3. The following information relates to the defined benefit pension plan of Company X during 2022: $ 500 million Fair value of plan assets, beginning of year Expected return on plan assets Actual return on plan assets Contributions to the pension plan Amortization of loss on plan Benefits paid to retirees Pension expense for the year 50 million 8 million 16 million 56 million Determine the amount of pension plan assets at fair value on December 31, 2022. A. $518 million B. $574 million C. $579 million D. Some other amount

3. The following information relates to the defined benefit pension plan of Company X during 2022: $ 500 million Fair value of plan assets, beginning of year Expected return on plan assets Actual return on plan assets Contributions to the pension plan Amortization of loss on plan Benefits paid to retirees Pension expense for the year 50 million 8 million 16 million 56 million Determine the amount of pension plan assets at fair value on December 31, 2022. A. $518 million B. $574 million C. $579 million D. Some other amount

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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The following pension plan information is for Crane Company at December 31, 2026: Projected benefit obligation Accumulated benefit obligation $ 8400000 7350000 Plan assets (at fair value) 5932000 Accumulated OCI (PSC) 420000 Pension expense for 2026 2400000 Contribution for 2026 1812000 The amount to be reported as the liability for pensions on the December 31, 2026 balance sheet is ○ $1638000. ○ $2468000. ○ $1418000. ○ $2006000.
Bb.24.
The following information pertains to a defined benefit pension plan that Arora Inc. sponsors in 2020. PBO balance, January 1, 2020 $160,000 Service cost 19,000 Interest cost 11,200 Prior service cost adjustment based on past service, January 1, 2020 30,000 Amortization of prior service cost 3,000 Actuarial gain on PBO 6,000 Benefits paid to retirees 2,500 Contributions to plan 18,000 What is the PBO balance on December 31, 2020? Select one: a. $228,700 b. $216,700 c. $211,700 d. $193,700
e
I. Broncos Co. reports pretax financial income of $70,000 for 20x1. The following items cause taxable income to be different than pretax financial income: ● ● Depreciation on the tax return is greater than depreciation on the income statement by $16,000. Rent collected on the tax return is greater than rent earned on the income statement by $22,000. Fines for pollution appear as an expense of $11,000 on the income statement. Interest income from City of Phoenix municipal bonds is $5,000. Broncos' tax rate is 30% for all years and the company expects to report taxable income in all future years. a) Compute taxable income. b) Prepare the journal entry to record income tax expense, deferred income tax, and income tax payable for 20x1. c) Compute net income for 20x1.
The following information is available for Cullumber Corporation's pension plan for the year 2023: Plan assets, January 1, 2023 Actual return on plan assets $430,000 17,000 Benefits paid to retirees 40,200 Contributions (funding) 94,300 Discount rate 10% Defined benefit obligation, January 1, 2023, accounting basis valuation 518,000 Service cost 65,400
3b. The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 (a) Your answer has been saved. See score details after the due date. Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars Attempts: 1 of 1 used (b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (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…
Current Attempt in Progress The actuary for the pension plan of Oriole Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(675,000) 2026 246,000 2027 973,000
The following information pertains to LL Marshall Corporation's defined benefit pension plan: 2024 Beginning 2025 Beginning balances, $ (7,600) 7,300 760 $ 880 (S in thousands) Projected benefit obligation Plan assets Prior service cost-AOCI Net loss-AOCI balances $ (8,104) 7,936 720 $ 960 At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?
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Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020