The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets, January 1, 2020 $470,900 Projected benefit obligation, January 1, 2020 470,900 Settlement rate 8 % Service cost 38,500 Contributions (funding) 24,300 Actual and expected return on plan assets 46,800 Benefits paid to retirees 34,700 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WILDHORSE INC. Pension Worksheet—2020 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2020 $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit Service cost enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Interest cost enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Actual return enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Contributions enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Benefits enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Journal entry, December 31 $enter a net debit or credit amount select between debit and credit $enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit Balance, December 31, 2020 $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit

The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Plan assets, January 1, 2020 $470,900 Projected benefit obligation, January 1, 2020 470,900 Settlement rate 8 % Service cost 38,500 Contributions (funding) 24,300 Actual and expected return on plan assets 46,800 Benefits paid to retirees 34,700 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WILDHORSE INC. Pension Worksheet—2020 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset/ Liability Projected Benefit Obligation Plan Assets Balance, January 1, 2020 $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit Service cost enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Interest cost enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Actual return enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Contributions enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Benefits enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit enter a dollar amount select between debit and credit Journal entry, December 31 $enter a net debit or credit amount select between debit and credit $enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit enter a net debit or credit amount select between debit and credit Balance, December 31, 2020 $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit $enter a net debit or credit balance select between debit and credit

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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Question

The following facts apply to the pension plan of Wildhorse Inc. for the year 2020.

Plan assets, January 1, 2020	$470,900
Projected benefit obligation, January 1, 2020	470,900
Settlement rate	8	%
Service cost	38,500
Contributions (funding)	24,300
Actual and expected return on plan assets	46,800
Benefits paid to retirees	34,700

Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

WILDHORSE INC. Pension Worksheet—2020
	General Journal Entries		Memo Record
Items	Annual Pension Expense		Cash	Pension Asset/ Liability	Projected Benefit Obligation	Plan Assets
Balance, January 1, 2020	$enter a net debit or credit balance	select between debit and credit

$enter a net debit or credit balance