Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 20-2 Culver Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances plan assets $201.800;

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 20-2 Culver Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with the following beginning balances plan assets $201.800; projected benefit obligation $254.000. Other data relating to 3 years' operation of the plan are as follows 2016 2017 2018 Annual service cost $16,100 $18,900 $26,500 Settlement rate and expected rate of return 10 10 % 10% Actual return on plan assets 17.900 22.150 24,400 Annual funding (contributions) 16,100 39,900 48,600 Benefits paid 14,300 16.000 21.000 Prior service cost (plan amended, 1/1/17) 159,700 Amortization of prior service cost 54.800 41,700 Change in actuarial assumptions establishes a December 31, 2018, projected benefit obligation of 520,300 Prepare pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive) Prepare a pension worksheet presenting year pension balans and all aspi) CULVER COMPANY Pension Worksheet-2016, 2017, 2015 Anal Pens cash OC-Pro Service Cost OC-Gain Las Memo Record Projected Benefit Olgation Pension All Liability Balance, Jan. 1. 2016 Plan Assets Service v Tereto V Unexpected to Contribution v v > Jumal try for 2016 And I, 2013 Bano Dec. 11. 2016 Additional PSC, 1/1/2017 v Balance, Jan. 1. 2017 V v v Service V Tresco v > > al return > > Benefits > > v Journal entry for 2017 Acumule OCI. Dec.31. 2016 Balance. Del 11. 2017 Anne > > > > > > > > >

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

Students also viewed these Accounting questions