Bramble Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2020,...

90.2K

Verified Solution

Question

Accounting

image
image
image
image
Bramble Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan $ 489,900 616,700 Plan assets Projected benefit obligation Pension asset/liability Accumulated OCH (PSC) 126,800 95,600 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary Service cost $ 86,900 57.100 19.500 54,000 Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees 77.700 103,700 88.900 Annual Pension Expense Items Cash Balance, Jan 1, 2020 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Liability increase Contributions Benefits Journal entry for 2020 Accumulated OCI. Dec 31, 2019 OCI-Gain/ Loss Pension Asset/ Liability Projected Be Obligatic $ $ $ Pension Asset/ Liability Projected Benefit Obligation Plan Assets > 3 > > $ $ > C

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students