Larkspur Company provides the following information about its defined benefit pension plan for the year 2020.Service cost$90,900Contribution to the plan103,000Prior service cost amortization9,300Actual and expected return on plan assets63,200Benefits paid39,800Plan assets at January 1, 2020648,600Projected benefit obligation at January 1, 2020706,600Accumulated OCI (PSC) at January 1, 2020Interest/discount (settlement) rate148,800Items10 %Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)AnnualPension ExpenseCashGener

The defined benefit pension plan relates to an employer-sponsored pension plan wherein the employee…

Larkspur Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 $90,900 103,000 9,300 63,200 39,800 648,600 706,600

Larkspur Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 $90,900 103,000 9,300 63,200 39,800 648,600 706,600

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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The following information isavailable for the pension plan of Radcliffe Company for the year 2019.Interest revenue on plan assets $ 15,000Benefits paid to retirees 40,000Contributions (funding) 90,000Discount (interest) rate 10%Defined benefit obligation, January 1, 2019 500,000Service cost 60,000Instructionsa. Compute pension expense for the year 2019.b. Prepare the journal entry to record pension expense and the employer'scontribution to the pension plan in 2019.
Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
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