ACC 306 Week 3 Exercise 17 19
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ACC 306 Week 3 Exercise 17-19
E 1719 Record pension expense, funding, and gains and losses; determine account balances ? LO6 LO7 LO8
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2011 (the end of Beales fiscal year), the following pension-related data were available:
Required:
1.Prepare the 2011 journal entry to record pension expense.
2.Prepare the journal entry(s) to record any 2011 gains and losses.
3.Prepare the 2011 journal entries to record the contribution to plan assets and benefit payments to retirees.
4.Determine the balances at December 31, 2011, in the PBO, plan assets, the net gainAOCI, and prior service costAOCI and show how the balances changed during 2011. [Hint: You might find T-accounts useful.]
5.What amount will Beale report in its 2011 balance sheet as a net pension asset or net pension liability for the funded status of the plan?