(answer in text form please (without image), Note: .Every entry should have narration please) Service costContribution to the plan$91,200104,700Prior service cost amortization9,800Actual and expected return on plan assets62,800Benefits paid40,500Plan assets at January 1, 2025632,600Projected benefit obligation at January 1, 2025686,700Accumulated OCI (PSC) at January 1, 2025152,100Interest/discount (settlement) rate9%(a)Your answer is partially correct.Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

Pension Expense-"Pension Expense" is the business expenses in relation to the employees that were…

Answered: Prepare a pension worksheet inserting…

Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 14E: Refer to the information provided in E19-13. Required: Using the years-of-future-service method,...

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Question

(answer in text form please (without image), Note: .Every entry should have narration please)

Service cost
Contribution to the plan
$91,200
104,700
Prior service cost amortization
9,800
Actual and expected return on plan assets
62,800
Benefits paid
40,500
Plan assets at January 1, 2025
632,600
Projected benefit obligation at January 1, 2025
686,700
Accumulated OCI (PSC) at January 1, 2025
152,100
Interest/discount (settlement) rate
9%
(a)
Your answer is partially correct.
Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

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2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…
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