Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020.Service costContribution to the planPrior service cost amortizationActual and expected return on plan assetsBenefits paidPlan assets at January 1, 2020Projected benefit obligation at January 1, 2020Accumulated OCI (PSC) at January 1, 2020Interest/discount (settlement) rateItemsPension ExperseBalance, January 1, 202091200Service cost61801Interest costT62800Actual return9800Amortization of PSCContributionsBenefitsJournal entry for 2020Accumulated OCI, Dec 31, 2019Balance, Dec 31, 2020eTextbook and MediaList of Accounts$91,200104,7009,80062,80040,500632,600686,700152,1009%eTextbook and Media100003Dr.Dr.cr.CashDebit104700Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do naindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)Account Titles and Explanation104700Credit

The pension expense is referred to as the service cost. The pension expense is the expenses incurred…

Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100

Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100

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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Subject: acounting