My writer delivered an awesome dissertation on the Creek War, I definitely didn’t have the time to do all the research she did on my own.
Essay (any type)
09/08/2022
Pension Liability Adjustments In the Fisk Company’s negotiations with its employees’ union on…
Pension Liability Adjustments In the Fisk Company’s negotiations with its employees’ union on January 1, 2010, the company agreed to an amendment that increased the employee benefits based on services rendered in prior periods. This resulted in an $80,000 prior service cost that increased the projected benefit obligation of the company. Due to financial constraints, the company decided not to fund the total increase in its pension obligation at that time. Prior to 2010, it had been the company’s policy to fund only some of its pension expense each year so that the fair value of the plan assets at the end of the year was less than the year-end projected benefit obligation. As a result, the company reported an accrued/prepaid pension cost liability of $40,000 on its December 31, 2009 balance sheet. The company appropriately amortized the prior service cost over a 10-year service life as a component of pension expense in 2010 and 2011. The resulting pension and other information for 2010 and 2011 are as follows: a. Funded December 31 b. At year-end Required 1. Prepare all the journal entries related to the Fisk Company’s pension plan for 2010. 2. List the amounts of any accounts related to Fisk Company’s pension plan to be reported on the company’s December 31, 2010 balance sheet. Indicate in what sections they would be reported. 3. Prepare all the journal entries related to the Fisk Company’s pension plan for 2011. 4. List the amounts of any accounts related to Fisk Company’s pension plan to be reported on the company’s December 31, 2011 balance sheet. Indicate in what sections they would be reported.
