Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $497,900 Projected benefit obligation 571,700 Pension asset/liability 73,800 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $87,700 Settlement rate, 9% Actual return on plan assets 53,100 Amortization of prior service cost 18,300 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,400 Contributions 97,200 Benefits paid retirees 84,500 Prepare the journal entry for pension expense for 2020
Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $497,900 Projected benefit obligation 571,700 Pension asset/liability 73,800 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $87,700 Settlement rate, 9% Actual return on plan assets 53,100 Amortization of prior service cost 18,300 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,400 Contributions 97,200 Benefits paid retirees 84,500 Prepare the journal entry for pension expense for 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
| Plan assets | $497,900 | ||
| Projected benefit obligation | 571,700 | ||
| Pension asset/liability | 73,800 | ||
| Accumulated OCI (PSC) | 101,400 | Dr. |
As a result of the operation of the plan during 2020, the following additional data are provided by the actuary.
| Service cost | $87,700 | |
| Settlement rate, 9% | ||
| Actual return on plan assets | 53,100 | |
| Amortization of prior service cost | 18,300 | |
| Expected return on plan assets | 50,200 | |
| Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions |
74,400 | |
| Contributions | 97,200 | |
| Benefits paid retirees | 84,500 |
Prepare the
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