Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following facts apply to the pension plan of Concord Inc. for the year 2020. Plan assets, January 1, 2020 $ 536,500 Projected benefit obligation,

The following facts apply to the pension plan of Concord Inc. for the year 2020.

Plan assets, January 1, 2020 $ 536,500
Projected benefit obligation, January 1, 2020 536,500
Settlement rate 8 %
Service cost 40,900
Contributions (funding) 23,200
Actual and expected return on plan assets 53,600
Benefits paid to retirees 36,500

Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.)

CONCORD INC. Pension Worksheet2020

General Journal Entries

Memo Record

Items

Annual Pension Expense

Cash

Pension Asset/ Liability

Projected Benefit Obligation

Plan Assets

Balance, January 1, 2020

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

Service cost

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

Interest cost

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

Actual return

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

Contributions

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

Benefits

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

enter a dollar amount

select between debit and credit Dr.Cr.

Journal entry, December 31

$ enter a net debit or credit amount

select between debit and credit Dr.Cr.

$ enter a net debit or credit amount

select between debit and credit Dr.Cr.

enter a net debit or credit amount

select between debit and credit Dr.Cr.

enter a net debit or credit amount

select between debit and credit Dr.Cr.

enter a net debit or credit amount

select between debit and credit Dr.Cr.

Balance, December 31, 2020

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

$ enter a net debit or credit balance

select between debit and credit Dr.Cr.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

111919167X, 9781119191674

More Books

Students also viewed these Accounting questions