Chapter 19 Accounting for Post-Retirement Benefits
Chapter 19 Accounting for Post-Retirement Benefits ACCT 4310
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This 2 page Class Notes was uploaded by Merritt Notetaker on Tuesday October 4, 2016. The Class Notes belongs to ACCT 4310 at University of North Georgia taught by Dr. Sangshin Pae in Fall 2016. Since its upload, it has received 3 views. For similar materials see Intermediate Accounting III in Accounting (ACCT) at University of North Georgia.
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Date Created: 10/04/16
Inter Acct III 10-3-16 Defined Contribution Plan Employer’s contribution is matched to the employee’s contribution. Journal Entry Pension Expense xxx Cash xxx Defined Benefit Plan The benefit is defined by a formula. This plan is much less common than Contribution plans because a firm cannot easily and accurately estimate their retirement liabilities. Journal Entry – Attributing to the Pension (Accruing Pension Expense) Pension Expense xxx L=PBO xxx Journal Entry – Contributing to the Pension Plan Asset xxx Cash xxx Journal Entry – Return on the Asset Plan Asset xxx Pension Expense xxx Journal Entry – Employee Retires L=PBO xxx Plan Asset xxx How to Calculate Pension Expense + Service Cost + Interest Cost -Expected Return on Plan Asset + Amortization of Prior Service Cost ± Amortization of Net Gain or Loss (One or the other, not both.) How to Calculate PBO Beginning PBO + Service Cost + Interest Cost + Prior Service Cost + Loss -Gain -Benefits = Ending Balance How to Calculate Plan Asset Beginning Plan Asset + Actual Return + Contribution -Benefits = Ending Balance Do exercises 1,2, and 3. 2
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