Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 20-14 (part level submission) ayayai comp

Exercise 20-14 (Part Level Submission) Ayayai Company sponsors a defined benefit pension plan. The corporation's...

50.1K

Verified Solution

Question

Accounting

image

Exercise 20-14 (Part Level Submission) Ayayai Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets(fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2017 Contributions (funding in 2017) Benefits paid in 2017 January 1, 2017 $1,480 1,870 2,500 1,690 December 31, 2017 $1,870 2,670 3,260 2,630 10% 810 400 690 200 (a1) Vour answer is partially correct. Try again. Prepare a 2017 pension worksheet. (Enter all amounts as positive.) AYAYAI COMPANY 2017 General Journal Entries emo Record Entries Annual Pension Expense oCI- Gain/ Loss Pension Asset/ Liability Projected Benefit obligation Plan Assets Items Cash 81 2500 Cr. 400 Cr. 250 Cr 1690 Dr. Balance, Jan. 1, 2017 400 Dr. Service cost 250 Dr. Interest cost Actual return Unexpected gain Contributions Benefits Dr. 200 Dr. 200 Cr. Liability increase Joumal entry for 2017 Accumulated OCI, Dec. 31, 2016 Balance, Dec. 31, 2017

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

Q

The ability of an atom in a molecule to pull bonding electrons toward itself is: a)Paramagnetism b)Diamagnetism c)Effective nuclear...

Chemistry
Q

Plant physiology question: What features do the structural polysaccharides and energy-storage polysaccharides of plants have in common?...

Biology
Q

. Describe the major physiological changes that occur in each stage of Masters and Johnson's model...

Psychology
Q

2. (Improved Euler’s Method ) Second, work out the first three steps by hand. Then approximate...

Advance Math
Q

Find the critical points of the function f x y x y 144xy Answer 8...

Calculus
Q

A a d L8 a b C C e h Suppose that det 4 5...

Algebra
Q

21 Un asegurado recibe el pago por una prdida del asegurador del asegurado. Si la...

Accounting
Q

10.Record the following transactions in General Journal format. Include appropriate narrations. a. Paid advertising expenses,...

Accounting
Q

Ogilvy Company manufactures and sells one product. The following information pertains to each of the...

Accounting
Q

Achmed finds that by wearing different combinations of the jackets, shirts, and pairs of trousers...

Finance
Q

In 2023, LAA Incorporated made a charitable donation of $100,000 to the Trevor Project (a...

Accounting
Q

Suppose you invest $1,150 in an account paying 7% interest per year. a. What is...

Finance