On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan Service cost $110,830 Interest cost on projected benefit obligation 11,470 Expected return on plan assets 10,390 Amortization of prior service cost 2,140 On its December 31, 2018, balance sheet, Robey had reported an accrued prepaid pension cost liability of $13,000 Required 1 Compute the amount of Robeys pension expense for 2019 2 Prepare all the journal entries related to Robeys pension plan for 2019 if it funds the pension plan in the amount of (a) $114,050, (b) $113,010, and (c) $118,030 3 Next Level Assuming Robeys beginning 2019 Accumulated Other Comprehensive Income Prior Service Cost balance was $54,940 what would be its ending balance 4 Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued prepaid pension cost asset of $4,690 at the end of 2019 CHART OF ACCOUNTS Robey Company General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 251 Accrued Prepaid Pension Cost 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings 916 Other Comprehensive Income Prior Service Cost REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 522 Pension Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense 1 Compute the amount of Robeys pension expense for 2019 2a Assume Robey Company funds the pension plan in the amount of $114,050 Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31 General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST REF DEBIT CREDIT 1 2 3 4 2b Assume Robey Company funds the pension plan in the amount of $113,010 Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31 General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST REF DEBIT CREDIT 1 2 3 4 5 2c Assume Robey Company funds the pension plan in the amount of $118,030 Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31 PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST REF DEBIT CREDIT 1 2 3 4 5 3 Assuming Robeys beginning 2019 Accumulated Other Comprehensive Income Prior Service Cost balance was $54,940 what would be its ending balance 4 How much would Robey need to fund its pension plan for 2019 in order to report an accrued prepaid pension cost asset of $4,690 at the end of 2019

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On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan: Service cost $110,830 Interest cost

On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:

Service cost	$110,830
Interest cost on projected benefit obligation	11,470
Expected return on plan assets	10,390
Amortization of prior service cost	2,140

On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,000.

Required:

1.	Compute the amount of Robeys pension expense for 2019.
2.	Prepare all the journal entries related to Robeys pension plan for 2019 if it funds the pension plan in the amount of (a) $114,050, (b) $113,010, and (c) $118,030.
3.	Next Level Assuming Robeys beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $54,940 what would be its ending balance?
4.	Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $4,690 at the end of 2019?

CHART OF ACCOUNTS

Robey Company

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
141	Inventory
152	Prepaid Insurance
181	Equipment
198	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable
231	Salaries Payable
250	Unearned Revenue
251	Accrued/Prepaid Pension Cost
261	Income Taxes Payable

	EQUITY
311	Common Stock
331	Retained Earnings
916	Other Comprehensive Income: Prior Service Cost

	REVENUE
411	Sales Revenue

	EXPENSES
500	Cost of Goods Sold
511	Insurance Expense
512	Utilities Expense
521	Salaries Expense
522	Pension Expense
532	Bad Debt Expense
540	Interest Expense
541	Depreciation Expense
559	Miscellaneous Expenses
910	Income Tax Expense

1. Compute the amount of Robeys pension expense for 2019.

2a. Assume Robey Company funds the pension plan in the amount of $114,050. Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4

2b. Assume Robey Company funds the pension plan in the amount of $113,010. Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5

2c. Assume Robey Company funds the pension plan in the amount of $118,030. Prepare the entries to record the pension expense for 2019 on December 31 and the amortized prior service cost for 2019 on December 31.

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5

3. Assuming Robeys beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $54,940 what would be its ending balance?

4. How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $4,690 at the end of 2019?