10 3.5 points The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior service cost and the net gain- pensions, are given below. Projected benefit obligation Plan assets Funded status eBook Prior service cost-AOCI Net gain-AOCI 2021 ($ in 000s) Beginning Balances 2021 Ending Balances $ 4,101 $3,600 4,000 4,351 400 250 420 360 418 360 Print References Retirees were paid $254,000, and the employer contribution to the pension fund was $261,000 at the end of 2021. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2021. 2. Determine the loss or gain on plan assets of 2021. 3. Determine the service cost of 2021. 4. Determine the pension expense of 2021. 5. Average remaining service life of active employees (used to determine amortization of the net gain). (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) -23- 1. Actual return thousand thousand 3. Service cost thousand A Dansion ovnene thousand

10 3.5 points The funded status of Hilton Paneling Inc.'s defined benefit pension plan and the balances in prior service cost and the net gain- pensions, are given below. Projected benefit obligation Plan assets Funded status eBook Prior service cost-AOCI Net gain-AOCI 2021 ($ in 000s) Beginning Balances 2021 Ending Balances $ 4,101 $3,600 4,000 4,351 400 250 420 360 418 360 Print References Retirees were paid $254,000, and the employer contribution to the pension fund was $261,000 at the end of 2021. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2021. 2. Determine the loss or gain on plan assets of 2021. 3. Determine the service cost of 2021. 4. Determine the pension expense of 2021. 5. Average remaining service life of active employees (used to determine amortization of the net gain). (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) -23- 1. Actual return thousand thousand 3. Service cost thousand A Dansion ovnene thousand

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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