Current Attempt in Progress Pearl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, t

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Current Attempt in Progress Pearl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, t

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Current Attempt In Progress Pearl Corp Sponsors A Defined Benefit Pension Plan For Its Employees On January 1 2021 T 1
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Current Attempt in Progress Pearl Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss $420,000 550,000 130,000 Cr. 89,000 65,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 Actual return on plan assets in 2021 Amortization of prior service cost Contributions in 2021 Benefits paid retirees in 2021 Settlement rate Expected return on plan assets Average remaining service life of active employees $45,000 35,000 19,000 41,000 16,000 6% 5% 8 years
Compute pension expense for Pearl Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Balance, Jan. 1, 2021 Service cost Interest cost Actual return Unexpected gain Amortization of PSC Amortization of loss Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec 31, 2021 Annual Pension Expense 45,000 33,000 35,000 14,000 19,000 1,250 77,250 Dr. Dr. Cr. Dr. ✔ Dr. Dr. $ Cash 41.000 41,000 Cr. Cr
Compute pension expense for Pearl Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive) Cash 41,000 41,000 5 > < < $ General Journal Entries OCI-Prior Service Cost 19.000 19,000 89,000 70,000 PEARL CORP. Pension Worksheet-2021 Cr. Dr. V Dr. OCI-Gain Loss $ 14,0 111 1,25 15.2 65,0 49,7
Compute pension expense for Pearl Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) General Journal Entries OCI-Prior Service Cost 19,000 i 19,000 89,000 70,000 PEARL CORP. Pension Worksheet-2021 Cr. Dr. Dr. > > S $ OCI-Gain/ Loss 14,000 1,250. 15,250 65,000 49,750 Cr. Cr. Dr. Dr. Pension Asse Liability 130,00 2,00⁰ 132,00
Compute pension expense for Pearl Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) -2021 OCI-Gain/ Loss i i 14,000 1.250 15,250 65,000 49,750 Cr. Cr. Cr. Dr. Dr. > < > > Pension Asset/ Liability 130,000 2,000 132,000 Cr. V Cr. Projected Benefit Obligation 550.000 45,000 33,000 16,000 612.000 Cr Cr Cr
Compute pension expense for Pearl Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) nsion Asset/ Liability 130,000 2,000 132,000 Cr. V Cr. Cr. $ Projected Benefit Obligation 550,000 45,000 33,000 16,000 612,000 Cr. Cr. Cr. Dr. Memo Record > > > Cr. V $ Plan Assets 420,000 35,000 41,000 16,000 i 480,000 Dr. Dr. Dr. Cr. < > > Dr. V >
(b) Indicate the pension amounts reported in the financial statements. Pearl Company Income Statement (Partial)
Pearl Corp. Comprehensive Income Statement Pearl Corp. Partial Balance Sheet $XXXXX $XXXX
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