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  • Problem 7 - Employee

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    Nazarene Amadeo
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    The document shows journal entries for a company's pension plan in 2011. It records an annual pension expense of $144,000, contributions of $133,000 to the plan, and an accumulated other comprehensive income of $137,000 at the end of 2011. Gains and losses on the pension assets and liabilities are recorded, along with service costs, interest costs, expected returns and benefits paid.

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    Problem 7- employee

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    The document shows journal entries for a company's pension plan in 2011. It records an annual pension expense of $144,000, contributions of $133,000 to the plan, and an accumulated other comprehensive income of $137,000 at the end of 2011. Gains and losses on the pension assets and liabilities are recorded, along with service costs, interest costs, expected returns and benefits paid.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    10 views2 pages

    Problem 7 - Employee

    Uploaded by

    Nazarene Amadeo
    The document shows journal entries for a company's pension plan in 2011. It records an annual pension expense of $144,000, contributions of $133,000 to the plan, and an accumulated other comprehensive income of $137,000 at the end of 2011. Gains and losses on the pension assets and liabilities are recorded, along with service costs, interest costs, expected returns and benefits paid.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    YEAR 2011 GENERAL JOURNAL ENTRIES

    Other
    Comprehensive
    Income

    Annual Pension
    Items Expense Cash Prior Service Cost

    Balance, Jan 1 2010 81,000 Dr


    Service Cost 108,000 Dr
    Interest Cost 63,000 Dr
    Actual Return on Asset -48,000 Cr.
    Ammortization of PSC 25,000 Dr. -25,000 Cr.
    Contributions (funding) to the plan 133,000 Cr.
    Expected Return -4,000 Cr.
    Benefits

    Journal entries for 2011 144,000 133,000 56,000

    Accumulated OCI, Dec 31 2010 81,000


    Balance, Dec 31, 2011 137,000
    L ENTRIES Memo Record

    Pension Projected Benefit


    Gain/Losses Asset/Liability Obligation Plan Asset

    91,000 Dr. 180,000 Cr. 700,000 Cr. 520,000 Dr.


    108,000 Cr.
    63,000 Cr
    48,000 Dr.

    133,000 Dr.
    4,000 Dr.
    -85,000 Dr. -85,000 Cr

    91,000 180,000 786,000 620,000


    166,000

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