pension liability 14,600 On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of 113,000 Settlement rate 9 % Service cost 53,700 Contributions (funding) 60,500 Actual (expected) return on plan assets 49,400 Benefits paid to retirees 38,200 Prior service cost amortization for 2020 15,700 For 2020, prepare a pension worksheet for Splish Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
he following defined pension data of Splish Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $532,000 Plan assets, 1/1/20 517,400 Pension liability 14,600 On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of 113,000 Settlement rate 9 % Service cost 53,700 Contributions (funding) 60,500 Actual (expected) return on plan assets 49,400 Benefits paid to retirees 38,200 Prior service cost amortization for 2020 15,700 For 2020, prepare a pension worksheet for Splish Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
he following defined pension data of Splish Corp. apply to the year 2020.
| Projected benefit obligation, 1/1/20 (before amendment) | $532,000 | ||
| Plan assets, 1/1/20 | 517,400 | ||
| Pension liability | 14,600 | ||
| On January 1, 2020, Splish Corp., through plan amendment, grants prior service benefits having a present value of |
113,000 | ||
| Settlement rate | 9 | % | |
| Service cost | 53,700 | ||
| Contributions (funding) | 60,500 | ||
| Actual (expected) return on plan assets | 49,400 | ||
| Benefits paid to retirees | 38,200 | ||
| Prior service cost amortization for 2020 | 15,700 |
For 2020, prepare a pension worksheet for Splish Corp. that shows the
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