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Prior service cost journal entry

03/12/2021 Client: muhammad11 Deadline: 2 Day

Problem 20-1
Name: Date:
Instructor: Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
On January 1, 2012, Harrington Company has the following defined benefit pension plan balances.
Projected benefits 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, 2013, the company amends its pension
agreement so that service costs of $620,000 are 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.
HARRINGTON COMPANY
Pension Worksheet—2012 and 2013
General Journal Entries Memo Record
Items Annual Pension Expense Cash OCI - Prior Service Cost OCI - Gain/Loss Pension Asset/ Liability Projected Benefit Obligation Plan Assets
Balance, Jan. 1, 2012
(a) Service cost
(b) Interest cost
(c) Actual return
(d) Contributions
(e) Benefits
Journal entry, 12/31/12
Accum OCI, 12/31/11
Balance, Dec. 31, 2012
(f) Additional PSC
January 1, 2013
(g) Service cost
(h) Interest cost
(i) Actual return
(j) Unexpected loss
(k) Amortization of PSC
(l) Contributions
(m) Benefits
Journal entry, 12/31/13
Accum OCI, 12/31/12
Balance, Dec. 31, 2013
Area for calculations as desired
(b) For 2013, prepare the journal entry to record pension-related amounts.
&F, &A, Page &P of &N, &D, &T

Problem 20-2
Name: Date:
Instructor: Course:
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield
P20-2 Allison 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 to the pension plan are as follows:
2012 2013
Service costs $80,000 $87,000
Prior service costs amortization 0 13,000
Contributions (funding) to the plan 47,000 38,000
Benefits paid 41,000 43,000
Actual return on plan assets 200,000 155,000
Expected rate of return on assets 9% 7%
Instructions:
(a) Prepare a worksheet for the postreitrement plan for 2012 & 2013.
Allison Co.
Pension Worksheet—2012 and 2013
General Journal Entries Memo Record
Items Annual Expense DR/CR Cash DR/CR OCI - Prior Service Cost DR/CR OCI - Gain/Loss DR/CR Pension Asset/ Liability DR/CR Accum Projected Benefit Obligation DR/CR Plan Assets DR/CR
Balance, Jan. 1, 2012
Service cost
Interest cost
Actual return
Unexpected Loss
Contributions
Benefits
Journal entry, 12/31/12
Accum OCI, 12/31/11
Balance, Dec. 31, 2012
Additional PSC 1/1/2013
Balance, Jan 1, 2013
Service cost
Interest cost
Actual return
Unexpected loss
Amortization of PSC
Contributions
Benefits
Journal entry, 12/31/13
Accum OCI, 12/31/12
Balance, Dec. 31, 2013
Area for calculations as desired
Area for calculations as desired
Area for calculations as desired
(b) Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2012.
(c) Prepare any journal entries related to the postretirement plan as of December 31, 2013.
(d) Show the postretirement-benefit–related amounts reported in the 2013 Income Statement and Balance Sheet.
Financial Statements -2013
Income Statement
0
Comprehensive Income Statement
Net Income XXXXX
Other comprehensive income (loss)
0
0
0 0
Comprehensive Income XXXXX
Balance Sheet
Liabilities
0
Stockholder's Equity
0
0

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