Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
Pension Plan for Cobain, Inc Case Discussion
Question Description
The following data relate to a pension plan for Cobain, Inc.
January 1, 2020 General Ledger balances:
Projected Benefit Obligation $90,000 Cr.
Plan Assets $90,000 Dr.
Accumulated OCI—Pension Gain/Loss $15,000 Cr.
Accumulated OCI—Prior Service Cost $24,000 Dr.
Transactions during 2020:
Service cost calculated by actuary $21,000
Contributions into plan by employer $27,000
Prior service cost amortization $ 3,000
Expected return on plan assets $ 6,000
Actual return on plan assets $ 9,000
The actuary informs the company that an 8% discount rate is appropriate for the company this year. The company’s policy is to amortize any Accumulated OCI on pension gains or losses over 15 years on a straight-line basis.
Required: Note: You MIGHT want to do part d) first, as it may help you with parts a, b, and c.
a. Prepare in proper form all general journal entries related to the defined pension plan for 2020 Round your answers to the nearest whole dollar. SHOW all calculations AS PART OF explanations. So each calculation must be shown below the entries, not just entered into cells as formulas.
b. Assuming pension expenses are not capitalized as part of inventory or other assets, indicate the effect on the income statement for the year ended December 31, 2020. Round your answers to the nearest whole dollar.
c. Show the changes in each balance sheet account between January 1 and December 31, 2020 and make it clear what amounts and line items will be reported on the company’s December 31, 2020 balance sheet.
d. Create a worksheet to summarize the pension data at the end of 2020. Round your answers to the nearest whole dollar.
e. If instead of using straight-line amortization over 15 years, the company amortized the appropriate amount of AOCI-Pension Gain or Loss using the corridor approach with average remaining service lives of employees of 10 years, prepare the calculation in a clear and complete form.
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Pension Plan for Cobain, Inc Case Discussion |
Pension Plan for Cobain, Inc Case Discussion