Defined benefit obligation, 31 December 20X1 Benefits paid to retirees in 20X2 during the year Current...
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Defined benefit obligation, 31 December 20X1 Benefits paid to retirees in 20X2 during the year Current service cost for 20X2 Actual return on plan assets for 20X2 Fair value of plan assets, 31 December 20X1 Funding payment 31, December 20X2 $145,000 27,000 8,000 3,300 91,000 8,300 Past service cost from amendment dated 1 January 20X2; liability is increased because benefits were increased on a retrospective basis. Actuarial revaluation dated 31 December 20X2; decrease to liability because of changed mortality assumptions. Long-term interest rate on corporate bonds 5,000 (3,800) 6% Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X1. Net defined benefit pension liability, 31 December 20X1 2. Compute the defined benefit obligation at 31 December 20X2 and the fair value of plan assets on the same date. Defined benefit obligation, 31 December 20X2 Fair value of plan assets, 31 December 20X2 2. Compute the defined benefit obligation at 31 December 20X2 and the fair value of plan assets on the same date. Defined benefit obligation, 31 December 20X2 Fair value of plan assets, 31 December 20X2 3. Analyze the three elements of pension accounting for 20X2: service cost, net interest, and remeasurements. Prepare entries and also an entry for the contribution to the fund during 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the service cost for 20X2. Note: Enter debits before credits. 7 4-a. Calculate the SFP net defined benefit pension liability as of 31 December 20X2. (Round your answers to nearest whole dollar.) Net defined benefit pension liability, 31 December 20X2 Defined benefit obligation, 31 December 20X1 Benefits paid to retirees in 20X2 during the year Current service cost for 20X2 Actual return on plan assets for 20X2 Fair value of plan assets, 31 December 20X1 Funding payment 31, December 20X2 $145,000 27,000 8,000 3,300 91,000 8,300 Past service cost from amendment dated 1 January 20X2; liability is increased because benefits were increased on a retrospective basis. Actuarial revaluation dated 31 December 20X2; decrease to liability because of changed mortality assumptions. Long-term interest rate on corporate bonds 5,000 (3,800) 6% Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X1. Net defined benefit pension liability, 31 December 20X1 2. Compute the defined benefit obligation at 31 December 20X2 and the fair value of plan assets on the same date. Defined benefit obligation, 31 December 20X2 Fair value of plan assets, 31 December 20X2 2. Compute the defined benefit obligation at 31 December 20X2 and the fair value of plan assets on the same date. Defined benefit obligation, 31 December 20X2 Fair value of plan assets, 31 December 20X2 3. Analyze the three elements of pension accounting for 20X2: service cost, net interest, and remeasurements. Prepare entries and also an entry for the contribution to the fund during 20X2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the service cost for 20X2. Note: Enter debits before credits. 7 4-a. Calculate the SFP net defined benefit pension liability as of 31 December 20X2. (Round your answers to nearest whole dollar.) Net defined benefit pension liability, 31 December 20X2
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
Posted Date:
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