worksheet for e20 13 461510
(Worksheet for E20-13)
Erikson Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan.
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worksheet for e20 13 461510
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January 1 December 31
2012
2012
Vested benefit obligation $1,500 $1,900
Accumulated benefit obligation 1,900 2,730
Projected benefit obligation 2,500 3,300
Plan assets (fair value) 1,700 2,620
Settlement rate and expected rate of return 10%
Pension asset/liability 800 ?
Service cost for the year 2012 400
Contributions (funding in 2012) 700
Benefits paid in 2012 200
Prepare a 2012 pension worksheet with supplementary schedules of computations. Prepare the journal entries at December 31, 2012, to record pension expense and related pension transactions. Also, indicate the pension amounts reported in the balance sheet. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. If answer is zero, please enter 0 do not leave any fields blank.))
Erikson Company
Pension Worksheet-2012
Items
General Journal Entries
Memo Record Entries
Annual
Pension Expense
Cash
OCI – Gain/Loss
Pension Asset/Liability
Projected
Benefit Obligation
Plan
Assets
Balance, Jan. 1, 2012
Cr.
Cr.
Dr.
Service cost
Dr.
Cr.
Interest cost
Dr.
Cr.
Actual return
Cr.
Dr.
Unexpected gain
Dr.
Cr.
Contributions
Cr.
Dr.
Benefits
Dr.
Cr.
Liability increase
Dr.
Cr.
Journal entry for 2012 Dr. Cr. Dr. Dr.
Acc. OCI, Dec. 31, 2011 Dr.
Balance, Dec. 31, 2012
Dr.
Cr.
Cr.
Dr.
Journal entries 12/31/12
Description/Account Debit Credit
Balance Sheet at December 31, 2012
Liabilities
Pension Liability
$
Stockholder’s Equity
Accumulated other comprehensive loss – G/L
$
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