Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) ORIOLE COMPANY Pension Worksheet—2020. General Journal Entries Memo Record Items Annual Pension Expense Cash OCI Prior Service Cost Pension Asset/ Liability (b)
Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) ORIOLE COMPANY Pension Worksheet—2020. General Journal Entries Memo Record Items Annual Pension Expense Cash OCI Prior Service Cost Pension Asset/ Liability (b)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Oriole Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $91,700 | ||
| Contribution to the plan | 104,300 | ||
| Prior service cost amortization | 10,800 | ||
| Actual and expected return on plan assets | 65,300 | ||
| Benefits paid | 39,700 | ||
| Plan assets at January 1, 2020 | 633,400 | ||
| Projected benefit obligation at January 1, 2020 | 711,600 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 148,000 | ||
| Interest/discount (settlement) rate | 10 | % |
(a)
Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
|
ORIOLE COMPANY
Pension Worksheet—2020. |
||||||||
|---|---|---|---|---|---|---|---|---|
|
General
|
Memo Record
|
|||||||
|
Items
|
Annual
Pension Expense |
Cash
|
OCI
Prior Service Cost |
Pension Asset/
Liability |
(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education