Prepare a pension worksheet for the pension plan

Assignment Help Financial Accounting
Reference no: EM131146947

On January 1, 2014, Harrington Company has the following defined benefit pension plan balances. Projected benefit obligation $4,500,000 Fair value of plan assets 4,200,000. The interest (settlement) rate applicable to the plan is 10%. On January 1, 2015, the company amends its pension agreement so that prior service costs of $500,000 are created.

Other data related to the pension plan are as follows.

 

2014

2015

Service cost

$150,000

$180,000

Prior service cost amortization

-0-

90,000

Contributions (funding) to the plan

240,000

285,000

Benefits paid

200,000

280,000

Actual return on plan assets

252,000

260,000

Expected rate of return on assets

6%

8%

(a) Prepare a pension worksheet for the pension plan for 2014 and 2015

 

 

Reference no: EM131146947

Numbers of the check with the numerical amount

Mason wants a new German Shepherd puppy.  Max's prized dog had a litter of puppies.  Mason writes a check to Max for a puppy.  Mason fills in the numbers of the check with the

What is the margin of safety in sales dollars

Assume a sales volume of 6,000 units, unit selling price of $20, unit variable cost of $12, and total fixed costs of $20,000. What is the margin of safety in sales dollars?

What would net carrying value of the bonds

Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would net carrying value of th

Financial statement-balance sheet or income statement

For each account, indicate (a) whether the normal balance is a debit or a credit, and (b) the financial statement-balance sheet or income statement-where the account should

Do you have any unpaid invoices on your desk

Do you have any unpaid invoices on your desk? Bob replies: "Yes, a $ 300 utility bill and one for $ 10,000 for fabric I received a week ago." Did you make any loan payments

How much did fishbone pay for bonds

pay interest annually beginning January 1, 2011. Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds?

The cost of goods sold of frick company for the period

Frick Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the

How will net income and net loss be divided

A dispute has risen among partners. jenson has invested twice as much in assets as the other two partners and he believes net income and net losses should be shared in accorda

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd