The following facts apply to the pension plan of Novak Inc. for the year 2020. Plan assets, January 1, 2020 $490,400 Projected benefit obligation, January 1, 2020 490,400 Settlement rate 8 % Service cost 38,500 Contributions (funding) 27,300 Actual and expected return on plan assets 48,000 Benefits paid to retirees 32,500 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) NOVAK INC. Pension Worksheet—2020 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset/

The following facts apply to the pension plan of Novak Inc. for the year 2020. Plan assets, January 1, 2020 $490,400 Projected benefit obligation, January 1, 2020 490,400 Settlement rate 8 % Service cost 38,500 Contributions (funding) 27,300 Actual and expected return on plan assets 48,000 Benefits paid to retirees 32,500 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) NOVAK INC. Pension Worksheet—2020 General Journal Entries Memo Record Items Annual Pension Expense Cash Pension Asset/

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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NOVAK INC. Pension Worksheet—2020
		General Journal Entries		Memo Record
Items		Annual Pension Expense		Cash		Pension Asset/

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Plan assets, January 1, 2020	$490,400
Projected benefit obligation, January 1, 2020	490,400
Settlement rate	8	%
Service cost	38,500
Contributions (funding)	27,300
Actual and expected return on plan assets	48,000
Benefits paid to retirees	32,500