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Tamarisk Camparny sponsors a defined benefit plan for its 100 employees. On January 1,2020 , the company's actuary provided the follawing infarmation. The average remaining
Tamarisk Camparny sponsors a defined benefit plan for its 100 employees. On January 1,2020 , the company's actuary provided the follawing infarmation. The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31,2020, the actuary calculated that the present value af future benefits earned for employee services rendered in the current year amounted to $51,800; the projected benefit obligatian was $482,500; fair value of pension assets was $270,800; the accumulated benefit obligation amounted to $366,900. The expected return an plan assets and the discount rate con the projected benefit obligation were bath 10\%. The actual return an plan assets is $11,500. The company's current year's contribution to the pension plan amounted to $62,400. No benefits were paid during the year. Determine the companents of pension expense that the company wauld recognize in 2020 . (With anly one year inwolved, yau need not prepare a worksheet.) (Enter amounts that reduce pension experse with either a negative sign preceding the number es. -45 or parenthesiseg. (45).J. Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2020 . (Credit aocount titles are outomatically indented when amount is entered. Do not indent manually. if no entry is required, select "No Entry" for the account titles and enter O for the omounts.)
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