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Prepare journal entry or entries to record pension expense

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Reference no: EM132929863

Question - Rockwell Corporation received the following information from its actuary concerning the operation of the corporation's defined benefit pension plan.

January 1, 2019 $000 December 31, 2019 $000 Vested benefit obligation 1500 1900 Accumulated benefit obligation 1900 2730 Defined benefit obligation 3600 4700 Plan assets (fair value) 2320 3500 Discount (Interest) rate 10% Pension asset/liability 1280 ? Service cost for the year 2019 590 Contributions (funding in 2019) 980 Benefits paid in 2019 310

Instructions -

i. Compute the actual return on the plan assets in 2019.

ii. Compute the amount of the other comprehensive income (G/L) as of December 31, 2019. (Clearly show the computation for pension liability gains/losses and asset gains/losses) (Assume the January 1, 2019, balance was zero.)

iii. Prepare a 2019 pension worksheet with supplementary schedules.

iv. Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2019.

v. Indicate the amounts that would be reported on the Income Statement and the Statement of Financial Position for the year 2019.

Reference no: EM132929863

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