Never use plagiarized sources. Get Your Original Essay on
Question: Exercise 20-12 Bonita Company received the following selected information from its pension plan t…
Hire Professionals Just from $11/Page
Order Now Click here

Exercise 20-12

Bonita 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,
2017.

January 1, 2017

December 31, 2017

Projected benefit obligation $1,483,000 $1,508,000
Market-related and fair value of plan assets 786,000 1,116,600
Accumulated benefit obligation 1,617,000 1,735,200
Accumulated OCI (G/L)—Net gain 0 (198,300 )

The service cost component of pension expense for employee services
rendered in the current year amounted to $75,000 and the
amortization of prior service cost was $118,200. The company’s
actual funding (contributions) of the plan in 2017 amounted to
$252,000. 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
$1,182,000 on January 1, 2017. Assume no benefits paid in 2017.

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Determine the amounts of the components of pension expense that
should be recognized by the company in 2017. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)

Components of Pension Expense

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Actual Return on Plan AssetsAmortization of Prior Service
CostBenefits PaidContributions to PlanExpected Return on Plan
AssetsInterest on Projected Benefit ObligationService Cost

$

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Actual Return on Plan AssetsAmortization of Prior Service
CostBenefits PaidContributions to PlanExpected Return on Plan
AssetsInterest on Projected Benefit ObligationService Cost

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Actual Return on Plan AssetsAmortization of Prior Service
CostBenefits PaidContributions to PlanExpected Return on Plan
AssetsInterest on Projected Benefit ObligationService Cost

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Actual Return on Plan AssetsAmortization of Prior Service
CostBenefits PaidContributions to PlanExpected Return on Plan
AssetsInterest on Projected Benefit ObligationService Cost

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

SHOW LIST OF ACCOUNTS

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Prepare the journal entry to record pension expense and the
employer’s contribution to the pension plan in 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select “No Entry” for the account titles and enter 0 for the
amounts.)

Account Titles and Explanation

Debit

Credit

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

(To record pension expense and employer’s contribution)

SHOW LIST OF ACCOUNTS

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Indicate the pension-related amounts that would be reported on
the income statement and the balance sheet for Bonita Company for
the year 2017.

Bonita Company
Income Statement (Partial)

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
DividendsExpensesNet Income / (Loss)Retained Earnings – January 1,
2017Retained Earnings – December 31, 2017RevenuesTotal
ExpensesTotal Revenues

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    Amortization
of PSC    Interest
Expense    Pension
Expense    Rent
Expense    Service
Cost    

$

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Bonita Company
Comprehensive Income Statement

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
DividendsExpensesNet Income / (Loss)Retained Earnings – January 1,
2017Retained Earnings – December 31, 2017RevenuesTotal
ExpensesTotal Revenues

$XXXX

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Amortization of PSCComprehensive IncomeInterest ExpenseLiability
GainPension ExpenseRent ExpenseService CostOther Comprehensive
Income (Loss)

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    Amortization
of PSC    Comprehensive
Income    Interest
Expense    Liability
Gain    Pension
Expense    Rent
Expense    Service
Cost    Other Comprehensive Income
(Loss)    

$

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    Amortization
of PSC    Comprehensive
Income    Interest
Expense    Liability
Gain    Pension
Expense    Rent
Expense    Service
Cost    Other Comprehensive Income
(Loss)    

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
Amortization of PSCComprehensive IncomeInterest ExpenseLiability
GainPension ExpenseRent ExpenseService CostOther Comprehensive
Income (Loss)

$XXXX

Bonita Company
Balance Sheet (Partial)

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
December 31, 2017For the Year Ended December 31, 2017For the
Quarter Ended December 31, 2017

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
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

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    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    

$

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...
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

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    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    

$

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...    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    

Question: Exercise 20-12Bonita Company received the following selected information from itspension plan t...

Click if you would like to Show Work for this
question:

Open Show Work

Open chat
Lets chat on via WhatsApp
Hello, Welcome to our WhatsApp support. Reply to this message to start a chat.