Show calculations The accountant for Oriole Corporation has developed the following information for...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Show calculations
The accountant for Oriole Corporation has developed the following information for the company's defined-benefit pension plan for 2021: Service cost $525,000 $ Actual return on plan assets 260,000 Annual contribution to the plan 930,000 Amortization of prior service cost 126,000 Benefits paid to retirees 65,000 Settlement rate 10% Expected rate of return on plan assets 3% The accumulated benefit obligation at December 31, 2021, amounted to $3,300,000. Using the above information for Oriole Corporation, complete the pension work sheet for 2021. (Do not leave any answer field blank. Enter o for amounts.) Corporation Pension Work Sheet-2021 General Journal Entries OCI-Prior OCI - Gain/ Service Cost Loss Memo Entries Annual Pension Expense Pension Asset/ Liability Projected Benefit Obligation Plan Assets Cash Balance, Dec. 31, 2020 V 630,000 V 4,050,000 2,775,000 V
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!
Show calculations 