Exercise 19-12 Blossom Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the
Exercise 19-12
Blossom Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the operation of the plan for the year 2017:
1.The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,600.2.The company's funding policy requires a contribution to the pension trustee of $145,550 for 2017.3.As of January 1, 2017, the company had a defined benefit obligation for accounting purposes of $900,000. The fair value of pension plan assets was $620,000 at the beginning of the year. The actual return on plan assets was $42,000, and the discount rate was 7%.4.No benefits were paid in 2017.
S WileyPLUS X *Homework Help - Q&A from Onl x + X edugen.wileyplus.com/edugen/Iti/main.uni 144 k G Apps @ YouTube Translate *[Solved] The outsta... Assignment > Open Assignment PRINTER VERSION 1 BACK NEXT ASSIGNMENT RESOURCES Assignment#6 Chapter 19 Balance of net defined benefit Liability . at January 1, 2017 Brief Exercise 19-2 (Part Level Submission Balance of net defined benefit Liability v at December 31, 2017 $ Brief Exercise 19-15 (Part Level Submission). Brief Exercise 19-17 (Part Level Submission) Exercise 19-10 (Part Level Submission) Prepare the required disclosures for the 2017 financial statements. Exercise 19-10 Exercise 19-12 Blossom Limited (Partial) Income Statement Exercise 19-13 (Part 2017 Level Submission) Review Score Review Results by Study Objective Blossom Limited (Partial) Balance Sheet 2017 $ Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER License Agreement | Privacy Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.17.1 O Type here to search e 3 0 1 7 ( ENG 11:03 PM 2019-11-19S WileyPLUS X + X edugen.wileyplus.com/edugen/Iti/main.uni 144 k G Apps @ YouTube Translate *[Solved] The outsta... Assignment > Open Assignment PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Assignment#6 Chapter 19 Prepare the journal entries to record pension expense and the employer's payment to the pension trustee in 2017. (Credit account titles are automatically indented when the Brief Exercise 19-2 (Part amount is entered. Do not indent manually.) Level Submission Brief Exercise 19-15 Year Account Titles and Explanation Debit Credit (Part Level Submission). Brief Exercise 19-17 2017 Pension Expense (Part Level Submission) Exercise 19-10 (Part Level Submission) Net Defined Benefit Liability/Asset Exercise 19-10 (To record pension expense) Exercise 19-12 Exercise 19-13 (Part 2017 Net Defined Benefit Liability/Asset Level Submission) Cash Review Score Review Results by Study (To record contributions paid) Objective Determine the plan's surplus or deficit position and the balance of the Net Defined Benefit Liability/Asset account at January 1, 2017 and at December 31, 2017. Plan's surplus Balance of net defined benefit Liability at January 1, 2017 Balance of net defined benefit Liability v at December 31, 2017 $ License Agreement | Privacy Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.17.1 O Type here to search V7 A 3 61 7 ENG 11:04 PM 2019-11-19S WileyPLUS X + X edugen.wileyplus.com/edugen/Iti/main.uni 144 k G Apps @ YouTube Translate *[Solved] The outsta... Assignment > Open Assignment PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Assignment#6 Chapter Exercise 19-12 19 Blossom Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the operation of the plan for the year Brief Exercise 19-2 (Part 2017: Level Submission Brief Exercise 19-15 (Part Level Submission). 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,600. Brief Exercise 19-17 2. The company's funding policy requires a contribution to the pension trustee of $145,550 for 2017. (Part Level Submission) 3. As of January 1, 2017, the company had a defined benefit obligation for accounting purposes of $900,000. The fair value of pension plan assets was $620,000 at the beginning Exercise 19-10 (Part Level Submission) of the year. The actual return on plan assets was $42,000, and the discount rate was 7%. Exercise 19-10 4. No benefits were paid in 2017. Exercise 19-12 Exercise 19-13 (Part Level Submission) Determine the pension expense that should be recognized by the company in 2017. Review Score Review Results by Study Pension expense $ 76600 Objective Prepare the journal entries to record pension expense and the employer's payment to the pension trustee in 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Year Account Titles and Explanation Debit Credit 2017 Pension Expense Net Defined Benefit Liability/Asset (To record pension expense) License Agreement | Privacy Policy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.17.1 O Type here to search e 9 V7 A 3 61 7 ENG 11:05 PM 2019-11-19
