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Abbott and Abbott




Question;Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information;($ in the millions);Projected Benefit Organization;Balance, January 1 $120;Service Cost 20;Interest Cost 12;Benefits paid (9);Balance, December 31 $143;Plan Assets;Balance, January 1 $ 80;Actual return on plan assets 9;Contribution 2011 20;Benefits paid (9);Balance, December 31 $100;The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss- AOCI on January 1, 2011.;Required;1. Determine Abbott and Abbott?s pension expense for 2011.;2. Prepare the journal entries record Abbott and Abbott?s pension, funding, and payments for 2011.


Paper#50768 | Written in 18-Jul-2015

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