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Exercise 20-7 (E20-7) Basic Pension Worksheet

Exercise 20-7 (E20-7) Basic Pension Worksheet
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ACCOUNTING

ACC/423 (ACC423)
INTERMEDIATE FINANCIAL ACCOUNTING III
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate Accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Five (Week 5) Chapter 20 and Chapter 22

Exercise 20-7 (E20-7) (Basic Pension Worksheet) The following defined pension data of Doreen Corp. apply to the year 2008.
Projected benefit obligation, 1/1/08 (before amendment) $560,000
Plan assets, 1/1/08 546,200
Prepaid/accrued pension cost (credit) 13,800
On January 1, 2008, Doreen Corp., through plan amendment, grants prior service benefits having a present value of 100,000
Settlement rate 9%
Service cost 58,000
Contributions (funding) 55,000
Actual (expected) return on plan assets 52,280
Benefits paid to retirees 40,000
Prior service cost amortization for 2008 17,000

Instructions
For 2008, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

 

FILE: MS WORD

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