Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need help with both questions please 27. Pension plan calculations and journal entry. On January 1, 2018, Stine Co. had the following balances Projected
i need help with both questions please
27. Pension plan calculations and journal entry. On January 1, 2018, Stine Co. had the following balances Projected benefit obligation Fair value of plan assets $7,200,000 7,200,000 Other data related to the pension plan for 2018 Service cost 315,000 Unrecognized prior service cost Contributions to the plan Benefits paid Actual return on plan assets Settlement rate 459,000 450,000 432,000 9% Expected rate of returrn 6% Instructions Determine the projected benefit obligation at December 31,2018. There are no net (a) gains or losses. (b) Determine the fair value of plan assets at December 31, 2018. (c) Calculate pension expense for 2018 (d) Prepare the journal entry to record pension expense and the contributions for 2018 28. Lease amortization and journal entries. Windom Co. as lessee records a capital lease of machinery on January 1,2018. The seven annual lease payments of $350,000 are made at the end of each year. The present value of the lease payments at 10% is $1,704,000. Windom uses the effective-interest method of amortization and sum-of-the-years-digits depreciation (no residual value) Instructions (Round to the nearest dollar.) (a) Prepare an amortization table for 2018 and 2019 (b) Prepare all of Windom 's journal entries for 2018 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started