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Just need the blanks answered please Monty Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided
Just need the blanks answered please
Monty Company sponsors a defined benefit plan for its 100 employees. On January 1, 2020, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) Pension plan assets (fair value and market-related asset value) Accumulated benefit obligation Projected benefit obligation $152,900 196,600 256,600 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $51.500; the projected benefit obligation was $491,100; fair value of pension assets was $273,100; the accumulated benefit obligation amounted to $370,000. The expected return on plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on plan assets is $10,300. The company's current year's contribution to the pension plan amounted to $66.200. No benefits were paid during the year. (a) Your answer is correct. Determine the components of pension expense that the company would recognize in 2020?with only one year involved, you need not prepare a worksheet.) (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis eg. (45).) Components of Pension Expense Service Cost $ 51500 Interest on Projected Benefit Obligation 38050 Actual Return on Plan Assets - 10300 Your answer is correct. Determine the components of pension expense that the company would recognize in 2020. (With only one year involved, you need not prepare a worksheet.) (Enter amounts that reduce pension expense with either a negative sign preceding the number eg.-4 or parenthesis eg. (45)) Components of Pension Expense 51500 Service Cost Interest on Projected Benefit Obligation 38050 Actual Return on Plan Assets - 10300 Unexpected Loss -9360 Amortization of Gain or Loss 0 Amortization of Prior Service Cost 15290 Pension Expense 85180 Your Answer Correct Answer (Used) Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2020. (Credit accoun titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Account Titles and Explanation Other Comprehensive Income (G/.) Pension Expense 30,410 85,180 Cash 66,200 Pension Asset/Liability 34,100 Other Comprehensive Income (PSC) 15,290 ( Your answer is partially correct. Compute the amount of the 2020 increase/decrease in gains or losses and the amount to be amortized in 2020 and 2021. 2020 Increase/Decrease in Londes Amortization in 2020 $ Amortization in 2021 > e Textbook and Media Indicate the pension amounts reported in the financial statement as of December 31, 2020. (Enter negative amounts using either negative sign preceding the number eg.-15,630 or parentheses es. (15,630).) Monty Company Income Statement (Partial) For the Year Ended December 31, 2020 Operating Expenses Pension Expense 85180 Other Income / Expenses Monty Company Comprehensive Income Statement For the Year Ended December 31, 2020 Net Income /(Loss) Sxxxx Other Comprehensive Income (Loss) Asset Gain (Loss) -9360 1 Uability Gain (LO) 21050 i Prior Service Cost Amortization 15290 1 -15120 i Comprehensive Income (Loss) $XXXX Asset Gain (Loss) $ -9360 i -21050 Liability Gain (Loss) Prior Service Cost Amortization 15290 -15120 $XXXX Comprehensive Income (Loss) Monty Company Balance Sheet (Partial) December 31, 2020 Liabilities Pension Asset/Liability 218000 Stockholders' Equity Accumulated Other Comprehensive Loss (PSC) 137610 Accumulated Other Comprehensive Loss 30410 eTextbook and Media List of Accounts Save for Later Last saved 1 second ago Saved work will be auto-submitted on the due date Attempts: 1 of 3 used Submit Step by Step Solution
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