Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If image is too small right click and say open image in new tab Sage Co. has prepared the following pension worksheet. Unfortunately, several entries

If image is too small right click and say open image in new tab

image text in transcribed

Sage Co. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2020. Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) SAGE COMPANY Worksheet-2020 General Journal Entries OCI-Prior Service Cost Annual Pension Expense OCI - Gain/ Loss Memo Record Projected Benefit Plan Obligation Assets Items Pension Asset/ Liability $133,200 Cash Balance, Jan. 1, 2020 $360,750 V $227,550 Dr. Service cost $ 22,200 V Interest cost 28,860 Actual return 19,980 Dr. Unexpected loss 2,775 Amortization of PSC $38,850 $45,510 45,510 Dr. Contributions Benefits 16,650 16,650 Cr. Increase in PBO 48,285 V Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 , , Balance, Dec. 31, 2020 88,800 $49,950 0 $51,060 $167,055 Cr. $443,445 Cr. $276,390 Dr. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journal entry to record 2020 pension expense for Sage Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not inder Debit Credit Date Account Titles and Explanation 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the following for Sage for 2020: (1) settlement rate used to measure the interest on the liability and (2) expected return on plan assets. (Round answers to o decimal places, e.g. 15%) (1) Settlement Rate 1% (2) Expected return on assets 1%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Produktivitat Von Dienstleistungen

Authors: Klaus Moller, Wolfgang Schultze

3rd Edition

3658040858, 9783658040857

More Books

Students also viewed these Accounting questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

Explain the seven dimensions of an organizations climate.

Answered: 1 week ago

Question

Describe the five types of change.

Answered: 1 week ago