Actuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms during 2018: Required:
1. Determine Reeves' pension expense for 2018 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets.
2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry to record them.
3. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO, plan assets, prior service cost, the net loss-AOCI, and the pension liability-AOCI.

Question

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms during 2018:   Required:
1. Determine Reeves' pension expense for 2018 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets.
2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry to record them.
3. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO, plan assets, prior service cost, the net loss-AOCI, and the pension liability-AOCI.

Quizplus · Accepted Answer

The Answer of Actuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms during 2018:   Required:
1. Determine Reeves' pension expense for 2018 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets.
2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry to record them.
3. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO, plan assets, prior service cost, the net loss-AOCI, and the pension liability-AOCI.

Actuary and Trustee Reports Indicate the Following Changes in the PBO