The accountant for Aqua Corp. has developed the following information for the co

Question

The accountant for Aqua Corp. has developed the following information for the company's defined-benefit pension plan for 2010:

1) Using the above information for Aqua Corp, complete the pension work sheet on the next page for 2010. Indicate (credit) entries by parentheses. Calculated amounts should be supported.

2) Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2010.

Service Cost $500,000 Actual return on plan assets 260,000 Annual contribution to plan 900,000 Amortization of prior service cost 105,000 Benefits paid to retirees 60,000 Settlement rate 10% Expected rate of return on plan assets 8% Actuary determines that end-of-year PBO should be 4,600,000

Explanation / Answer

a

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