Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

please help what i got wrong. thank you On January 1, 2020, Bramble Company has the following defined benefit pension plan balances. Projected benefit obligation

please help what i got wrong. thank you image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2020, Bramble Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,456,000 4.270,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $490,000 are created. Other data related to the pension plan are as follows. 2020 2021 $180,000 $149,000 0 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid 89,000 245,000 289,000 203,000 283,000 Actual return on plan assets 256,200 261,000 Expected rate of return on assets 6 % 8 % cumulated OCI, Dec. 31, 2019 lance, Dec. 31, 2020 ditional PSC, 1/1/2021 lance, Jan 1, 2021 rvice cost 180.000 Dr. 4 erest cost 533760 Dr. 4 tual return 261.000 Cr. expected loss 365456 Cr .: nortization of PSC 89.000 Dr. Intributions . 289.000 Cr. nefits urnal entry for 2021 $ 176304 Dr. $ 289000 Cr. cumulated OCI, Dec 31, 2020 Memo Record Projected Benefit Obligation Plan Assets $ 4.456,000 Cr. 4 $ $ 4,270,000 Dr. 4 149000 Cr. 4 445600 Cr. i 256200 Dr. 245000 Dr. 203.000 Dr. 203.000 Cr. 4568200 Cr. 4847600 Cr. Dr. 490,000 Dr. 5337600 Cr. i 180,000 Cr. 533760 Cr. 261.000 . 289.000 283.000 Dr. 283,000 mm Cr. Dr. $ eTextbook and Media i i 10 365456 Cr. 4 89,000 Cr. 4 401000 Dr. 4 365456 Cr. 27 0 401000 Cr. $ 365456 Cr. For 2021, prepare the journal entry to record pension-related amounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Pension Expense 176304 Other Comprehensive Income (PSC) Other Comprehensive Income (G/L) 365456 Cash 283,000 Pension Asset/Cablity e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting 2007 FASB Update Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

12th Edition

9780470128763

More Books

Students also viewed these Accounting questions