Sunland Corporation is a privately-owned company that uses ASPE. On January 1, 2023, Sunland's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,310,000 1,470,000 Sunland Corporation's actuary provided the following information on December 31, 2023: Current year service cost $82,000 Prior service cost, granted Jan 1, 2023 198,000 Employer contributions for the year 88,000 Benefits paid to retirees 28,000 Expected return on assets 5% Actual return on assets Discount rate 6% 5% (a) Prepare a pension worksheet for Sunland Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry - 2023 Net Funding Entry Balance, December 31, 2023 General Journal Entr Annual Defined Benefit Expense Cash > > > >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sunland Corporation is a privately-owned company that uses ASPE. On January 1, 2023, Sunland's financial records indicated the
following information related to the company's defined benefit pension plan:
Defined Benefit Obligation
Pension Plan Assets
$1,310,000
1,470,000
Sunland Corporation's actuary provided the following information on December 31, 2023:
Current year service cost
$82,000
Prior service cost, granted Jan 1, 2023
198,000
Employer contributions for the year
88,000
Benefits paid to retirees
28,000
Expected return on assets
5%
Actual return on assets
Discount rate
6%
5%
(a)
Prepare a pension worksheet for Sunland Corporation for 2023.
Balance, January 1, 2023
Current Service Cost
Prior Service Cost
Net Interest/Finance Cost
Asset Remeasurement Gain/Loss
Employer Contributions to Pension Fund
Benefits Paid to Retirees from Pension Fund
Defined Benefit Expense Entry - 2023
Net Funding Entry
Balance, December 31, 2023
General Journal Entr
Annual Defined
Benefit
Expense
Cash
>
>
>
>
Transcribed Image Text:Sunland Corporation is a privately-owned company that uses ASPE. On January 1, 2023, Sunland's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets $1,310,000 1,470,000 Sunland Corporation's actuary provided the following information on December 31, 2023: Current year service cost $82,000 Prior service cost, granted Jan 1, 2023 198,000 Employer contributions for the year 88,000 Benefits paid to retirees 28,000 Expected return on assets 5% Actual return on assets Discount rate 6% 5% (a) Prepare a pension worksheet for Sunland Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry - 2023 Net Funding Entry Balance, December 31, 2023 General Journal Entr Annual Defined Benefit Expense Cash > > > >
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