Accounting 557

On January 1, 2012, Harrington Company has the sideline defined benefit salary curriculum balances. Projected benefits arrangement$5,600,000 Fair value of purpose assets6,400,000 The interest (settlement) step applicable to the project is9%On January 1, 2013, the familiarity amends its premium proportionateness so that serve up salutes of$620,000 are created. Other entropy related to the pension protrude are as follows: 20122013 usefulness equals$180,000 $195,000 foregoing service cost amortization0 97,000 Contributions (funding) to the plan255,000 305,000 Benefits stipendiary225,000 300,000 actual return on plan assets320,000 515,000 Expected cast of return on assets5%8% Instructions: (a) mastermind a pension worksheet for the pension plan for 2012 and 2013. HARRINGTON COMPANY grant Worksheet2012 and 2013 General diary EntriesMemo Record ItemsAnnual Pension Expense cash inOCI - former Service CostOCI - Gain/ impairmentPension addition/ LiabilityProjected Benefit liabilityPlan Assets Balance, Jan.

1, 2012800,000 (5,600,000)6,400,000 (a) Service cost180,000 (180,000) (b) Interest cost504,000 (504,000) (c) essential return(320,000)320,000 (d) Contributions(255,000)255,000 (e) Benefits225,000 (225,000) Journal entry, 12/31/12364,000 (255,000)(109,000)(6,059,000)6,750,000 Accum OCI, 12/31/11 Balance, Dec. 31, 2012691,000 (6,059,000)6,750,000 (f) supererogatory PSC620,000 (620,000) January 1, 2013 (6,679,000)6,750,000 (g) Service cost195,000 (195,000) (h) Interest cost601,110 (601,110) (i) Actual return(515,000)515,000 (j) Unexpected dismission(25,000)25,000 (k) Amortization of PSC97,000 (97,000) (l) Contributions(305,000)305,000 (m) Benefits300,000...If you indirect request to get a overflowing essay, enact it on our website: Orderessay

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