Question
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,230 Interest cost
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,230 Interest cost on projected benefit obligation 11,970 Expected return on plan assets 11,600 Amortization of prior service cost 2,020 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $12,880.
Required:
1. Compute the amount of Robeys pension expense for 2016.
2. Prepare all the journal entries related to Robeys pension plan for 2016 if it funds the pension plan in the amount of (a) $115,620, (b) $114,620, and (c) $119,430.
3. Next Level Assuming Robeys beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $60,150 what would be its ending balance?
4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,120 at the end of 2016?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started