Blossom Limited Sponsors A Defined Benefit Pension Plan And Follows Aspe The Corporation S Actuary Provides The Follow 1 (34.99 KiB) Viewed 44 times
Blossom Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): January 1, 2020 December 31, 2020 $1,470 $1,200 2.400 3,180 1.300 2,092 10% 10% Vested benefit obligation Defined benefit obligation, accounting basis Plan assets (fair value) Interest/discount rate Net defined benefit liability/asset Past service cost, plan amendment, effective December 30, 2020 Service cost for the year 2020 Contributions (funding) 2020 Benefits paid in 2020 ? ? 360 300 640 120 Prepare a 2020 pension work sheet. (Enter answers in thousands of dollars.) - Blossom Limited Pension Work Sheet -2020 (ASPE) General Journal Entries Annual Pension Expense Items Cash $ < < Balance, Jan. 1, 2020 (a) Service cost < (b) Net interest/finance cost > (c) Asset remeasurement gain (d) Past service cost in year > (e) Contributions (f) Benefits paid ✓ <
(c) Asset remeasurement gain (d) Past service cost in year < (e) Contributions (f) Benefits paid < Expense entry-2020 $ < < Contribution entry-2020 $ Balance, Dec 31, 2020 eTextbook and Media Prepare the journal entries at December 31, 2020, to record pension expense and the funding contributions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 (To record pension expense.) 2020 < (To record contribution to the pension fund.) eTextbook and Media
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