Juniper County had the following pension note for the current year ending June 3
ID: 2403587 • Letter: J
Question
Juniper County had the following pension note for the current year ending June 30, 2016:. Answer the followed required questions based on the information in the pension note:
Juniper County Pension Note Information:
Total Pension Liability
Plan Net Position
Net Pension Liability
Balance, 6/30/15
$3,000,000
$2,500,000
Changes for year
Service cost
75,864
Interest
216,515
Contributions – employer
79,713
Net investment income
196,154
Benefit payments to retirees
(119,434)
(119,434)
Administrative expense
(3,373)
Net changes
172,945
153,060
Balance, 6/30/16
$3,172,945
$2,653,060
Required:
1. Complete the net pension liability column.
2. What is the amount that Juniper country should report as a pension liability on its government-wide balance sheet?
3. What is the amount that it should report as a pension expense/expenditure on its:
a. Government-wide statement of activities
b. Governmental fund statement of revenues, expenditures and changes in fund balances
Juniper County Pension Note Information:
Total Pension Liability
Plan Net Position
Net Pension Liability
Balance, 6/30/15
$3,000,000
$2,500,000
Changes for year
Service cost
75,864
Interest
216,515
Contributions – employer
79,713
Net investment income
196,154
Benefit payments to retirees
(119,434)
(119,434)
Administrative expense
(3,373)
Net changes
172,945
153,060
Balance, 6/30/16
$3,172,945
$2,653,060
Explanation / Answer
Total Pension Liability
Plan Net Position
Net Pension Liability
Balance, 6/30/15
$3,000,000
$2,500,000
Changes for year
Service cost
75,864
Interest
216,515
Contributions – employer
79,713
Net investment income
196,154
Benefit payments to retirees
(119,434)
(119,434)
Administrative expense
(3,373)
Net changes
172,945
153,060
Balance, 6/30/16
$3,172,945
$2,653,060
Total Pension Liability
Plan Net Position
Net Pension Liability
Balance, 6/30/15
$3,000,000
$2,500,000
Changes for year
Service cost
75,864
Interest
216,515
Contributions – employer
79,713
Net investment income
196,154
Benefit payments to retirees
(119,434)
(119,434)
Administrative expense
(3,373)
Net changes
172,945
153,060
Balance, 6/30/16
$3,172,945
$2,653,060
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