The Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $211,000; projected benefit obligation $261,000. Other data relating to the 3 years of operation of the plan are as follows. 2013 2014 2015 Annual cost of the service $20,000 $26,300 $30,300 Settlement rate and expected rate of

Sep 8, 2023

The Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $211,000; projected benefit obligation $261,000. Other data relating to the 3 years of operation of the plan are as follows.

2013

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The Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2013, with the following beginning balances: plan assets $211,000; projected benefit obligation $261,000. Other data relating to the 3 years of operation of the plan are as follows. 2013 2014 2015 Annual cost of the service $20,000 $26,300 $30,300 Settlement rate and expected rate of
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2014

2015

Annual cost of the service $20,000 $26,300 $30,300
Settlement rate and expected rate of return 10 % 10 % 10 %
Actual return on plan assets 19,400 23,340 21,300
Annual funding (contributions) 20,000 41.800 51,200
benefits paid 17,000 18,200 23,400
Prior Service Cost (plan modified, 1/1/14) 176,600
Amortization of the cost of the previous service 60,700 43,000
The change in the actuarial assumptions establishes
as of December 31, 2015, an obligation for projected benefits of:

518,800

Prepare a pension worksheet showing pension balances and activities for the 3 years.

Prepare journal entries (from the worksheet) to reflect all pension plan transactions and events as of December 31 of each year.

Indicate the amounts related to pensions reported in the 2015 financial statements

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