Jim initiated in hus defined benefit pension plan on 1/1/20x3 after 13 years of service. The expexted annual raise is $1,000 and the salary starting in 20x2 was $29,000.
I ONLY NEED 10-14. I just attached the rest so there is more information.
Jim again. In 20x5 the benefit formula was changed so that at the end of each year during retirement Jim will receive 4% of his final salary for each year of service 1 $ 34,102 The PBO at 12/31/x4 using the old formula was The PBO at 12/31/X4 using the new formula is $ 2 The additional PSC is $ Make the journal entry to record the additional PSC OTHER COMPREHENSIVE INCOME - PSC PENSION ASSET LIABILITY 3 The unamortized PSC now totals? 24 425 Beginning PSC, from initiating the plan 1/8x3 Amortization (2 years) 20x3 and 20x4 Unamortized, initial PSC @ 12/31/24 Increase due to plan amendment Unamortized PSC, 1/1/X5 The service cost component for 20x5 is 6. The interest component for 20x5 is 6. The return component for 20x5 is 7 Amortization of PSC for 20x5 is 8 Pension Expense for 20x5 is View Zoom Add Page inser OU 10. The PBO at 12/31/x5 is 11. The fund balance at 12/31/x5 is 12. The funded status at 12/31/x5 is 13 The Accumulated OCI-PSC balance on the books is (Indicate where it is and whether the balance is a debit or credit) Show the T account 14. The Pension asset/liability balance on the books is (Indicate where it is and whether the balance is a debitor credit) Show the T account 4. What amount (s) will appear on the balance sheet? Assets Liabilities Deferred Tax Asset Pension Liability Owners Equity Accumulated Other Comprehensive Income Jim again. In 20x5 the benefit formula was changed so that at the end of each year during retirement Jim will receive 4% of his final salary for each year of service 1 $ 34,102 The PBO at 12/31/x4 using the old formula was The PBO at 12/31/X4 using the new formula is $ 2 The additional PSC is $ Make the journal entry to record the additional PSC OTHER COMPREHENSIVE INCOME - PSC PENSION ASSET LIABILITY 3 The unamortized PSC now totals? 24 425 Beginning PSC, from initiating the plan 1/8x3 Amortization (2 years) 20x3 and 20x4 Unamortized, initial PSC @ 12/31/24 Increase due to plan amendment Unamortized PSC, 1/1/X5 The service cost component for 20x5 is 6. The interest component for 20x5 is 6. The return component for 20x5 is 7 Amortization of PSC for 20x5 is 8 Pension Expense for 20x5 is View Zoom Add Page inser OU 10. The PBO at 12/31/x5 is 11. The fund balance at 12/31/x5 is 12. The funded status at 12/31/x5 is 13 The Accumulated OCI-PSC balance on the books is (Indicate where it is and whether the balance is a debit or credit) Show the T account 14. The Pension asset/liability balance on the books is (Indicate where it is and whether the balance is a debitor credit) Show the T account 4. What amount (s) will appear on the balance sheet? Assets Liabilities Deferred Tax Asset Pension Liability Owners Equity Accumulated Other Comprehensive Income
