Hi Catutor15, Could you assist me with (1) accounting problem 20-1?

Thank you,

Problem 20-1 (Part Level Submission) On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation $4,514,000 Fair value of plan assets 4,211,700 (a) The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $506,700 are created. Other data related to the pension plan are as follows. 2014 Service cost 2015 $156,700 $181,700 Prior service cost amortization -0- 94,000 Prepare a pension worksheet for the pension plan for 2014 and 2015. Contributions (funding) to the plan HARRINGTON COMPANY Pension Worksheet2014 and 2015 210,800 284,800 Benefits paid General Journal Entries 252,702 279,500 Actual return on plan assets Items Annual Pension Expected rate of return on assets Expense Balance , Jan. 1, 2014 Service cost Interest cost $ 291,400 244,600 Memo Record Cash OCIPrior 6% Service Cost OCIGain/ 8% Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets $ $ $ $ $ $ Actual return Contrib utions Benefits Journal entry for 2014 Accumu Lated OCI, Dec. 31, 2013 Balance , Dec. 31, 2014 Addition $ $ $ $ al PSC, 1/1/201 5 Balance , Jan. 1, 2015 Service cost Interest cost Actual return Unexpe cted loss Amortiz ation of PSC Contrib utions Benefits Journal entry for 2015 $ $ Accumu lated OCI, Dec. 31, 2014 Balance , Dec. 31, 2015 $ $ $ $ $ (b) For 2015, prepare the journal entry to record pension-related amounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Problem 20-1 (Part Level Submission) On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,514,000 4,211,700 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $506,700 are created. Other data related to the pension plan are as follows. 2014 Service cost $156,700 Prior service cost amortization 2015 $181,700 -0- 94,000 Contributions (funding) to the plan 244,600 291,400 Benefits paid 210,800 284,800 Actual return on plan assets Expected rate of return on assets 252,702 6% 279,500 8% (a) Your answer is partially correct. Try again. Prepare a pension worksheet for the pension plan for 2014 and 2015. HARRINGTON COMPANY Pension Worksheet2014 and 2015 General Journal Entries Items Balance, Jan. 1, 2014 Annual Pension Expense $ Cash $ OCIPrior Service Cost $ OCIGain/ Loss $ Pension Asset/ Liability $ Memo Record Projected Benefit Plan Obligation Assets $ $ Cr. 302300 Cr. 4514000 Dr. 4211700 302300 4514000 4211700 Service cost 156700 Dr. 156700 Cr. Interest cost 451400 Dr. 451400 Cr. Actual return 252702 Cr. Contribu tions 244600 Cr. Benefits Journal entry for 2014 $ 358914 $ Dr. 244600 $ Cr. 252702 Dr. 244600 Dr. 210800 Dr. 210800 Cr. 4930614 Cr. 4519514 Dr. $ 114314 Cr. 416614 Cr. Accumul ated OCI, Dec. 31, 2013 Balance, Dec. 31, 2014 Addition al PSC, 1/1/201 5 506700 Dr. Balance, Jan. 1, 2015 506700 Cr. 5530614 Cr. Service cost 181700 Dr. 181700 Cr. Interest cost 491640 Dr. 491640 Cr. Actual return 279500 Cr. Unexpec ted loss 22360 Cr. 94000 Dr. Amortiz ation of PSC Contribu tions 22360 94000 291400 279500 Dr. 291400 Dr. Dr. Cr. Cr. Benefits 284800 284800 Dr. Cr. Dr. Journal entry for 2015 $ 418263 Cr. $ Dr. 291400 Cr. 406000 Dr. 22360 Dr. 618240 Cr. Accumul ated OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 SHOW LIST OF ACCOUNTS $ $ Dr. $ Dr. $ Cr. $ Cr. 1034954 Dr. 4702514 Problem 20-1 (Part Level Submission) On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,514,000 4,211,700 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $506,700 are created. Other data related to the pension plan are as follows. 2014 Service cost $156,700 Prior service cost amortization 2015 $181,700 -0- 94,000 Contributions (funding) to the plan 244,600 291,400 Benefits paid 210,800 284,800 Actual return on plan assets Expected rate of return on assets 252,702 6% 279,500 8% (a) Your answer is partially correct. Try again. Prepare a pension worksheet for the pension plan for 2014 and 2015. HARRINGTON COMPANY Pension Worksheet2014 and 2015 General Journal Entries Items Balance, Jan. 1, 2014 Annual Pension Expense $ Cash $ OCIPrior Service Cost $ OCIGain/ Loss $ Pension Asset/ Liability $ Memo Record Projected Benefit Plan Obligation Assets $ $ Cr. 302300 Cr. 4514000 Dr. 4211700 Service cost 156700 Dr. 156700 Cr. Interest cost 451400 Dr. 451400 Cr. Actual return 252702 Cr. Contribut ions 244600 Cr. Benefits Journal entry for 2014 $ 358914 $ Dr. 244600 $ 252702 Dr. 244600 Dr. 210800 Dr. 210800 Cr. 4930614 Cr. 4519514 Dr. $ Cr. 114314 Cr. 416614 Cr. Accumul ated OCI, Dec. 31, 2013 Balance, Dec. 31, 2014 Additiona l PSC, 1/1/2015 506700 506700 Dr. Cr. Dr. Cr. Balance, Jan. 1, 2015 5530614 Cr. Service cost 181700 Dr. 181700 Cr. Interest cost 491640 Dr. 491640 Cr. Actual return 279500 Cr. Unexpect ed loss 22360 Cr. 94000 Dr. Amortizat ion of PSC Contribut ions Benefits 22360 94000 291400 279500 Dr. 291400 Dr. 284800 Cr. Dr. Cr. Cr. 284800 Dr. Journal entry for 2015 $ 418263 $ Dr. Accumul ated OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 SHOW LIST OF ACCOUNTS 291400 Cr. 406000 Dr. 22360 Dr. 618240 Cr. 418263 Dr. 2291400 Dr. 6618240 Cr. $ $ Dr. $ Dr. Dr. $ Cr. $ Cr. 1034954 Dr. 4702514