Average remaining service life of its active participating

Assignment Help Accounting Basics
Reference no: EM13867410

On January 1, 2010, the Parkway Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to its employees, resulting in a prior service cost of $2,180,000 on that date (which it did not fund). The company decided to amortize this cost by the straight line method over the 16 year average remaining service life of its active participating employees. The company 's actuary and funding agency have also provided the following additional information for 2010 and 2011: 

882_268-B-A-P-P-B (462).png

The company contributed $670,000 and $700,000 to the pension fund at the end of 2010 and 2011, respectively. There are no other components of Parkway Company 's pension expense. At the end of 2011, the projected benefit obligation was $3,359,800 and the fair value of the pension plan assets was $1,430,300.
Required1. Compute the amount of Parkway Company 's pension expense for 2010 and 2011.2. Prepare all the journal entries related to Parkway Corporation 's pension plan for 2010 and 2011.3. What is the total accrued/prepaid pension cost at the end of 2011? Is it an asset or aliability?

Reference no: EM13867410

Questions Cloud

Company adopted a healthcare plan for its retired employees. : On January 1, 2010, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is availabl..
Prepare a bond amortization schedule : Prepare a bond amortization schedule. Give the journal entry to record the bond issue. Give the journal entries to record the interest payments on December 31, 2015 and 2016. Give the journal entry to record the interest and face value payment on Dec..
Properties of orthogonal functions : In this lab, you will investigate the properties of orthogonal functions and the Fourier series. This is a long lab, so plan accordingly.
Write your synthesis in the style of the discipline : The purpose of this assignment is for you to (a) synthesize disciplinary knowledge regarding a topic of interpersonal communication research, (b) effectively write your synthesis in the style of the discipline
Average remaining service life of its active participating : On January 1, 2010, the Parkway Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to its employees, resulting in a prior service cost of $2,180,000 on that date (which it did not fund).
Is the momentum of the system conserved : Draw separate arrows for object A and for object B representing the direction of the change in momentum vector of the object and Is the magnitude of the change in momentum of object A greater than, less than, or equal to that of object B? Explain y..
Knowledgeable of the mature market : Discussion board question... Need 3 different responses with citations with references and each must be at least 150 words doesn't have to be much longer than that.You just started your first marketing job, and your supervisor wants you to become mor..
What are the foundations of hasbros global success : What are the foundations of Hasbro's global success? What demographic changes and social issues might influence the future global market for toys and games?
Find a relationship with a company to be beneficial : 1- Explain several reasons that a customer might find a relationship with a company to be beneficial. 2- Identify and explain the different components of a product's benefits and costs. 3- Explain how a company determines customer lifetime value and ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  A company that produces a single product had a net

a company that produces a single product had a net operating income of 84000 using variable costing and a net operating

  Assume that you are part of the accounting team for logan

assume that you are part of the accounting team for logan digital. the company currently expects to sell 650 units for

  In 2005 the first year of operations afn produced 4000 tons

afn company produces plastic that is used for injection-molding applications such as gears for small motors. in 2005

  Meaning and significance of the coefficient of correlation

Explain the meaning and significance of the coefficient of correlation.

  Section anbspuse your kills to analyze compare criticize

section anbspuse your kills to analyze compare criticize evaluate and justify the answers in a process to solve the

  All of the following are correct statements about the

all of the following are correct statements about the cost-based transfer price approach except that it can understate

  Rothery co manufactures and sells medals for winners of

rothery co. manufactures and sells medals for winners of athletic and other events. its manufacturing plant has the

  Treasury regulations would represent a temporary regulation

Treasury regulations would represent a temporary regulation?

  Sold 500 shares of ramblewood manufacturing corporation

sold 500 shares of ramblewood manufacturing corporation common stock that had been held as a short-term investment. the

  Alpha paid five days past the discount period

Alpha paid five days past the discount period.

  Han products manufactures 30000 units of part s-6 each year

han products manufactures 30000 units of part s-6 each year for use on its production line. at this level of activity

  Investment in the new machine

The machine would have no salvage value. The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:

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