Question
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $211,400; projected benefit
Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $211,400; projected benefit obligation $268,000. Other data relating to 3 years operation of the plan are as follows.
2013 | 2014 | 2015 | |||||||
Annual service cost | $23,700 | $19,500 | $33,100 | ||||||
Settlement rate and expected rate of return | 10 | % | 10 | % | 10 | % | |||
Actual return on plan assets | 19,000 | 23,940 | 21,600 | ||||||
Annual funding (contributions) | 23,700 | 45,600 | 54,400 | ||||||
Benefits paid | 14,700 | 19,400 | 23,800 | ||||||
Prior service cost (plan amended, 1/1/14) | 180,000 | ||||||||
Amortization of prior service cost | 56,400 | 50,800 | |||||||
Change in actuarial assumptions establishes a December 31, 2015, projected benefit obligation of: | 510,600 |
Indicate the pension-related amounts reported in the financial statements for 2015. (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).)
Jackson Company Partial Income Statement For the year ended December 31, 2015 | ||
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2015Retained Earnings, December 31, 2015RevenuesTotal ExpensesTotal Revenues | ||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | $ |
Jackson Company Comprehensive Income Statement For the year ended December 31, 2015 | ||||
DividendsExpensesNet Income / (Loss)Retained Earnings, January 1, 2015Retained Earnings, December 31, 2015RevenuesTotal ExpensesTotal Revenues | $XXXX | |||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | ||||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | $ | |||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | ||||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | ||||
$ | ||||
Asset Gain (Loss)Comprehensive Income (Loss)Liability Gain (Loss)Pension ExpensePrior Service Cost AmortizationOther Comprehensive Income (Loss) | $XXXX |
Jackson Company Partial Balance Sheet December 31, 2015 | ||||||
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | ||||||
Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive Income (G/L)Accumulated Other Comprehensive Loss (G/L)Accumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension LiabilityRetained Earnings | $ | |||||
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity | ||||||
Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive Income (G/L)Accumulated Other Comprehensive Loss (G/L)Accumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension LiabilityRetained Earnings | $ | |||||
Accounts PayableAccounts ReceivableAccumulated DepreciationAccumulated Other Comprehensive Income (G/L)Accumulated Other Comprehensive Loss (G/L)Accumulated Other Comprehensive Income (PSC)Accumulated Other Comprehensive Loss (PSC)Common StockPension LiabilityRetained Earnings |
Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
Dec. 31, 2013 | |||
Dec. 31, 2014 | |||
Dec. 31, 2015 | |||
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