Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10
Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 9#
Oriole Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $91,700 | ||
| Contribution to the plan | 104,300 | ||
| Prior service cost amortization | 10,800 | ||
| Actual and expected return on plan assets | 65,300 | ||
| Benefits paid | 39,700 | ||
| Plan assets at January 1, 2020 | 633,400 | ||
| Projected benefit obligation at January 1, 2020 | 711,600 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 148,000 | ||
| Interest/discount (settlement) rate | 10 | % |
(b)
Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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Account Titles and Explanation
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Debit
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Credit
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|---|---|---|
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enter an account title
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enter a debit amount
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enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
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