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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 $105,000 Interest cost
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan:
Service cost | $105,000 |
Interest cost on projected benefit obligation | 12,000 |
Expected return on plan assets | 11,000 |
Amortization of prior service cost | 2,000 |
On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,000.
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) $108,000, (b) $107,000, and (c) $112,000. |
3. | Next Level Assuming Robeys beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $60,000 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 $5,000 at the end of 2019 |
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