05 Jun Question Problem 2011 (Part Level Submission)
Question
Problem 2011 (Part Level Submission)
The following data relate to the operation of Kramer Co.s pension
plan in 2015.
Service cost
$182,900
Actual return on plan assets
Amortization of prior service cost
Annual contributions
Benefits paid retirees
99,200
86,800
158,100
83,700
Average service life of all employees
25 years
The pension worksheet for 2014 is presented below.
KRAMER COMPANY
Worksheet2014
General Journal Entries
Items
Annual Pension
Expense
Balance, Jan. 1, 2014
Service cost
$62,000
80,600
55,800
7,750
108,500
OCIPrior Service Cost
Dr.
Cr.
Cr.
Dr.
Memo Record
OCI Gain/Loss
Pension Asset/Liability
Dr.
Interest cost
Actual return
Unexpected loss
Amortization of PSC
Cash
$372,000
Cr.
$127,100
Journal entry for 2014
Accumulated OCI, Dec. 31, 2013
Balance, Dec. 31, 2014
$187,550
Dr.
Plan Assets
142,600
0
$142,600
Dr.
94,550
Cr.
$466,550
Cr.
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