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Indicate the pension-rela that would be reported in the company's income statement and balance sheet for 2020. Cheyenne Company Income Statement (Partial) Cheyenne Company Balance Sheet (Partial) to

Indicate the pension-rela that would be reported in the company's income statement and balance sheet for 2020. Cheyenne Company Income Statement (Partial) Cheyenne Company Balance Sheet (Partial) to

FINANCIAL ACCOUNTING
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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Q01.

Cheyenne Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost Compute pension expense. Pension expense for 2020 $ $25,100 Cr. 397,700 9,700 150,600 805,800 Account Titles and Explanation 10 % 702,200 80,580 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $31,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit
Transcribed Image Text:Cheyenne Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost Compute pension expense. Pension expense for 2020 $ $25,100 Cr. 397,700 9,700 150,600 805,800 Account Titles and Explanation 10 % 702,200 80,580 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $31,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit
Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Cheyenne Company Income Statement (Partial) Cheyenne Company Balance Sheet (Partial) $
Transcribed Image Text:Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Cheyenne Company Income Statement (Partial) Cheyenne Company Balance Sheet (Partial) $
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