Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The accountant for Orion Corporation has developed the following information for the company's defined-benefit pension plan for 2019: Service cost $ 990,000 Actual return on
The accountant for Orion Corporation has developed the following information for the company's defined-benefit pension plan for 2019:
Service cost | $ 990,000 | |
Actual return on plan assets | 496,000 | |
Annual contribution to the plan | 1,836,000 | |
Amortization of prior service cost | 249,600 | |
Benefits paid to retirees | 118,000 | |
Settlement rate | 20% | |
Expected rate of return on plan assets | 16% |
The accumulated benefit obligation at December 31, 2019, amounted to $ 6,480,000
Using the above information for Orion Corporation, complete the pension work sheet for 2019. (Do not leave any answer field blank. Enter 0 for amounts.)
OCI-Prior service cost 1248000
projected benefit obligation 7980000
plan assets 5490000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started