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Accounting for Pensions and

Postretirement Benefits

Chapter
20
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ccounting for Pensions and Postretirement Benefits

 

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Defined Alternative 2006 entries Minimum Within the


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plan liability worksheet computation statements
Defined--
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benefit plan versus non-
non- of prior statement to the financial
Role of capitalization service cost presentation statements
actuaries Components 2007 entries Worksheet 2009 entries
of pension and example and
expense worksheet worksheet²
worksheet ²a
Gain or loss comprehensive
example
2008 entries
and Special issues
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GENERAL JOURNAL ENTRIES MEMO RECORD
Prepaid/ Projected Prior
Pension Accrued Benefit Plan Service
Items Expense Cash Costs Obligation Assets Costs
Bal. Jan. 1, 2008 (13,800) (560,000) 546,200
Prior service costs (100,000) 100,000
Bal. Jan. 1, 2008 restated (13,800) (660,000) 546,200 100,000
Service costs 58,000 (58,000)
Interest on liability 59,400 (59,400)
Return on assets (52,280) 52,280
Amort. of PSC 17,000 (17,000)
Contributions (55,000) 55,000
Benefits paid 40,000 (40,000)
Journal entry 82,120 (55,000) (27,120)
Dec. 31, 2008 (40,920) (737,400) 613,480 83,000

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