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Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Llability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 pension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600

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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Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Liability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 TPension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600
Transcribed Image Text:Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Pension Expense 136880 Pension Asset/Liability 27140 Other Comprehensive I 11800 Other Comprehensive 16520 Cash 135700 Dec. 31, 2021 TPension Expense 179360 Pension Asset/Liability 23600 Other Comprehensive I 14160 Cash 141600
Problem 20-04 (Part Level Submission) Sage Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 $824,820 $1,001,820 826,000 944,000 165,200 Cr. ? Prior service cost, January 1 295,000 283,200 Service cost 70,800 106,200 Actual and expected return on plan assets 28,320 35,400 Amortization of prior service cost 11,800 14,160 Contributions (funding) Accumulated benefit obligation, December 31 135,700 141,600 590,000 649,000 Interest/settlement rate 10 % 10 %
Transcribed Image Text:Problem 20-04 (Part Level Submission) Sage Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 Projected benefit obligation, January 1 Pension asset/liability, January 1 $824,820 $1,001,820 826,000 944,000 165,200 Cr. ? Prior service cost, January 1 295,000 283,200 Service cost 70,800 106,200 Actual and expected return on plan assets 28,320 35,400 Amortization of prior service cost 11,800 14,160 Contributions (funding) Accumulated benefit obligation, December 31 135,700 141,600 590,000 649,000 Interest/settlement rate 10 % 10 %
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