29 Jun Question On January 1, 2012, Jo
Question
On January 1, 2012, Jones Company has the following defined benefit pension plan balances.
Accumulated Postreitrement benefit obligation $5,600,000
Fair value of plan assets 6,400,000
The interest (settlement) rate applicable to the plan is 9% On January 1, 2014, the company amends the plan
so that prior service costs of $620,000 were created. Other data related to the pension plan are as follows:
2012 2013
Service costs $180,000 $195,000
Prior service costs amortization 0 97,000
Contributions (funding) to the plan 255,000 305,000
Benefits paid 225,000 300,000
Actual return on plan assets 320,000 515,000
Expected rate of return on assets 5% 8%
Instructions:
(a) Prepare a pension worksheet for the pension plan for 2012 and 2013.
(b) For 2013, prepare the journal entry to record pension-related amounts.
P20-2 Jones Co. has the following postretirement benefit plan balances on January 1, 2012.
Accumulated Postreitrement benefit obligation $2,535,000
Fair value of plan assets 2,535,000
The interest (settlement) rate applicable to the plan is 8% On January 1, 2013, the company amends the plan
so that prior service costs of $185,000 were created. Other data related t
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.