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Posted on Jul 12, 2024

question 20-11 need help. see attached. Problem 2011 (Part Level Submission) The following data relate to the operation of Kramer Co.'s pension plan in 2015.

question 20-11 need help. see attached. image text in transcribed

Problem 2011 (Part Level Submission) The following data relate to the operation of Kramer Co.'s pension plan in 2015. Service cost $182,900 Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees 99,200 86,800 158,100 83,700 Average service life of all employees 25 years The pension worksheet for 2014 is presented below. KRAMER COMPANY Worksheet2014 General Journal Entries Items Annual Pension Expense Balance, Jan. 1, 2014 Service cost $62,000 80,600 55,800 7,750 108,500 OCIPrior Service Cost Dr. Cr. Cr. Dr. Memo Record OCI Gain/Loss Pension Asset/Liability Dr. Interest cost Actual return Unexpected loss Amortization of PSC Cash $372,000 Cr. $127,100 Journal entry for 2014 Accumulated OCI, Dec. 31, 2013 Balance, Dec. 31, 2014 $187,550 Dr. Plan Assets 142,600 0 $142,600 Dr. 94,550 Cr. $466,550 Cr. Dr. 127,100 46,500 Dr. Cr. $771,900 Dr. Cr. Cr. $127,100 Dr. Cr. Dr. Cr. Dr. Dr. Cr. Cr. $635,500 55,800 $7,750 $108,500 $1,007,500 62,000 80,600 134,850 Contributions Benefits Increase in PBO Projected Benefit Obligation 108,500 248,000 $139,500 Cr. Dr. Dr. 46,500 134,850 Dr. Cr. $1,238,450 Cr. For 2015, Kramer will use the same assumptions as 2014 for the expected rate of returns on plan assets. The settlement rate for 2015 is 10%. KRAMER COMPANY Pension Worksheet2015 General Journal Entries Items Annual Pension Expense Balance, Jan. 1, 2015 $ Memo Record OCIPrior OCI Gain/ Pension Asset/ Projected Benefit Plan Service Cost Cash Loss Liability Obligation Assets $ $ $ Cr. $ 4 6 65 5 0 Service cost Interest cost 1 82 90 0 1 23 84 5 7 71 90 0 Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Dr. Dr. Cr. Journal entry for 2015 22 955 5 Accumulated OCI, Dec. 31, 2014 $ 15 8 1 0 0 $ Cr. 2 2 01 0 158 10 0 Cr. Dr. Cr. 2 2010 Cr. 1 3489 0 Dr. Balance, Dec. 31, 2015 11 288 0 $ Dr. Accompanying computations and amortization of the loss, if any, in 2015 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss Click if you would like to Show Work for this question: 1 34 89 0 Open Show Work $ 77 19 0 Dr. 83 70 0 Cr. 15 81 00 Dr. Dr. Cr. 8 370 0 22010 5 1 59 9 5 Cr. 1461 49 5 Dr. $ 7 7 19 0 0 Cr. Cr. 1238450 123845 4 9 44 5 $ $ 1238450 Cr. $ Dr. Cr. 9 4550 0 $ Dr. Your answer is partially correct. Try again. Prepare a pension worksheet for 2015. (Round answers to 0 decimal places, e.g. 2,500.) KRAMER COMPANY Pension Worksheet2015 General Journal Entries Items Balance, Jan. 1, 2015 Service cost Interest cost Actual return Annual Pension Expense $ 182900 Dr. 123845 Dr. 77190 Memo Record OCIPrior $ OCI Gain/ Pension Asset/ Projected Benefit Plan Service Cost Cash Loss Liability Obligation Assets $ $ $ Cr. 466550 $ Cr. 1238450 Cr. 1 2 3 84 5 0 123845 Cr. Cr. Amortization of PSC 77190 Amortization of loss $ Dr. 771900 Unexpected gain Contribution s Benefits Journal entry for 2015 Accumulate d OCI, Dec. 31, 2014 Balance, Dec. 31, 2015 0 $ Dr. 2 2 9 5 55 158100 Cr. $ 158100 Cr. 22010 Cr. 2 20 1 0 Cr. 134890 Dr. $ Dr. 1 12 8 8 0 $ Accompanying computations and amortization of the loss, if any, in 2015 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss Attempts: 1 of 3 used 134890 49445 Cr. $ Cr. 515995 83700 Dr. $ Cr. 1461495 Dr. 158100 Dr. 83700 Cr. 2 2 01 0 Dr. $ Dr. 945500 Problem 20-11 (Part Level Submission) The following data relate to the operation of Kramer Co.'s pension plan in 2015. Service cost $182,900 Actual return on plan assets 99,200 Amortization of prior service cost 86,800 Annual contributions 158,100 Benefits paid retirees 83,700 Average service life of all employees 25 years The pension worksheet for 2014 is presented below. KRAMER COMPANY Worksheet2014 Items Annual Pension Expense General Journal Entries OCIPrior Service Cost Cash OCI Gain/Loss Balance, Jan. 1, 2014 Service cost $62,000 Pension Asset/Liability $372,000 Cr. Memo Record Projected Benefit Plan Assets Obligation $1,007,500 Cr. $635,500 Dr. Dr. 62,000 Cr. Interest cost 80,600 Dr. 80,600 Cr. Actual return 55,800 Cr. Unexpected loss 55,800 127,100 7,750 Cr. Amortization of PSC $7,750 108,500 Dr. Contributions $108,500 $127,100 Cr. Increase in PBO 134,850 Dr. $127,100 Cr. Dr. Balance, Dec. 31, 2014 108,500 Cr. 142,600 Dr. Cr. 0 $139,500 Dr. $142,600 Dr. 94,550 Dr. 134,850 Dr. 248,000 Accumulated OCI, Dec. 31, 2013 Cr. Cr. 46,500 $187,550 Dr. 46,500 Dr. Benefits Journal entry for 2014 Dr. Cr. $466,550 Cr. $1,238,450 Cr. $771,900 Dr. For 2015, Kramer will use the same assumptions as 2014 for the expected rate of returns on plan assets. The settlement rate for 2015 is 10%. KRAMER COMPANY Pension Worksheet2015 General Journal Entries Items Annual Pension Expense Balance, Jan. 1, 2015 $ Memo Record OCIPrior OCI Gain/ Pension Asset/ Projected Benefit Plan Service Cost Loss Liability Obligation Assets $ Cash $ $ Cr. $ 466550 1238450 Cr. $ Dr. $ 771900 Service cost 182900 Dr. 1238450 Cr. Interest cost 123845 Dr. 123845 Cr. Actual return 77190 Cr. 0 Cr. Amortization of PSC Amortization of loss Contributions 158100 Dr. Benefits Dr. 83700 Unexpected gain Journal entry for 2015 $ 229555 22010 158100 Cr. Dr. $ 158100 Cr. 22010 Cr. Accumulated OCI, Dec. 31, 2014 134890 Dr. Balance, Dec. 31, 2015 $ 112880 Dr. Accompanying computations and amortization of the loss, if any, in 2015 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss 134890 Click if you would like to Show Work for this question: Open Show Work 49445 $ 83700 Cr. 22010 $ 515995 77190 Cr. 1461495 $ Dr. Cr. Dr. Cr. $ 945500 Dr