Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. 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, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: Show Transcribed Text 3 2019 $16,200 10 % 18,200 16.200 13,700 Ć 2020 $19.000 10 % 21.990 40.200 16,100 161,100 54.000 2021 $26,200 10 % 23,900 48,300 20,700 42,300 511,800 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.)
Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. 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, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: Show Transcribed Text 3 2019 $16,200 10 % 18,200 16.200 13,700 Ć 2020 $19.000 10 % 21.990 40.200 16,100 161,100 54.000 2021 $26,200 10 % 23,900 48,300 20,700 42,300 511,800 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bb.47.
Transcribed Image Text:Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning
balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as
follows.
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, 1/1/20)
Amortization of prior service cost
Change in actuarial assumptions establishes
a December 31, 2021, projected benefit obligation of:
Show Transcribed Text
2019
$16,200
10 %
18,200
16,200
13,700
Ć
2020
$19.000
10 %
21.990
40,200
16,100
161,100
54.000
2021
$26,200
10 %
23,900
48,300
20,700
42,300
511,800
Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.)
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