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13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the year 120,000 40,000 280,000 160,000 60,000 Benefits paid to retirees Actuarial loss How much is the fair value of the plan assets as of year-end? а. 220,000 b. 240,000 с. 280,000 d. 340,000

13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the year 120,000 40,000 280,000 160,000 60,000 Benefits paid to retirees Actuarial loss How much is the fair value of the plan assets as of year-end? а. 220,000 b. 240,000 с. 280,000 d. 340,000

FINANCIAL ACCOUNTING
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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Please put all of the necessary information and computations for better understanding. Thank you.

13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the year Benefits paid to retirees 120,000 40,000 280,000 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end? а. 220,000 b. 240,000 c. 280,000 d. 340,000 14. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid to retirees 341,000 32,000 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? а. 51,000 b. 81,000 с. 101,000 d. 1,000 15. The following information relates to the defined benefit pension plan for the McDonald Company for the year ending December31, 2019. Present value of defined benefit obligation, Jan. 1 4,600,000 Present value of defined benefit obligation, Dec. 31 Fair value of plan assets, January 1 4,729,000 5,035,000 Fair value of plan assets, December 31 5,565,000 Expected return on plan assets 450,000 Amortization of deferred gain on settlement of plan 32,500 Employer contributions 425,000 Benefits paid to retirees 390,000 Discount rate 10% Current service cost for the year would be а. 59,000 b. 94,000 c. 129,000 d. 390,000
Transcribed Image Text:13. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the year Benefits paid to retirees 120,000 40,000 280,000 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end? а. 220,000 b. 240,000 c. 280,000 d. 340,000 14. Information on an entity's plan asset is shown below: Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid to retirees 341,000 32,000 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? а. 51,000 b. 81,000 с. 101,000 d. 1,000 15. The following information relates to the defined benefit pension plan for the McDonald Company for the year ending December31, 2019. Present value of defined benefit obligation, Jan. 1 4,600,000 Present value of defined benefit obligation, Dec. 31 Fair value of plan assets, January 1 4,729,000 5,035,000 Fair value of plan assets, December 31 5,565,000 Expected return on plan assets 450,000 Amortization of deferred gain on settlement of plan 32,500 Employer contributions 425,000 Benefits paid to retirees 390,000 Discount rate 10% Current service cost for the year would be а. 59,000 b. 94,000 c. 129,000 d. 390,000
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