Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 30 Jul 2017 My Price 8.00

Carney, Inc.

Pension spreadsheet; record pension expense and funding; new gains and losses

A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.’s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $5 million per year. At the end of 2016, the pension formula was amended again, creating an additional prior service cost of $40 million. The expected rate of return on assets and the actuary’s discount rate were 10%, and the average remaining service life of the active employee group is 10 years.

Required:

1. Copy the incomplete spreadsheet and fill in the missing amounts.

2. Prepare the 2016 journal entry to record pension expense.

3. Prepare the journal entry(s) to record any 2016 gains and losses and new prior service cost in 2016.

4. Prepare the 2016 journal entries to record the cash contribution to plan assets and payment of retiree benefits.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 04:07 PM My Price 8.00

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