Question
ension Expense and Liability On December 31, 2013, Robey Company accumulated the following information for 2013 in regard to its defined benefit pension plan: Service
ension Expense and Liability
On December 31, 2013, Robey Company accumulated the following information for 2013 in regard to its defined benefit pension plan:
Service cost | $101,000 |
Interest cost on projected benefit obligation | 14,000 |
Expected return on plan assets | 16,000 |
Amortization of prior service cost | 3,000 |
On its December 31, 2012, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,000.
Required:
2 a. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $102,000
2 b. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $98,000. For compound entries, if an amount box does not require an entry, leave it blank.
2 c. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $105,000. For compound entries, if an amount box does not require an entry, leave it blank.
3. Assuming Robey's beginning 2013 Other Comprehensive Income-Prior Service Cost balance was $66,000 what would be its ending balance?
4. How much would Robey need to fund its pension plan for 2013 in order to report an accrued/prepaid pension cost asset of $4,000 at the end of 2013?
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