The accounting staff of Usher Inc. has prepared the following pension worksheet (amounts in $). Unfortunately, several
Question:
Instructions
a. Determine the missing amounts in the 2019 pension worksheet, indicating whether the amounts are debits or credits.
b. Prepare the journal entry to record 2019 pension expense for Usher Inc.
Pension Worksheet-Usher Inc. Home Insert Page Layout Formulas Data Review View PI8 A в General Journal Entries Memo Record Annual Pension Defined Pension OCI- Benefit Liability Obligation Plan Assets 2,800 Asset/ Cash Items Expense Gain/Loss 6 Balance, Jan. 1, 2019 7 Service cost 8 Interest expense 9 Interest revenue 1,100 Cr. 1,700 (1) 500 (2) 280 (3) 170 10 Contributions 800 800 11 Benefits 12 Asset gain 13 Liability loss 200 200 (4) 50 (5) (8) 365 14 Journal entry (6) (7) (9) 15 Accumulated OCI, Dec. 31, 2018 16 Balance, Dec. 31, 2019 17 315 1,225 3,745 2,520 18
Step by Step Answer:
a Below is the completed worksheet indicating debit and credit entr...View the full answer
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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