Marlin Corporation Pension Work Sheet?2015 General Journal Entries Memo Entries

Question

Marlin Corporation
Pension Work Sheet?2015

General Journal Entries

Memo Entries

Annual Pension
Expense

Cash

OCI—Prior
Service Cost

OCI— Gain/
Loss

Pension Asset/
Liability

Projected Benefit
Obligation

Plan
Assets

The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2015:
Service cost $455,000 Actual return on plan assets 232,000 Annual contribution to the plan 902,000 Amortization of prior service cost 123,200 Benefits paid to retirees 51,000 Settlement rate 10% Expected rate of return on plan assets 8%
The accumulated benefit obligation at December 31, 2015, amounted to $3,160,000. Acumulated OCI (PSC) at December 31, 2014 is $616,000. Projected benefit obligation and plan assets at December 31, 2014 are 3,910,000 and 2,705,000 respectively.

Explanation / Answer

Answer:

Marlin Corporation Pension Work Sheet2015 General Journal Entries Memo Entries Particulars Annual Pension expense Cash PSC OCI gain/Loss Pension Asset/Liability PBO Plan Assets Balance, Dec. 31, 2014 616000 -1205000 -3910000 2705000 Service Cost 455000 -455000 Interest cost 391000 -391000 Actual return -232000 232000 Unexpected gain/loss 15600 -15600 Amortization of PSC 123200 -123200 Contributions -902000 902000 Benefits 51000 -51000 Gain/loss Amortization Journal entry for 2015 752800 -902000 -123200 -15600 -288000 AOCI, 12/31/14 616000 0 Bal., Dec. 31, 2015 492800 -15600 -917000 -4705000 3788000

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