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The Granger Company had the following information about its pension plan for 2008:

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Question

The Granger Company had the following information about its pension plan for 2008;1. Projected PBO January 1 $400,000;2. the company granted prior service benefits to employees on Jan. 1 80,000;3. Service cost 60,000;4. Settlement rates 10%;5. expected and actual return on plan assets 15,000;6. actual funding contributions 175,000;7. amortization of prior service cost 20,000;8. benefits paid 18,000;9. accum. other comprehensive income bal. at Jan 1 0;10. the acturaries increased the projected benefit obligation on Dec. 31 2008 70,000;Calculate the pension expense?;In recording the 2008 JE, Granger should credit the Pension asset/liability account for?;The Dec. 31 2008 balance in accum. other comprehensive income would be?

 

Paper#25534 | Written in 18-Jul-2015

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