Solution-Create all journal entries to record the pension

Create all journal entries to record the pension expense

Assignment Help Financial Accounting

Reference no: EM133135118

Question - Cullumber Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021:

	2020	2021
Plan assets (fair value), December 31	$514,500	$645,000
Defined benefit obligation, January 1	606,000	698,000
Net defined benefit liability (asset), January 1	235,400	?
Current service cost	56,960	90,000
Actual return on plan assets	24,400	47,300
Funding of current service cost	59,000	90,000
Funding of past service costs	80,000	49,000
Benefits paid	?	?
Interest/discount rate	9%	9%

The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period.

Calculate pension expense for 2020 and 2021.

Create all journal entries to record the pension expense and the company's pension plan funding for both years.

Crete the complete pension work sheets for Cullumber for 2020 and 2021.

Reference no: EM133135118

Questions Cloud

Current understanding of data mining : What is the definition of data mining that the author mentions? How is this different from our current understanding of data mining?

Draw the existing organization structure : 1. Describe the any big organization and its location as well as its current product lines.

Exposures in health research methods : What are the difference between interventions and exposures in health research methods

Canada top 100 employers list : Companies, like Walmart, that enjoy long-term success, are clear abouttheir mission, vision, values and business strategies. Walmart has a core vision that rema

Create all journal entries to record the pension expense : The pension fund paid out benefits in each year. Create all journal entries to record the pension expense and the company's pension plan funding for both years

Define the term forced ranking : What are the advantages and disadvantages of using a 'forced ranking' performance management process?Formulate an opinion and support it with properly cited sou

Witnessed moral hazard in the workplace : Give examples from your employment history where you witnessed moral hazard in the workplace. What were the incentives that gave rise to moral hazard?

Describe second artifact : 1. Using your reading notes for reference, describe your first artifact ("The Man to Send Rain Clouds").

Display the instructions in the command window : Display the instructions in the command window - Initialize a numeric column-vector (using NaN values) called responseSecs to hold the subject's response times

User Account

All Pages

Create all journal entries to record the pension expense

Reference no: EM133135118

Reference no: EM133135118

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT