Answer Happy

Current Attempt in Progress On January 1, 2020, Cheyenne Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,492,000 4,270,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $491,000 are created. Other data related to the pension plan are as follows. Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual return on plan assets Expected rate of return on assets (a) 2020 $150,000 Your Answer Correct Answer (Used) 0 237,000 196,000 256,200 6% 2021 $177,000 90,000 286,000 284,000 262,000
Your Answer Correct Answer (Used) Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive) Items Balance, Jan. 1, 2020 Service cost Interest cost Actual return Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 Balance, Jan. 1, 2021 Service cost Annual Pension Expense 150,000 449,200 256,200 343,000 i i 177,000 Dr. Dr. V 8 < Dr. V Dr. Cash 237,000 237,000
Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive) Cash 237,000 237,000 Cr. > Cr. v $ General Journal Entries OCI-Prior Service Cost 491,000 CHEYENNE COMPANY Pension Worksheet-2020 and 2021 Dr. OCI-Gair Loss III
Your Answer Correct Answer (Used) Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive.) al Journal Entries OCI-Prior Service Cost 491,000 CHEYENNE COMPANY Pension Worksheet-2020 and 2021 > Dr. > > OCI-Gain/ Loss Pension Asset/ Liability 222,000 106,000 328,000 Cr. Cr. > > > >
Prepare a pension worksheet for the pension plan for 2020 and 2021. (Enter all amounts as positive.) Pension Asset/ Liability 222,000 106,000 328,000 Cr. Projected Benefit Obligation 4.492,000 150,000 449,200 196,000 4,895,200 491,000 5,386,200 177,000 Cr. Cr. Dr. 5. Cr Cr. Cr. Cr. Memo Record > Plan Assets 4.270.000 256,200 237,000 196,000 4,567,200
Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 Balance, Dec. 31, 2020 Additional PSC, 1/1/2021 Balance, Jan. 1, 2021 Service cost Interest cost Actual return Unexpected loss Amortization of PSC Contributions Benefits Journal entry for 2021 Accumulated OCI, Dec. 31, 2020 Balance, Dec. 31, 2021 $ 343,000 177,000 538,620 262,000 103,376 90,000 440,244 Dr. Dr. Cr. Cr. Dr. Dr. < > > > > > $ 23 286,000 i 286,000
237,000 i 286,000 286,000 Cr. Cr. Cr. > $ 491.000 90,000 401,000 401,000 Dr. Cr. Dr. Dr. > 103,376 103.376 103,376 Dr. Dr. Dr.
103,376 103,376 103,376 Dr. Dr. Dr. 106,000 328,000 658,620 986,620 Cr. Cr. Cr. 4,89 5,38 49: 17: 531 1.1 28 5,81;
106,000 328,000 658,620 986.620 Cr. Cr. Cr. > TA 4,895,200 491.000 5,386,200 177,000 538,620 284,000 5,817,820 Cr. Cr. S Cr. Cr. Dr. Cr. > > > < 170,000 4,567,200 262,000 286,000 284,000 4,831,200 Dr. Dr. Cr. Dr. Dr. V >
(b) For 2021, prepare the journal entry to record pension-related amounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit