The accounting staff of Elias Inc. has prepared the following pension worksheet.
ID: 2544470 • Letter: T
Question
The accounting staff of Elias Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2018. The accounting staff of Elias Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2018. Elias Inc.Pension Work Sheet2018 General Journal Entries Memo Record Items Annual Pension
Expense Cash OCI—Prior
Service Cost OCI— Gain/
Loss Pension Asset/
Liability Projected Benefit
Obligation Plan
Assets 1,300 4,400 3,100 700 346 440 170 80 1,300 1,300 310 310 565 800 0 720 395 1,171 5,701 4,530 The accounting staff of Elias Inc. has prepared the following pension worksheet. Unfortunately, several entries in the worksheet are not readable. The company has asked your assistance in completing the worksheet and completing the accounting tasks related to the pension plan for 2018.
Explanation / Answer
General Journal Entries Memo Record Annual Pension Expense Cash OCI—Prior Service Cost OCI—Gain/ Loss Pension Asset or liability Project . Benefit Obligation Plan Assets Balance, Jan. 1, 2014 1300 cr 4400 Cr 3100 Dr Service cost 700 Dr 700 Cr Interest cost 346 Dr 346 Cr Actual return 440 Cr 440 Dr Unexpected gain 170 Dr 170 Cr Amortization of PSC 80 Dr 80 Cr Contributions 1300 Cr 1300 Dr Benefits 310 Dr 310 Cr Liability increase 565 Dr 565 Cr Journal entry 856 Dr 1300 Cr 80 Cr 395 Dr 129 Cr Accumulated OCI, Dec. 31, 2013 800 Dr 0 Balance, Dec. 31, 2014 720 Dr 395 Dr 1171 Cr 5701 Cr 4530 Dr
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