pension plan worksheet in excel accounting with formula

Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. Prepare the 2021 journal entry to record pension expense. 31, 2021 (22) 87 (920) 780 35 102 88 (15) (Reg 1 Req 2 to 4 >Ĭomplete this question by entering your answers in the tabs below. 1, 2021 Service cost Interest cost Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net loss Loss on PBO Prior service cost Cash funding Retiree benefits Bal., Dec. Enter credit amounts with a minus sign and debit amounts with a positive sign.) ( )s indicate credits debits otherwise ($ in millions) Net Loss- Plan Assets PBO Prior Service Cost- AOCI Pension Expense Cash АОСІ Net Pension (Liability) I Asset (80) (920) 840 35 102 88 (6) Balance, Jan. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Req 1 Reg 2 to 4 Fill in the missing amounts. Complete this question by entering your answers in the tabs below. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits.

The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. At the end of 2021, the pension formula was amended again, creating an additional prior service cost of $55 million. The prior service cost created by the recalculation is being amortized at the rate of $6 million per year. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. Transcribed image text: A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s defined benefit pension plan follows.

Pension plan worksheet in excel accounting with formula