The following defined pension data of Sunland Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Sunland Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $568,000 553,400 14,600 130,000 10% 58,500 64,300 47,100 36,300 17,400 For 2025, prepare a pension worksheet for Sunland that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
The following defined pension data of Sunland Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Sunland Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $568,000 553,400 14,600 130,000 10% 58,500 64,300 47,100 36,300 17,400 For 2025, prepare a pension worksheet for Sunland that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishanu
Transcribed Image Text:The following defined pension data of Sunland Corp. apply to the year 2025.
Projected benefit obligation, 1/1/25 (before amendment)
Plan assets, 1/1/25
Pension liability, 1/1/25
On January 1, 2025, Sunland Corp., through plan amendment,
grants prior service benefits having this present value
Settlement rate
Service cost
Contributions (funding)
Actual (expected) return on plan assets
Benefits paid to retirees
Prior service cost amortization for 2025
$568,000
553,400
14,600
130,000
10%
58,500
64,300
47,100
36,300
17,400
For 2025, prepare a pension worksheet for Sunland that shows the journal entry for pension expense and the year-end balances in the related
pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
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