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Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20

Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020, SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Asset/Liability Plan Assets Items Expense Cash Obligation 1/1/20 %$4 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 Balance, 12/31/20

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020. SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Items Plan Expense Cash Asset/Liability Obligation Assets 1/1/20 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 $ $1 Balance, 12/31/20 $1 <> <> <> %24 %24 <> <> %24 %24 <> <> <> <> <> %24 > > > > > %24 %24 <> <> <> <. %24
Transcribed Image Text:Question 8 At January 1, 2020, Sandhill Company had plan assets of $283,600 and a projected benefit obligation of the same amount. During 2020, service cost was $26,900, the settlement rate was 10%, actual and expected return on plan assets were $25,800, contributions were $19,500, and benefits paid were $17,500. Prepare a pension worksheet for Sandhill Company for 2020. SANDHILL COMPANY General Journal Entries Memo Record Projected Benefit Pension Pension Items Plan Expense Cash Asset/Liability Obligation Assets 1/1/20 Service cost Interest cost Actual return Contributions Benefits Journal entry, 12/31/20 $ $1 Balance, 12/31/20 $1 <> <> <> %24 %24 <> <> %24 %24 <> <> <> <> <> %24 > > > > > %24 %24 <> <> <> <. %24
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