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Please answer the following questions in the attachments. Exercise 20-20 Kreter Co. provides the following information about its postretirement benefit plan for the year 2014.
Please answer the following questions in the attachments.
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Exercise 20-24 The accounting staff of Holder Inc. has prepared the postretirement benefit worksheet below. Unfortunately, several entries in the worksheet are not decipherable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2014. Determine the missing amounts in the 2014 postretirement worksheet, indicating whether the amounts are debits or credits. Items Annual Postretirement Expense Holder Inc. Pension Worksheet-2014 General Journal Entries Other Comprehensive Cash IncomePSC Balance, Jan. 1, 2014 Memo Record Postretirement Asset/ Liability Dr.Cr. $396,900 APBO Dr.Cr. $440,400 $ Dr.Cr. $43,500 Dr.Cr. Service cost 59,040 Dr.Cr. Dr.Cr. Interest cost Actual/Expected return Plan Assets Dr.Cr. 44,040 Dr.Cr. Dr.Cr. 2,450 Dr.Cr. Contributions Dr.Cr. $76,020 Dr.Cr. Benefits Amortization of PSC Journal entry for 2014 Accumulated OCI, Dec. 31, 2013 Balance, Dec. 31, 2014 6,100 Dr.Cr. 7,520 $ Dr.Cr. Dr.Cr. 6,100 $ Dr.Cr. $ Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. 34,910 Dr.Cr. $27,390 Dr.Cr. $421,510 Dr.Cr. $537,380 Dr.Cr. $115,870 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entry to record 2014 postretirement expense for Holder Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit 1. 2. 3. 4. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT What discount rate is Holder using in accounting for the interest on its other postretirement benefit plan? Discount rate % Credit Exercise 20-20 Kreter Co. provides the following information about its postretirement benefit plan for the year 2014. Service cost $45,460 Contribution to the plan 11,080 Actual and expected return on plan assets 13,400 Benefits paid 21,830 Plan assets at January 1, 2014 121,400 Accumulated postretirement benefit obligation at January 1, 2014 330,900 Discount rate 9 % Your answer is incorrect. Try again. Prepare a worksheet inserting January 1, 2014, balances, and showing December 31, 2014, balances. Balance, Jan. 1, 2014 Kreter Co. Pension Worksheet2014 General Journal Entries Annual Postretirement Postretirement Asset/ Expense Cash Liability $ $ $ Dr.Cr. Dr.Cr. Dr.Cr. Memo Record APBO $ Dr.Cr. Plan Assets $ Dr.Cr. Service cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Interest cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Actual return Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Contributions Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Benefits Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. $ Journal entry for 2014 $ Dr.Cr. $ Balance, Dec. 31, 2014 $ Dr.Cr. $ Dr.Cr. Dr.Cr. SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is incorrect. Try again. Prepare the journal entry recording postretirement benefit expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation 1. 2. 3. Debit Credit Step by Step Solution
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Law, Business And Society
Authors: Tony McAdams, Kiren Dosanjh Zucker, Kristofer Neslund, Kari Smoker
12th Edition
1259721884, 978-1259721885
