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Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $615,000; projected benefit
Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $615,000; projected benefit obligation $615,000. Other data relating to 3 years' operation of the plan are shown below. 2019 2021 2020 $48.000 $40,000 8 % $61,000 8 % 40.000 51.280 59,000 11,000 30,000 60,000 Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 25,000 45.000 32,000 283,000 38,000 55.000 1,025,000 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to decimal places, eg, 5,125. Enter all amounts as positive.) Annual Pension Expense Cash Balance, Jan. 1. 2019 $ Contributions Journal entry for 2019 $ $ Accumulated OCI, Dec 31, 2018 Balance, Dec 31, 2019 Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Round answers to decimal places, eg. 5.125. Enter all amounts as positive.) CHEYENNE COMPANY Pension Worksheet-2019,2020, 2021 General Journal Entries OCI-Prior OCI-Gain/ Pension Asset Service Cost Loss Liability 1 $ > > > > Additional PSC, 1/1/2020 > Balance, Jan. 1.2020 Interest cost > Actual return Interest cost > Actual return A Amortization of PSC Liability gain > Journal entry for 2021 $ >
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