Select One: A) No Entry is Necessary B) A Debit to Net Position Liability for...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Select One:
A) No Entry is Necessary
B) A Debit to Net Position Liability for $10,000
C) A Debit to Deferred Inflow of Resources-Investment Gain for $10,000
D) A Credit to Deferred Inflow of Resources-Investment Gain for $10,000
The city of Redder has a single-employer defined benefit pension plan with a trust that meets GASB requirements to provide retiree pension benefits to its Water Utility Enterprise Fund employees. The city contributed $140,000 cash to the pension plan during its fiscal year ending September 30, 2022. The actuary provides the following additional information in its reporting package to the city of Redder accounting department for its use in preparing the Water Utility Enterprise Fund's financial statements. Actuarial Provided Information Net Pension Liability Deferred inflow of resourcesinvestment gain Deferred outflow of resources-demographic factors Fiscal Year Ending Fiscal Year Ending September 30, 2021 September 30, 2022 $1,400,000 $1,410,000 $80,000 $70,000 $170,000 $165,000 What entry is needed to adjust the Deferred inflow of resources-investment gain account to its correct balance on September 30, 2022
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!
