Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AC313 Exercise 17-19 Record pension expense, funding, and gains and loss;determine account balances. Required 1-3: 1. record the pension expense. 2. record gain on PBO.

AC313 Exercise 17-19 Record pension expense, funding, and gains and loss;determine account balances.
image text in transcribed
image text in transcribed
Required 1-3:
1. record the pension expense.
2. record gain on PBO.
3. record the loss of the plan assets.
4.record the funding of plan assets.
5.record the payment of benefits.
Required 4:
image text in transcribed
Required 5:
image text in transcribed
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available: $ in millions) $ 420 Projected Benefit obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5 Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 (12) (21) ($ in millions) $440 Plan Assets Balance, January 1, 2018 Actual return on plan assets (Expected return on plan assets Cash contributions Pension benefits paid Balance, December 31, 2018 (21) $ 522 January 1, 2018, balances Pension asset Prior service cost-AOCI (amortization $5 per year) Net gain-AOCI (any amortisation over 10 years) $ in millions) $ 20 35 Required: 1. to 3. Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees. 4. Determine the balances at December 31, 2018, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI (Hint: You might find T-accounts useful.) 5. What amount Will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the 5. What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Reg 1 to 3 Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees. (If no entry is required for a transaction/event, select "No journal entry required in the first account field, Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet $ in millions) $ 20 January 1, 2018, balances! Pension asset Prior service cost-AOCI (amortization $5 per year) Net gain-AOCI (any amortization over 10 years) Required: 1. to 3. Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees. 4. Determine the balances at December 31, 2018, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOC (Hint: You might find T-accounts useful.] 5. What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 Reg 5 What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan? (Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Balance Sheet as on 2018 million C Reg 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Organizational Communication A Handbook Of Research Theory And Practice

Authors: Owen Hargie, Dennis Tourish

2nd Edition

0415414466, 978-0415414463

More Books

Students also viewed these Accounting questions

Question

=+(3.14) Q((HOA) U (HenB)) = P(HOA) +P (H'nB) for A, B E 70.

Answered: 1 week ago