Question 2 Not complete Marked out of 108.00 P Flag question Recording Pension Expense, Gains/ Losses, Funding, Benefit Payments and Preparing Worksheet Amex Company started a noncontributory defined benefit pension plan on January 1, 2019. The records of Amex Company indicate the following for the year 2020. Account Balances Jan. 1, 2020 Projected Benefit Obligation 560,000 Cr. Plan Assets 55,000 Dr. Accumulated OCIPension Gain/Loss 3,000 Cr. Activity 2020 Service cost $20,000 Interest cost interest rate, 10%) 6,000 Gain in PBO due to change in actuarial assumption 4,000 Pension benefits paid 1,000 Actual earnings on plan assets (same as expected return) 5,000 Plan funding payment contributions) 30,000 Financial Statement Amounts and Entries Pension Worksheet a. Compute net pension expense for 2020 assuming that the January 1, 2020, Accumulated OCIPension Gain/Loss is amortized in 2020 over a 15-year average remaining service period. Pension experise, 2020 S b. Prepare the 2020 pension expense, deferral of gain, funding, and benefits paid entries for Amex Company. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Cr. Dec. 31, 2020 Dr. To record pension expense Dec. 31, 2020 To record deferral of actuarial gain or loss on PBO Dec. 31, 2020 To record plan funding Dec. 31, 2020 To record benefits paid c. Compute the underfunded (overfunded) pension balance as of December 31, 2020. Note: Use a negative sign for a net pension liability. Net pension asset (liability) $ Financial Statement Amounts and Entries Pension Worksheet d. Create a worksheet to summarize the pension data at the end of 2020. Reported Net in Financial Statements Reported on Balance Sheet Accumulated OCI Plan Net Pension Prior Pension Assets Asset/Liability Service Cost Gain/Loss Reported in Comprehensive Income OCI Pension Prior Pension Expense Service Cost Gain/Loss Cash Outflow Balance, January 1, 2020 Service cost Interest cost Expected return Defer actuarial gain on PBO Amortization of pension gain/loss Contributions to fund Benefits payments Balance, December 31, 2020 $ Check Previous Save Answers Question 2 Not complete Marked out of 108.00 P Flag question Recording Pension Expense, Gains/ Losses, Funding, Benefit Payments and Preparing Worksheet Amex Company started a noncontributory defined benefit pension plan on January 1, 2019. The records of Amex Company indicate the following for the year 2020. Account Balances Jan. 1, 2020 Projected Benefit Obligation 560,000 Cr. Plan Assets 55,000 Dr. Accumulated OCIPension Gain/Loss 3,000 Cr. Activity 2020 Service cost $20,000 Interest cost interest rate, 10%) 6,000 Gain in PBO due to change in actuarial assumption 4,000 Pension benefits paid 1,000 Actual earnings on plan assets (same as expected return) 5,000 Plan funding payment contributions) 30,000 Financial Statement Amounts and Entries Pension Worksheet a. Compute net pension expense for 2020 assuming that the January 1, 2020, Accumulated OCIPension Gain/Loss is amortized in 2020 over a 15-year average remaining service period. Pension experise, 2020 S b. Prepare the 2020 pension expense, deferral of gain, funding, and benefits paid entries for Amex Company. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Cr. Dec. 31, 2020 Dr. To record pension expense Dec. 31, 2020 To record deferral of actuarial gain or loss on PBO Dec. 31, 2020 To record plan funding Dec. 31, 2020 To record benefits paid c. Compute the underfunded (overfunded) pension balance as of December 31, 2020. Note: Use a negative sign for a net pension liability. Net pension asset (liability) $ Financial Statement Amounts and Entries Pension Worksheet d. Create a worksheet to summarize the pension data at the end of 2020. Reported Net in Financial Statements Reported on Balance Sheet Accumulated OCI Plan Net Pension Prior Pension Assets Asset/Liability Service Cost Gain/Loss Reported in Comprehensive Income OCI Pension Prior Pension Expense Service Cost Gain/Loss Cash Outflow Balance, January 1, 2020 Service cost Interest cost Expected return Defer actuarial gain on PBO Amortization of pension gain/loss Contributions to fund Benefits payments Balance, December 31, 2020 $ Check Previous Save Answers
