Question
Please please help ... can someone please show me step-by-step how to get the answers for the 1. Comprehensive Income Statement 2. Partial Balance Sheet
Please please help ... can someone please show me step-by-step how to get the answers for the 1. Comprehensive Income Statement 2. Partial Balance Sheet using the information from this answer posted on Chegg - http://www.chegg.com/homework-help/questions-and-answers/jackson-company-adopts-acceptable-accounting-defined-benefit-pension-plan-january-1-2013-f-q9736199
I can't seem to figure out how to get the answers for the Comprehensive Income Statement & Partial Balance Sheet, which I have typed down below, but the answers are blank). Thank you so much!!!!!
Comprehensive Income Statement, For the Year Ended December 31, 2015 - Please need answers for this statement:
Net Income / (Loss) $ XXXX
Other Comprehensive Income (Loss) $ ______________
Asset Gain (Loss) $ _____________
Liability Gain (Loss) $ ____________
Prior Service Cost Amortization $ __________
Comprehensive Income (Loss) $ XXXX
Partial Balance Sheet, December 31, 2015 - Please need answers for this statement:
Liabilities
Pension Liability $ _____________
Stockholders' Equity
Accumulated Other Comprehensive Loss (PSC) $ ______________
Accumulated Other Comprehensive Income (G/L) $ _____________
Problem Information: Jackson Company adopts acceptable accounting for its defined-benefit pension plan on January 1, 2013, with the following beginning balances: Plan Assets: $200,000 Projected Benefit Obligation: $250,000 Other data relating to 3 years' operation of the plan are as follows. 2013 2014 2015 Annual service cost $16,000 $19,000 $26,000 Settlement rate and expected rate of return 10% 10% 10% Actual return on plan assets $18,000 $22,000 $24,000 Annual funding (contributions) $16,000 $40,000 $48,000 Benefits paid $14,000 $16,400 $21,000 Prior service cost (plan amended 1/1/14) $160,000 Amortization of prior service cost $54,400 $41,600 Change in actuarial assumptions established a 12/31/15 PBO of $520,000
1. Prepare the pension worksheet for 2015 2. Prepare the journal entries to reflect all pension plan transactions and events at December 31 of each year. 3. Indicate the pension-related amounts reported in the financial statements for 2015 (Partial Income Statement, Comprehensive Income Statement, and Partial Balance Sheet).
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