Question
1)Ludell Corp. shows the following data- Projected benefit obligation 1/1/17- $560,000 Plan Assets 1/1/17- $546,200 On 1/2017, Ludell amends the plan and grants prior service
1)Ludell Corp. shows the following data-
Projected benefit obligation 1/1/17- $560,000
Plan Assets 1/1/17- $546,200
On 1/2017, Ludell amends the plan and grants prior service cost benefits of $120,000
Settlement rate - 9% Service Cost - $58,000 Contribution - $65,000
Actual/expected returns-$52,280 Benefits paid-$40,000
PSC amortization-$17,000.
A. Prepare the pension worksheet showing the journal entry for pension expense.
B. Show Y/E balances in the pension accounts (Memo record and OCI accounts included) C. Indicate amounts to be reported on Balance sheet and Income statements.
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Introduction to Managerial Accounting
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
5th Canadian edition
77429494, 1259105709, 1260480798, 978-1259105708
