Question
On January 1, 2017, Shelby Corporation has the following balances: Projected benefit obligation $ 5,600,000 Fair value of plan assets $ 5,000,000 The settlement rate
On January 1, 2017, Shelby Corporation has the following balances:
| Projected benefit obligation | $ 5,600,000 |
| Fair value of plan assets | $ 5,000,000 |
The settlement rate is 10%. Other data related to the pension plan for 2017 are:
| Service cost | $ 320,000 |
| Amortization of prior service costs | $ 72,000 |
| Contributions | $ 360,000 |
| Benefits paid | $ 335,000 |
| Actual return on plan assets | $ 352,000 |
| Amortization of net gain | $ 24,000 |
Prepare all necessary journal entries and disclosures.
Show all work.
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For Wahlen/jones/pagachs Intermediate Accounting Reporting And Analysis, , 2 Terms
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
2nd Edition
1305405676, 9781305405677
