For wizard Kim Only

acct_311_hw_6.docx

Student Name:

Acct 311 Intermediate Accounting II

Week 6 Homework

The following information is available for the pension plan of Jones 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

Instructions

(a)

Construct a new pension worksheet to submit in Excel or Word format, using the sample worksheet below. Complete sheet.

(b)

Prepare the journal entry to record pension expense and the employer's contribution to

the pension plan in 2014.

(a)

(b) Prepare the journal required journal entry.

There was an omission with the pension data. The pension fund was fully funded at the beginning of the year