On january 1 2004 stine co had the following balances, Ask an Expert

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On January 1, 2004, Stine Co. had the following balances: Projected benefit obligation $5,000,000 Fair value of plan assets 3,700,000 Other data related to the pension plan for 2004: Service costs 140,000 Unrecognized prior service cost -0- Contributions to the plan 224,000 Benefits paid 200,000 Actual return on plan assets 222,000 Settlement rate 9% Expected rate of return 6% Accumulated benefit obligation (12/31/04) 4,000,000 Required (show computations for credit):

(a) Determine the projected benefit obligation at December 31, 2004. There are no actuarial net gains or losses.

(b) Determine the fair value of plan assets at December 31, 2004.

(d) Prepare the journal entry to record pension expense and the contributions for 2004.

(e) Calculate the additional pension liability and prepare the journal entry to record the additional pension liability. There was no additional pension liability balance at the beginning of the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91787688

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