erreri Company received the following selected information from its pension plan$ 5.00

Ferreri Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2014.
 January 1, 2014December 31, 2014Projected benefit obligation$1,487,300$1,521,200Market-related and fair value of plan assets854,6001,243,260Accumulated benefit obligation1,666,0001,801,210Accumulated OCI (G/L)—Net gain0(198,730)
The service cost component of pension expense for employee services rendered in the current year amounted to $83,900 and the amortization of prior service cost was $135,210. The company’s actual funding (contributions) of the plan in 2014 amounted to $303,200. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,352,100 on January 1, 2014. Assume no benefits paid in 2014.
Determine the amounts of the components of pension expense that should be recognized by the company in 2014. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
 Components of Pension Expense Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost$ Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost  Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost  Actual Return on Plan AssetsAmortization of Prior Service CostBenefits PaidContributions to PlanExpected Return on Plan AssetsInterest on Projected Benefit ObligationService Cost    SHOW LIST OF ACCOUNTSLINK TO TEXT LINK TO TEXT
Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
 Account Titles and ExplanationDebitCredit               (To record pension expense and employer’s contribution) SHOW LIST OF ACCOUNTSLINK TO TEXT
Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Ferreri Company for the year 2014.
 Ferreri Company
Income Statement (Partial)
For the year ended December 31, 2014 DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2014Retained Earnings – December 31, 2014RevenuesTotal ExpensesTotal Revenues    Amortization of PSC    Interest Expense    Pension Expense    Rent Expense    Service Cost    $ Ferreri Company
Comprehensive Income Statement
For the year ended December 31, 2014 DividendsExpensesNet Income / (Loss)Retained Earnings – January 1, 2014Retained Earnings – December 31, 2014RevenuesTotal ExpensesTotal Revenues$XXXX Amortization of PSCComprehensive IncomeInterest ExpenseLiability GainPension ExpenseRent ExpenseService CostOther Comprehensive Income (Loss)    Amortization of PSC    Comprehensive Income    Interest Expense    Liability Gain    Pension Expense    Rent Expense    Service Cost    Other Comprehensive Income (Loss)    $    Amortization of PSC    Comprehensive Income    Interest Expense    Liability Gain    Pension Expense    Rent Expense    Service Cost    Other Comprehensive Income (Loss)       Amortization of PSCComprehensive IncomeInterest ExpenseLiability GainPension ExpenseRent ExpenseService CostOther Comprehensive Income (Loss)$XXXX Ferreri Company
Balance Sheet (Partial)
December 31, 2014 Current AssetsLiabilitiesIntangible AssetsProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Property, Plant and EquipmentTotal Stockholders’ Equity    Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    $ Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity     Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    $    Accounts Payable    Accounts Receivable    Accumulated Depreciation    Accumulated Other Comprehensive Income (G/L)    Accumulated Other Comprehensive Loss (G/L)    Accumulated Other Comprehensive Income (PSC)    Accumulated Other Comprehensive Loss (PSC)    Common Stock    Pension Liability    Retained Earnings    

Category: EducationGeneral

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