the following define-benefit pension data of doreen Corp. apply to the year 2008
ID: 2368620 • Letter: T
Question
the following define-benefit pension data of doreen Corp. apply to the year 2008. projected benefit obligation, Jan. 1,2008 before amendment - $560,000 Plan assets, Jan. 1 2008 - 546,200 Pension liability -13,800 On Jan. 1, 2008, Doreen Corp. through plan amendment grants prior service benefits having a present value os - 100,000 settetlement rate -9% annual pension service cost - 58,000 contributions (funding) - 55,000 actual return on plan assets - 52,280 benefits paid to retirees- 40,000 prior service cost for amortization for 2008 - 17,000 For 2008,repare a pension worksheet for Doreen Corp. that shows the journal entry for pensions expense and the year-end balance in the related pension accounts.Explanation / Answer
The following defined pension data of Doreen Corp. apply to the year 2008. Projected benefit obligation, 1/1/08 (before amendment) $560,000 Plan assets, 1/1/08 546,200 Prepaid/accrued pension cost (credit) 13,800 On January 1, 2008, Doreen Corp., through plan amendment, grants prior service benefits having a present value of 100,000 Settlement rate 9% Service cost 58,000 Contributions (funding) 55,000 Actual (expected) return on plan assets 52,280 Benefits paid to retirees 40,000 Prior service cost amortization for 2008 17,000 Instructions For 2008, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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