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pelow: Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/25) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2026, projected benefit obligation of: Balance, Jan. 1, 2024 Service cost 2024 Interest cost $39,000 8% 40,000 11,000 26,000 Annual Pension Expense 39000 2025 48160 $50,000 repare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to 0 decimal places, e.g. 5,125. nter all amounts as positive.) 2026 8% 50,160 60,000 30,000 59,000 32,000 46,000 274,000 39,000 57,000 Dr. $58,000 Dr. V 8% 933,000 Cash

pelow: Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/25) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2026, projected benefit obligation of: Balance, Jan. 1, 2024 Service cost 2024 Interest cost $39,000 8% 40,000 11,000 26,000 Annual Pension Expense 39000 2025 48160 $50,000 repare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to 0 decimal places, e.g. 5,125. nter all amounts as positive.) 2026 8% 50,160 60,000 30,000 59,000 32,000 46,000 274,000 39,000 57,000 Dr. $58,000 Dr. V 8% 933,000 Cash

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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A 195.

Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginning balances: plan assets $602,000: projected benefit obligation $602,000. Other data relating to 3 years' operation of the plan are shown below: Annual service cost Settlement rate and expected rate of return. Actual return on plan assets. Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/25) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2026, projected benefit obligation of: Balance, Jan. 1, 2024 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Cash 26000 Cr 2024 $39,000 $50,000 $ 8% 40,000 11,000 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to 0 decimal places, e.g. 5,125. Enter all amounts as positive.) 26,000 Annual Pension Expense 39000 48160 40000 TOOD 2025 General Journal Entries OCI-Prior Service Cost 50,160 30,000 32,000 8% Dr. v Dr. Cr. 2026 $58,000 274,000 39,000 57,000 Cr. 8% 60,000 59,000 46.000 933,000 $ Cash 26000 SHERIDAN COMPANY Pension Worksheet-2024, 2025, 2026 OCI-Gain/ Loss 1000000 Cr.
Transcribed Image Text:Sheridan Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginning balances: plan assets $602,000: projected benefit obligation $602,000. Other data relating to 3 years' operation of the plan are shown below: Annual service cost Settlement rate and expected rate of return. Actual return on plan assets. Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/25) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2026, projected benefit obligation of: Balance, Jan. 1, 2024 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Cash 26000 Cr 2024 $39,000 $50,000 $ 8% 40,000 11,000 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to 0 decimal places, e.g. 5,125. Enter all amounts as positive.) 26,000 Annual Pension Expense 39000 48160 40000 TOOD 2025 General Journal Entries OCI-Prior Service Cost 50,160 30,000 32,000 8% Dr. v Dr. Cr. 2026 $58,000 274,000 39,000 57,000 Cr. 8% 60,000 59,000 46.000 933,000 $ Cash 26000 SHERIDAN COMPANY Pension Worksheet-2024, 2025, 2026 OCI-Gain/ Loss 1000000 Cr.
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