Acct 311 Intermediate Accounting II
Week 6 Homework
The following information is available for the pension plan of Jones Company for the year 2014.
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Actual and expected return on plan assets
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$ 15,000
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Benefits paid to retirees
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40,000
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Contributions (funding)
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90,000
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Interest/discount rate
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10%
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Prior service cost amortization
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8,000
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Projected benefit obligation, January 1, 2014
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500,000
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Service cost
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60,000
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Instructions
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(a)
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Complete the pension worksheet below for the year 2014. Construct a new pension worksheet to submit in Excel or Word format, using the sample worksheet below.
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(b)
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Prepare the journal entry to record pension expense and the employer's contribution to
the pension plan in 2014.
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(a)Complete the pension worksheet below for the year 2014. Construct a new pension worksheet to submit in Excel or Word format, using the sample worksheet below.
(b) Prepare the journal required journal entry
