Pension Expense and Liability

On December 31, 2013, Robey Company accumulated the following information for 2013 in regard to its defined benefit pension plan:

Service cost	$106,000
Interest cost on projected benefit obligation	15,000
Expected return on plan assets	17,000
Amortization of prior service cost	3,000

On its December 31, 2012, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $18,000.

Need help with # 4

4. How much would Robey need to fund its pension plan for 2013 in order to report an accrued/prepaid pension cost asset of $4,000 at the end of 2013?

11/25/2016 CengageNOW | Online teaching and learning resource from Cengage Learning Assignment Score: 99.65% Assignment: Module 5 Assignment mail Intructor Questions ave xit umit Aignment for Grading 004_Exercise 1902 (Algorithmic) Question 1 of 5 Check My Work eBook Pension Expense and Liability On December 31, 2013, Robey Company accumulated the following information for 2013 in regard to its defined benefit pension plan: Service cost $106,000 Interest cost on projected benefit obligation 15,000 Expected return on plan assets 17,000 Amortization of prior service cost 3,000 On its December 31, 2012, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $18,000. Required: Hide 1. Compute the amount of Robey's pension expense for 2013. ROY COMPANY Penion xpene Calculation Decemer 31, 2013 ervice cot Interet cot on projected enet oligation http://east.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do $ 106000 15000 1/5 11/25/2016 CengageNOW | Online teaching and learning resource from Cengage Learning 1. xpected return on plan aet 17000 2. Amortization of prior ervice cot 3000 $ 107000 3. 2013 penion expene 4. 5. Show All Feedback Hide 2 a. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $107,000 Record expene Pension Expense Record PC Cash Accrued/Prepaid Pension Cost 107000 107000 3000 3000 Other Comprehensive Income: Prior Service Cost Show All Feedback Hide 2 b. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $105,000. For compound entries, if an amount box does not require an entry, leave it blank. http://east.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do 2/5 11/25/2016 CengageNOW | Online teaching and learning resource from Cengage Learning Record expene Pension Expense Record PC 107000 Cash 105000 Accrued/Prepaid Pension Cost 2000 3000 3000 Accrued/Prepaid Pension Cost Other Comprehensive Income: Prior Service Cost Show All Feedback Hide 2 c. Prepare all the journal entries related to Robey's pension plan for 2013 if it funds the pension plan in the amount of $110,000. For compound entries, if an amount box does not require an entry, leave it blank. Record expene Pension Expense Accrued/Prepaid Pension Cost 107000 3000 110000 3000 Cash Record PC Accrued/Prepaid Pension Cost http://east.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do 3/5 11/25/2016 CengageNOW | Online teaching and learning resource from Cengage Learning Other Comprehensive Income: Prior Service Cost 3000 Show All Feedback 3. Assuming Robey's beginning 2013 Other Comprehensive IncomePrior Service Cost balance was $66,000 what would be its ending balance? $ 63000 4. How much would Robey need to fund its pension plan for 2013 in order to report an accrued/prepaid pension cost asset of $4,000 at the end of 2013? $ Show All Feedback Check My Work Icon Key 004_Exercise 1902 (Algorithmic) Question 1 of 5 mail Intructor ave Cengage Learning http://east.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do xit umit Aignment for Grading Cengage Technical Support 4/5