Reference no: EM133141731
Question - Belvedere Enterprises has a defined benefit plan. The company indicated that plan assets were $1,227,000 and DBO was $1,422,000 as at January 1, 2021.
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2021
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2022
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Past service cost (plan amended 1/1/22)
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$1,515,600
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Current service cost
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$104,400
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$111,600
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Discount rate and expected rate of return
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8%
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8%
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Actual return on plan assets
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$99,360
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$126,180
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Contributions (funding)
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$81,000
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$304,290
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Benefits Paid
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$130,410
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$101,844
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Change in actuarial assumptions establishes a Dec. 31, 2022 DBO of
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$2,810,000
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Other data related to two years of operations are as follows:
The amendment of the plan is expected to provide future benefits for 10 years. Assume the DBO is the same for both accounting and funding purposes. Round all numbers to the nearest dollars.
1. Assuming the company uses PE GAAP
1. For each of 2021 and 2022 under PE GAAP indicate the pension expense, defined benefit obligation, plan assets and balance in accrued pension asset/liability (pension liability account). Please label the presentation with ASPE and the year.
2. Answer the following questions:
1. What is the amount of the funded status of the plan for each year? Indicate if it is overfunded or underfunded.
2. What amount will appear on the Balance Sheet at each year end? Indicate if it is an asset or liability.
3. Prepare journal entries to record pension expense and the company's funding of the pension plan for each year.
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