Acct 311 Intermediate Accounting II
Week 6 Homework
The following information is available for the pension plan of Jones Company for the year 2014.
Actual and expected return on plan assets
|
$ 15,000
|
Benefits paid to retirees
|
40,000
|
Contributions (funding)
|
90,000
|
Interest/discount rate
|
10%
|
Prior service cost amortization
|
8,000
|
Projected benefit obligation, January 1, 2014
|
500,000
|
Service cost
|
60,000
|
|
Instructions
(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 entry to record pension expense and the employer's contribution to
the pension plan in 2014.
|
(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
![807_tab.png](https://secure.tutorsglobe.com/CMSImages/807_tab.png)