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E 20-19 (Postretirement Benefit Expense Computation)
Kreter Co. provides the following information about its postretirement benefit plan for the year 2014.
Service cost
$45,000
Contribution to the plan
10,000
Actual and expected return on plan assets
11,000
Benefits paid
20,000
Plan assets at January 1, 2014
110,000
Accumulated postretirement benefi t obligation at January 1, 2014
330,000
Discount rate
8%
Instructions
Compute the postretirement benefit expense for 2014.
P20-8 (Comprehensive 2-Year Worksheet) Lemke Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2014 and 2015.
2014
2015
Projected benefit obligation, January 1
$600,000
Plan assets (fair value and market-related value), January 1
410,000
Pension asset/liability, January 1
190,000 Cr.
Prior service cost, January 1
160,000
40,000
$59,000
Settlement rate
10%
Expected rate of return
Actual return on plan assets
36,000
61,000
Amortization of prior service cost
70,000
50,000
Annual contributions
97,000
81,000
Benefits paid retirees
31,500 54,000
Increase in projected benefit obligation due to
changes in actuarial assumptions
87,000
-0-
Accumulated benefit obligation at December 31
721,800
789,000
Average service life of all employees
20 years
Vested benefit obligation at December 31
464,000
(a) Prepare a pension worksheet presenting both years 2014 and 2015 and accompanying computations and amortization of the loss (2015) using the corridor approach.
(b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.
(c) For 2015, indicate the pension amounts reported in the financial statements.
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