Please submit show work 1.) Harlem Corporation has a defined contribution plan a
ID: 2620358 • Letter: P
Question
Please submit show work
1.) Harlem Corporation has a defined contribution plan and has the following information with regard to Daisy Parson who is a participant in the plan. What amount should be debited to pension expense? .
Daisy's annual compensation $ 95,000
Contribution % defined by Harlem Corporation 2%
2.) True of False. The current year expected return on plan assets is the ONLY component that increases the current year plan assets.
3.) If pension plan assets (inside the trust) are lower than the projected benefit obligation a will be reported on the balance sheet of the employer.
4.) Assume that the current year actual return on plan assets is greater than the expected return on plan assets. The difference between the two will increase total pension plan assets. Write your answer in on the cover sheet.
5.) If pension plan assets (inside the trust) are greater than the projected benefit obligation the pension plan is said to be .
Explanation / Answer
(1) Annual Compensation = $ 95000, Defined Contribution = 2 % of Compensation
Pension Debit = Defined Contribution = 0.02 x 95000 = $ 1900
NOTE: Please raise separate queries for solutions to the remaining unrelated questions.