WEEK 4 ASSIGNMENTS

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Exercise 20-1

The following information is available for the pension plan of Radcliffe Company for the year 2014.

Actual and expected return on plan assets $ 15,000 
Benefits paid to retirees 40,000 
Contributions (funding) 90,000 
Interest/discount rate 10%
Prior service cost amortization 8,000 
Projected benefit obligation, January 1, 2014 500,000 
Service cost 60,000 

Warning

 

 
$
 
$
 
$
 
$
Service cost 
 
 
 
 
Interest cost 
 
 
 
 
Actual return 
 
 
 
 
Contributions 
 
 
 
 
Benefits 
 
 
 
 
Journal entry, December 31 
$
 
$
 
 
 
Balance, December 31, 2014       
$
 
$
 
$

Warning

 

 
$
 
$
 
$
 
$
 
$
 
$
Service cost 
 
 
 
 
 
 
Interest cost 
 
 
 
 
 
 
Actual return 
 
 
 
 
 
 
Unexpected gain 
 
 
 
 
 
 
Amortization of PSC 
 
 
 
 
 
 
Liability increase 
 
 
 
 
 
 
Contributions 
 
 
 
 
 
 
Benefits 
 
 
 
 
 
 
Journal entry for 2014 
$
 
$
 
 
 
 
 
Accumulated OCI, Dec. 31, 2013       
 
 
 
 
Balance, December 31, 2014       
$
 
$
 
$
 
$
 
$

Warning

 

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Prepare the journal entry for pension expense for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
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[removed]
[removed]
[removed]
[removed]
[removed]
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[removed]
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[removed]
[removed]
[removed]
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Warning

 

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