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- Jan 1, 2019 cost cost eturn cted loss utions 6 entry for 2019 lated OCI Dec 31, 2018 Dec 31, 2019 pension expense cash service cost OCI-Gain/ Loss Asset/liab ilities

- Jan 1, 2019 cost cost eturn cted loss utions 6 entry for 2019 lated OCI Dec 31, 2018 Dec 31, 2019 pension expense cash service cost OCI-Gain/ Loss Asset/liab ilities

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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Annual pension expense items balance Jan 1, 2019 service cost interest cost actual return unexpected loss contributions benefits Journal entry for 2019 accumulated OCI Dec 31, 2018 Balance Dec 31, 2019 Additional PSC-Jan 1, 2020 Balance Jan 1, 2020 service cost Interest cost actual return Amoritization of prior service cost Contributions Benefits Journal Entry for 2020 accumulated OCI Dec 31, 2019 Balance Dec 31, 2020 service cost interest cost actual return unexpected loss Amoritization of prior service cost contributions benefits liability gain Journal Entry for 2021 accumulated OCI Dec 31, 2020 Balance Dec 31, 2021 cash OCI-Post service cost OCI-Gain/ Loss Pension Asset/liab ilities Project benefit obligation Plan assets
Transcribed Image Text:Annual pension expense items balance Jan 1, 2019 service cost interest cost actual return unexpected loss contributions benefits Journal entry for 2019 accumulated OCI Dec 31, 2018 Balance Dec 31, 2019 Additional PSC-Jan 1, 2020 Balance Jan 1, 2020 service cost Interest cost actual return Amoritization of prior service cost Contributions Benefits Journal Entry for 2020 accumulated OCI Dec 31, 2019 Balance Dec 31, 2020 service cost interest cost actual return unexpected loss Amoritization of prior service cost contributions benefits liability gain Journal Entry for 2021 accumulated OCI Dec 31, 2020 Balance Dec 31, 2021 cash OCI-Post service cost OCI-Gain/ Loss Pension Asset/liab ilities Project benefit obligation Plan assets
Cullumber Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $612,000; projected benefit obligation $612,000. Other data relating to 3 years' operation of the plan are shown below. 2019 2020 $49,000 2021 $63,000 Annual service cost $40,000 Settlement rate and expected rate of return Actual return on plan assets 39,000 50,800 61,000 Annual funding (contributions) 11,000 29,000 57,000 Benefits paid 27,000 31,000 45,000 Prior service cost (plan amended, 1/1/20) 279,000 Amortization of prior service cost 40,000 58,000 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 964,000 8 % 8 % 8 %
Transcribed Image Text:Cullumber Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $612,000; projected benefit obligation $612,000. Other data relating to 3 years' operation of the plan are shown below. 2019 2020 $49,000 2021 $63,000 Annual service cost $40,000 Settlement rate and expected rate of return Actual return on plan assets 39,000 50,800 61,000 Annual funding (contributions) 11,000 29,000 57,000 Benefits paid 27,000 31,000 45,000 Prior service cost (plan amended, 1/1/20) 279,000 Amortization of prior service cost 40,000 58,000 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 964,000 8 % 8 % 8 %
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