Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $480,000 600,000 120,000 100,000 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $90,000 Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 55,000 19,000 52,000 76,000 Contributions 99,000 85,000 Benefits paid retirees
Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $480,000 600,000 120,000 100,000 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $90,000 Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 55,000 19,000 52,000 76,000 Contributions 99,000 85,000 Benefits paid retirees
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
(Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.
Check the below image for the balances.
Instructions
(a) Using the data above, compute pension expense for Webb Corp. for the year 2017 by preparing a pension worksheet.
(b) Prepare the
Transcribed Image Text:Plan assets
Projected benefit obligation
Pension asset/liability
Accumulated OCI (PSC)
$480,000
600,000
120,000
100,000 Dr.
As a result of the operation of the plan during 2017, the following additional data are provided by the actuary.
Service cost
$90,000
Settlement rate, 9%
Actual return on plan assets
Amortization of prior service cost
Expected return on plan assets
Unexpected loss from change in projected benefit obligation,
due to change in actuarial predictions
55,000
19,000
52,000
76,000
Contributions
99,000
85,000
Benefits paid retirees
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