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(solution) (3-Year Worksheet, Journal Entries, and Reporting) Jackson


(3-Year Worksheet, Journal Entries, and Reporting) Jackson Company adopts acceptable accounting for its defined-benefit pension plan on January 1, 2009, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years' operation of the plan are shown on the next page. (a) Prepare a pension worksheet presenting all 3 years' pension balances and activities. (b) Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (c) Indicate the pension-related amounts reported in the financial statements for2011. 2009 2010 2011 Annual Service cost 16000 19000 26000 Settlement rate and expected rate of return 10% 10% 10% Actual return on plan Assets 18000(2009) 22000(2010) 24000(2011) Annual Funding (Contributions) 16000(2009) 40000(2010) 48000(2011) Benefits paid 14000(2009) 16400(2010) 21000(2011) Prior service cost (plan amended1/1/10) 160000(2010) Amortization of prior service cost in 2010 is 54400 and 41600 in 2011 Change in actuarial assumptions establishes a Dec 31/2011, projected benefit obligation of 520000(2011)

 


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