Question
Pension Worksheet Missing Amounts. The accounting staff of Elias Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable.
Pension Worksheet Missing Amounts. The accounting staff of Elias Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2017.
| General Journal Entries | Memo Record | ||||||
|
| Pension Expense | Cash | OCI-PSC | OCI-G/L | Pension Asset/Liab. | PBO | Plan Assets |
| Balance, 1/1/2017 | (1,700) | (4,200) | 2,500 | ||||
| Service cost | (1) | (600) | |||||
| Interest cost | (2) | (420) | |||||
| Actual return | (3) | 480 | |||||
| Unexpected gain | (4) | (225) | |||||
| Amortization of PSC | (5) | (85) |
|
| |||
| Amortization of G/L | (6) |
| (6) |
| |||
| Contributions | (1,200) |
| (7) | ||||
| Benefits paid |
|
| (8) | (300) | |||
| Liability increase |
|
|
| (9) |
| (9) | |
| Journal entry | (10) | (11) | (12) | (13) | (14) | ||
| Accum. OCI, 12/31/2016 | 1,700 | 0 |
|
|
| ||
| Balance, 12/31/2017 |
| (15) | (16) | (17) | (5,465) | (18) | |
Instructions
- Determine the missing amounts in the 2017 pension worksheet, indicating whether the amounts are debits or credits.
- Prepare the journal entry to record 2017 pension expense for Elias Inc.
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Payroll Accounting 20
Authors: Bernard J. Bieg, Judith A. Toland
26th Edition
1337268798, 9781337268790
