question archive On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $95,020 Interest cost on projected benefit obligation 11,110 Expected return on plan assets 10,770 Amortization of prior service cost 2,120 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,850
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $95,020 Interest cost on projected benefit obligation 11,110 Expected return on plan assets 10,770 Amortization of prior service cost 2,120 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,850
Subject:AccountingPrice: Bought3
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan:
Service cost $95,020
Interest cost on projected benefit obligation 11,110
Expected return on plan assets 10,770
Amortization of prior service cost 2,120
On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $13,850.
Required:
1. Compute the amount of Robey's pension expense for 2016.
2. Prepare all the journal entries related to Robey's pension plan for 2016 if it funds the pension plan in the amount of (a) $97,480, (b) $96,580, and (c) $101,210.
3. Next Level Assuming Robey's beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $65,150 what would be its ending balance?
4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,020 at the end of 2016?
