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The following information is relevant to AllenCo’s defined benefit pension plan for 2022 (all numbers in thousands): Service cost: $1,500 Interest cost: $2,500 • Expected return on plan assets: $2,000 Actual return on plan assets: $1,300 Amendment of pension plan (increasing pension liability): $200 Gain due to change in longevity assumptions: $250 Amortization of prior service cost: $50 Amortization of accumulated gains and losses (have a net loss in AOCI): $8 If you need a tax rate, just refer to t (e.g., use 100t to denote $100 x t). 1. Write AllenCo’s journal entry to record pension expense associated with service cost, interest cost and expected return in 2022: 2. Write AllenCo’s journal entry to record new prior service costs arising from plan amendments in 2022: 3. Write AllenCo’s journal entry to record amortization of prior service costs in 2022:

The following information is relevant to AllenCo’s defined benefit pension plan for 2022 (all numbers in thousands): Service cost: $1,500 Interest cost: $2,500 • Expected return on plan assets: $2,000 Actual return on plan assets: $1,300 Amendment of pension plan (increasing pension liability): $200 Gain due to change in longevity assumptions: $250 Amortization of prior service cost: $50 Amortization of accumulated gains and losses (have a net loss in AOCI): $8 If you need a tax rate, just refer to t (e.g., use 100t to denote $100 x t). 1. Write AllenCo’s journal entry to record pension expense associated with service cost, interest cost and expected return in 2022: 2. Write AllenCo’s journal entry to record new prior service costs arising from plan amendments in 2022: 3. Write AllenCo’s journal entry to record amortization of prior service costs in 2022:

FINANCIAL ACCOUNTING
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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The following information is relevant to AllenCo's defined benefit pension plan for 2022 (all numbers in thousands): Service cost: $1,500 Interest cost: $2,500 Expected return on plan assets: $2,000 Actual return on plan assets: $1,300 Amendment of pension plan (increasing pension liability): $200 Gain due to change in longevity assumptions: $250 Amortization of prior service cost: $50 Amortization of accumulated gains and losses (have a net loss in AOCI): $8 If you need a tax rate, just refer to t (e.g., use 100t to denote $100 x t). 1. Write AllenCo's journal entry to record pension expense associated with service cost, interest cost and expected return in 2022: 2. Write AllenCo's journal entry to record new prior service costs arising from plan amendments in 2022: 3. Write AllenCo's journal entry to record amortization of prior service costs in 2022: 4. What is AllenCo's total “pension expense" for 2020?
Transcribed Image Text:The following information is relevant to AllenCo's defined benefit pension plan for 2022 (all numbers in thousands): Service cost: $1,500 Interest cost: $2,500 Expected return on plan assets: $2,000 Actual return on plan assets: $1,300 Amendment of pension plan (increasing pension liability): $200 Gain due to change in longevity assumptions: $250 Amortization of prior service cost: $50 Amortization of accumulated gains and losses (have a net loss in AOCI): $8 If you need a tax rate, just refer to t (e.g., use 100t to denote $100 x t). 1. Write AllenCo's journal entry to record pension expense associated with service cost, interest cost and expected return in 2022: 2. Write AllenCo's journal entry to record new prior service costs arising from plan amendments in 2022: 3. Write AllenCo's journal entry to record amortization of prior service costs in 2022: 4. What is AllenCo's total “pension expense" for 2020?
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