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ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

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ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

E20-2

Service cost   90,000

Interest Cost (700,000*.10)   70,000

Expected return on plan assets (64,000)

Prior service cost amortization  10,000

Pension expense for 2017   106,000

E20-5 (Image)

72,000/24 = $3,000 Cot per service-year

E20-9

(a)

Description

ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

E20-2

Service cost   90,000

Interest Cost (700,000*.10)   70,000

Expected return on plan assets (64,000)

Prior service cost amortization  10,000

Pension expense for 2017   106,000

E20-5 (Image)

72,000/24 = $3,000 Cot per service-year

E20-9

(a)Note to financial statements disclosing components of 2017 pension expense:

Note X: Net pension expense for 2017 is composed of the following components of pension cost:

Service cost $94,000

Interest cost 253,000

Expected return on plan assets (175,680)

Prior service cost amortization 45,000

Net pension expense $216,320

(b)The following schedule reconciles the funded status of the plan with the amount reported in the balance sheet at December 31, 2017:

Projected benefit obligation $(2,737,000)

Plan assets at fair value 2,278,329

Projected benefit obligation in excess of plan assets (funded status) (458,671)

ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

ACCT 231 231 School: Champlain College * Documents (14) Q&A Textbook Exercises 231 Documents All (14) Assessments Assignments Essays Homework Help (13) Lab Reports Lecture Slides Lesson Plans

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ACCT 231 – Spring 2019 Register Now Acct 231 Chapter 20 Homework.docx Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)

ACCT 310-81 – Federal Taxation (24 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

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ACCT 310-81 – Federal Taxation (24 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

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ACCT 310-81 – Federal Taxation (24 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

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ACCT 231 – Spring 2019 Register Now Acct 231 Chapter 20 Homework.docx Back to Department Related Courses ACCT 230 – Intermediate Accounting (108 Documents)ACCT 311 – (37 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)

ACCT 310-81 – Federal Taxation (24 Documents)ACCT -231 – (7 Documents)ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 231 ACCT231 ACCT/231 Chapter 20 Homework.docx

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