Intermediate Accounting, 14^th Edition by Kieso, Weygandt, and Warfield On January 1, 2015, Harrington Company has the following defined benefit pension plan balances. Projected benefits obligation $5,600,000 Fair value of plan assets 6,400,000 The interest (settlement) rate applicable to the plan is 9% On January 1, 2016, the company amends its pension agreement so that service costs of $620,000 are created.Other data related to the pension plan are as follows: 2015 2016 Service costs $180,000 $195,000 Prior service costs amortization 0 97,000 Contributions (funding) to the plan 255,000 305,000 Benefits paid 225,000 300,000 Actual return on plan assets 320,000 515,000 Expected rate of return on assets 5% 8% Instructions: (a) Prepare a pension worksheet for the pension plan for 2015 and 2016. HARRINGTON COMPANY Pension Worksheet?2015 and 2016 General Journal Entries Memo Record Items Annual

Pension

Expense Cash OCI - Prior Service Cost OCI - Gain/Loss Pension

Asset/

Liability Projected

Benefit

Obligation Plan

Assets Balance, Jan. 1, 2015 (a) Service cost (b) Interest cost (c) Actual return (d) Contributions (e) Benefits Journal entry, 12/31/15 Accum OCI, 12/31/14 Balance, Dec. 31, 2015 (f) Additional PSC January 1, 2016 (g) Service cost (h) Interest cost (i) Actual return (j) Unexpected loss (k) Amortization of PSC (l) Contributions (m) Benefits Journal entry, 12/31/16 Accum OCI, 12/31/15 Balance, Dec. 31, 2016 Area for calculations as desired (b) For 2016, prepare the journal entry to record pension-related amounts.

There are two problems to work out for w to work out for week 3 Home work assignment Name: Date: Instructor: Course: Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield On January 1, 2015, Harrington Company has the following defined benefit pension plan balances. Projected benefits obligation $5,600,000 Fair value of plan assets 6,400,000 The interest (settlement) rate applicable to the plan is agreement so that service costs of $620,000 9% On January 1, 2016, the company amends its pension are created. Other data related to the pension plan are as follows: 2015 $180,000 0 255,000 225,000 320,000 5% Service costs Prior service costs amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2016 $195,000 97,000 305,000 300,000 515,000 8% Instructions: (a) Prepare a pension worksheet for the pension plan for 2015 and 2016. HARRINGTON COMPANY Pension Worksheet2015 and 2016 General Journal Entries Annual Pension Expense Items Cash OCI - Prior Service Cost OCI Gain/Loss Pension Asset/ Liability Memo Record Projected Plan Benefit Assets Obligation Balance, Jan. 1, 2015 (a) Service cost (b) Interest cost (c) Actual return (d) Contributions (e) Benefits Journal entry, 12/31/15 Accum OCI, 12/31/14 Balance, Dec. 31, 2015 (f) Additional PSC January 1, 2016 (g) Service cost (h) Interest cost (i) Actual return (j) Unexpected loss (k) Amortization of PSC (l) Contributions (m) Benefits Journal entry, 12/31/16 Accum OCI, 12/31/15 Balance, Dec. 31, 2016 Area for calculations as desired (b) For 2016, prepare the journal entry to record pension-related amounts. 2befb9f416cc5df2459eb62eb81229d94648ca6d.xlsx, Problem 1, Page 3 of 4, 09/16/2017, 23:11:15 Name: Instructor: Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield Date: Course: P20-2 Allison Co. has the following postretirement benefit plan balances on January 1, 2012. Accumulated Postretirement benefit obligation $2,535,000 Fair value of plan assets 2,535,000 The interest (settlement) rate applicable to the plan is so that prior service costs of 8% On January 1, 2013, the company amends the plan were created. Other data related to the pension plan are as follows: $185,000 2012 $80,000 0 47,000 41,000 200,000 9% Service costs Prior service costs amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets 2013 $87,000 13,000 38,000 43,000 155,000 7% Instructions: (a) Prepare a worksheet for the postretirement plan for 2012 and 2013. Allison Co. Pension Worksheet2012 and 2013 General Journal Entries Items Annual Expense DR/ CR Cash DR/ OCI - Prior DR/ CR Service Cost CR Memo Record OCI Gain/Loss DR/ CR Pension Asset/ Liability DR/ CR Balance, Jan. 1, 2012 Service cost Interest cost Actual return Unexpected loss Contributions Benefits Journal entry, 12/31/12 Accum OCI, 12/31/11 Balance, Dec. 31, 2012 Additional PSC 1/1/2013 Balance, Jan 1, 2013 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Journal entry, 12/31/13 Accum OCI, 12/31/12 Balance, Dec. 31, 2013 Area for calculations as desired Area for calculations as desired Area for calculations as desired (b) Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2012. (c) Prepare any journal entries related to the postretirement plan as of December 31, 2013. (d) Show the postretirement-benefit-related amounts reported in the 2013 Income Statement and Balance Sheet. Financial Statements-2013 Income Statement 0 Comprehensive Income Statement Net Income Other comprehensive income (loss) XXXXX 0 0 0 Comprehensive Income 0 XXXXX Balance Sheet Liabilities 0 Stockholder's Equity 0 0 Accum Projected Benefit Obligation DR/ CR Plan Assets DR/ CR