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Please make the response detailed and easy to read, and please show all calculations, thank you. Please use EXCEL The following data relates to a
Please make the response detailed and easy to read, and please show all calculations, thank you. Please use EXCEL
The following data relates to a pension plan for Pumpkin Inc. Account Balances Project Benefit Obligation Plan Assets Accumulated OCI - Pension Gain/Loss Accumulated OCI - Prior Service Cost Jan. 1, 2020 $30,000 Cr. 30,000 Dr. 5,000 Cr. 8,000 Dr. Activity Service Cost Contributions Prior Service Cost Amortization Expected Return on Plan Assets Actual Return on Plan Assets 2020 $7,000 9,000 1,000 2,000 3,000 a) Provide the entries related to the defined pension plan for 2020 assuming a discount rate of 8%. Amortize Accumulated OCI - Pension Gain/Loss using the straight-line method over 15 years. b) Prepare a partial income statement for the year ended December 31, 2020 showing the effects of the pension plan c) Prepare a partial classified balance sheet as of December 31, 2020 showing the effects of the pension plan. Omit cash. The following data relates to a pension plan for Pumpkin Inc. Account Balances Project Benefit Obligation Plan Assets Accumulated OCI - Pension Gain/Loss Accumulated OCI - Prior Service Cost Jan. 1, 2020 $30,000 Cr. 30,000 Dr. 5,000 Cr. 8,000 Dr. Activity Service Cost Contributions Prior Service Cost Amortization Expected Return on Plan Assets Actual Return on Plan Assets 2020 $7,000 9,000 1,000 2,000 3,000 a) Provide the entries related to the defined pension plan for 2020 assuming a discount rate of 8%. Amortize Accumulated OCI - Pension Gain/Loss using the straight-line method over 15 years. b) Prepare a partial income statement for the year ended December 31, 2020 showing the effects of the pension plan c) Prepare a partial classified balance sheet as of December 31, 2020 showing the effects of the pension plan. Omit cashStep by Step Solution
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