Pension WorksheetFactorBeginning BalanceService CostPrior Service CostAmortization of Prior Service CostInterest on PBOExpected Return on Plan AssetsUnexpected Return on Plan AssetsChanges in Actuarial AssumptionsAmortization of Actuarial Gains/LossesFundingPayments to RetireesImpact on Net incomeImpact on OCIEnding BalancesComprehensive IncomePensionExpense(NI)34,9001,58723,828(14,138)24146,419Prior ServiceCosts (OCI)-42,855(1,587)41,268ActuarialGains/Losses(OCI)(3,497)27,520(241)23,781credits and credit balances in parenthesesPBO(552,853)(34,900)(42,855)(23,828)(27,520)38,200Plan Assets471,25514,1383,49724,500(38,200)Balance Sheet(643,756) 475,190Cash------(24,500)AOCI -Actuarial Net PensionGains/Losses61,80042,855(1,587)-(3,497)27,520(241)Asset/Liability(81,598)126,849 (168,566) Prepare the pension journal entry for 2022.Red Robin offers a defined-benefit pension plan to its employees. The following information summarizes theevents related to the pension plan for the current year (2022):$Service cost for the yearSettlement rateExpected return on plan assetsActual return on plan assetsContributions for the yearBenefit payments for the yearIncrease on PBO of actuarial assumption changesPrior service costs granted on January 1Average remaining service life of employee base (years)$$$$$34,9004%3%17,63524,50038,20027,52042,85527This is the first year that Red Robin incurred prior service costs.The completed pension worksheet is included in the "Pension" spreadsheet attached.

In a defined benefit plan, the employer guarantees that the employee will receive a definite amount…

Red Robin offers a defined-benefit pension plan to its employees. The following information summarizes the events related to the pension plan for the current year (2022): $ Service cost for the year Settlement rate Expected return on plan assets Actual return on plan assets Contributions for the year Benefit payments for the year Increase on PBO of actuarial assumption changes Prior service costs granted on January 1 Average remaining service life of employee base (years) $ $ $ $ $ 34,900 4% 3% 17,635 24,500 38,200 27,520 42,855 27 This is the first year that Red Robin incurred prior service costs. The completed pension worksheet is included in the "Pension" spreadsheet attached.

Red Robin offers a defined-benefit pension plan to its employees. The following information summarizes the events related to the pension plan for the current year (2022): $ Service cost for the year Settlement rate Expected return on plan assets Actual return on plan assets Contributions for the year Benefit payments for the year Increase on PBO of actuarial assumption changes Prior service costs granted on January 1 Average remaining service life of employee base (years) $ $ $ $ $ 34,900 4% 3% 17,635 24,500 38,200 27,520 42,855 27 This is the first year that Red Robin incurred prior service costs. The completed pension worksheet is included in the "Pension" spreadsheet attached.

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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