Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to thisplan.Plan assets (market-related value)$269,400Projected benefit obligation334,400Pension asset/liability65,000 Cr.Prior service cost89,600OCI-Loss39,700As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021.Service cost$44,500Actual return on plan assets26,900Amortization of prior service cost12,000Contributions64,400Benefits paid retirees41,400Settlement rate7 %Expected return on plan assets8 %Average remaining service life of active employees10 years Indicate the pension amounts reported in the financial statements.Marigold Corp.Income Statement (Partial)$$Marigold Corp.Comprehensive Income Statement$XXXX$XXXX>>>>>>

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Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $269,400 Projected benefit obligation 334,400 Pension asset/liability 65,000 Cr. Prior service cost 89,600 OCI-Loss 39,700

Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $269,400 Projected benefit obligation 334,400 Pension asset/liability 65,000 Cr. Prior service cost 89,600 OCI-Loss 39,700

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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Solomon, Inc. sponsors a defined benefit pension plan for its employees. On January 2020, the following balances and additional information related to this plan are: Plan assets, January 1, 2020 $170,000 Projected Benefit Obligation, January 1, 2020 260,000 Prior Service Cost, January 1, 2020 100,000 OCI-Loss, January 1, 2020 42,000 Service Cost for 2020 45,000 Actual return on plan assets 25,000 Amortization of PSC 15,000 Contributions in 2020 85,000 Benefits paid in 2020 51,000 Settlement rate 8% Expected return on assets 28,000 Average remaining service of life of active employees 10 years . Prepare the year journal entry to record the pension expense
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