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Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018 Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries Memo Record oCI-Prior Service Cost Annual Pension Expense Projected Benefit oCI Pension Items Cash Gain/Loss Asset/Liability $136,800 Cr. Obligation Plan Assets $370,500 Cr. $233,700 Dr. Balance, Jan. 1, 2017 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PBO ournal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $22,800 Dr. 29,640 Dr. 20,520 Cr. 2,850 Cr 39,900 Dr. 22,800 Cr. 29,640 Cr. 20,520 Dr $2,850 Dr $39,900 Cr $46,740 Cr. 46,740 Dr. 17,100 Dr. 17,100 Cr. 49,590 Cr. 49,590 Dr $68,970 Dr. $46,740 Cr. 39,900 Cr. 52,440 Dr. 34,770 Cr. 91,200 Dr 0 $51,300 Dr. $52,440 Dr. $171,570 Cr. $455,430 Cr. $283,860 Dr, For 2018, Vaughn will use the same assumptions as 2017 for the expected rate of returns on plan assets. The settlement rate for 2018 is 10%. VAUGHN COMPANY Penslon 18 General Journal Entries Memo Record ocI- Gain/ Loss Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Jan. 1, 2018 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Benefits loumal entry for 2018 Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 Calculate the amortization of the loss, if any, in 2018 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss TO TEXT LINK TO TEXT TO TEXT LINK TO TEXT Prepare the joumal entries (from the worksheet) to reflect all pension platransactions and events at December 31. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is requlred, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Deblt Credit Dec. 31, 2018 Indicate the pension amounts reported in the financial statements. (Round answers to 0 decimal places, e.g. 2,500.) Vaughn Co. Income Statement (Partial) Vaughn Co. Comprehensive Income Statement , Vaughn Co. Partial Balance Sheet Click if you would like to Show Work for this question Open Show Work Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018 Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries Memo Record oCI-Prior Service Cost Annual Pension Expense Projected Benefit oCI Pension Items Cash Gain/Loss Asset/Liability $136,800 Cr. Obligation Plan Assets $370,500 Cr. $233,700 Dr. Balance, Jan. 1, 2017 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Increase in PBO ournal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017 $22,800 Dr. 29,640 Dr. 20,520 Cr. 2,850 Cr 39,900 Dr. 22,800 Cr. 29,640 Cr. 20,520 Dr $2,850 Dr $39,900 Cr $46,740 Cr. 46,740 Dr. 17,100 Dr. 17,100 Cr. 49,590 Cr. 49,590 Dr $68,970 Dr. $46,740 Cr. 39,900 Cr. 52,440 Dr. 34,770 Cr. 91,200 Dr 0 $51,300 Dr. $52,440 Dr. $171,570 Cr. $455,430 Cr. $283,860 Dr, For 2018, Vaughn will use the same assumptions as 2017 for the expected rate of returns on plan assets. The settlement rate for 2018 is 10%. VAUGHN COMPANY Penslon 18 General Journal Entries Memo Record ocI- Gain/ Loss Annual Pension Expense OCI-Prior Service Cost Pension Asset/ Liability Projected Benefit Obligation Plan Assets Items Cash Balance, Jan. 1, 2018 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Benefits loumal entry for 2018 Accumulated OCI, Dec. 31, 2017 Balance, Dec. 31, 2018 Calculate the amortization of the loss, if any, in 2018 using the corridor approach. (Round answers to 0 decimal places, e.g. 2,500.) Amortization of the loss TO TEXT LINK TO TEXT TO TEXT LINK TO TEXT Prepare the joumal entries (from the worksheet) to reflect all pension platransactions and events at December 31. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is requlred, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Deblt Credit Dec. 31, 2018 Indicate the pension amounts reported in the financial statements. (Round answers to 0 decimal places, e.g. 2,500.) Vaughn Co. Income Statement (Partial) Vaughn Co. Comprehensive Income Statement , Vaughn Co. Partial Balance Sheet Click if you would like to Show Work for this question Open Show Work
