Question 3 of 4 9.96 / 14 Buffalo Corporation is a privately owned company that follows ASPE, On December 31, 2019. Buffalo's financial records indicated the following information related to the company's defined benefit pension plan Defined Benefit Obligation $7.542.300 Pension Plan Assets 7.245.200 On January 1, 2020. Buttalo acquired the operations of SZ. Ltd. As one of the conditions of the purchase, Buffalo agreed thatszus employees would be included in Buffalo's defined benet pension plan and would be granted credit for the past service of SZE'S employees. The actuary estimated the value of the prior service amount sranted on January 1, 2020 to be 5311,500. Buffalo's actuary provided the following information on December 31, 2020 Current year service cost $381.200 Employer contributions for the year 427 500 Benefits paid to retirees Actuarial increase in pension obligations Expected return on assets 181.000 127,400 6% Actual return on assets 5% Discount rate 6% Prepare a pension worksheet for Buffalo Corporation for the year ending December 31, 2020. General Journali Annual Pension Expense Cash Balance, January 1, 2020 (a) Current Service Cost 381200 Dr. (b) Past Service Cost 311500 Dr. (c) Net Interest/Finance Cost -887250 C. (d) Asset Remeasurement Gain Loss 362260 C. le) Actuarial Gain/Loss 127400 Ct. DALLE S Employer Contributions to Pension Fund . 4225 81 Benefits Paid to Retirees from Pension Fund Preparea pension worksheet for Burrato corporation for the year ending December 2020 General Journal Entries Cash Net Defined Liability Asset Defined Benefit Obligation 297100 Cr 2542300 1200 311500 452538 127400 427500 Cr. 11000 Prepare a pension worksheet for Buffalo Corporation for the year ending December 31, 2020 Memo Record Net Defined Liability Asset Defined Benefit Obligation Plan Assets 297100 C. 7342300 Cr. 7245200 Dr. : 381200 C. 311500 Cr: 452530 C 436712 De 362260 Dr. 127400 Dr. : i 427500 Dr. 181000 Dr. : 101000 Cr. Questions - Dr. 7 Past Service Cost 1 > -887250 Net Interest/Finance Cost > 362260 On Asset Remeasurement Gain/Loss > Actuarial Gain/Loss 127400 C. 1 Employer Contributions to Pension Fund . 427900 ) Benefits Paid to Retirees from Pension Fund : Pension Expense Entry-2020 1217690 DE 427500 Net Funding Entry alance, December 31, 2020 e Textbook and Media Cr 452538 Cr 04712 DE: 362260 Dr. 127400 Dr. 2 De 19.000 Dr. 11000 943466 . 428500 Dr 217866 Cr B506538 CE 8288672 De e Textbook and Media Question 3 of 4 9.96 / 14 Prepare the journal entry to record the pension expense for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit 943466 Net Defined Benefit biliyor Asset 943466 (To record pension expense) Net Deine Becht Libility or Asset 427900 Cat 27500 (To record payment to the pension fund) e Textbook and Media (To record payment to the pension fund) e Textbook and Media - Your answer is partially correct. What is the funded status on December 31, 20207 Buffalo pension plan is underfunded by $ 217866 on December 31, 2020. eTextbook and Media Save for Later Attempts: 1 of 3 used Submit Answ
