Question
The following information for 2021 is provided to you from the Johnson Manifold Manufacturing Company and their pension administration firm: Service Cost . . .
The following information for 2021 is provided to you from the Johnson Manifold Manufacturing Company and their pension administration firm: Service Cost . . . . . . . . . . . . . . . . . . $24,440 Contribution to plan . . . . . . . . . . . . . . 51,650 Prior Service Cost Amortization. . . . . . . . . 2,000 Actual and Expected Return on Assets . . . . . . 11,745 Benefits Paid. . . . . . . . . . . . . . . . . . 19,400 Plan Assets, January 1, 2020 . . . . . . . . . . 76,925 Projected Benefit Obligation, January 1, 2021. . 82,000 Interest/Discount (settlement) rate. . . . . . . 6% Accumulated OIC (PSC), January 1, 2021 . . . . . 22,000 Required Complete the pension worksheet below for 2021, and prepare the necessary journal entry at December 31, 2021.
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Management Accounting Information for Decision-Making and Strategy Execution
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
6th Edition
137024975, 978-0137024971
