31The following information relates to the defined benefit pension plan of Wendy Corporation for the year ending December31, 2012:Pension benefit obligationPension fund assetsService costInterest costExpected return on fund assets$4,600,0005,035,000450,00032,500425,000What is the net pension asset or liability for Wendy corporation in 2012?$435,000 pension asset$425,000 pension asset$425,000 pension liability$435,000 pension liability

The objective of the question is to calculate the net pension asset or liability for Wendy…

Answered: 31 The following information relates to…

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 information is related to the defined benefit pension plan of Xavier Company for 2012: Service cost $60,000 Contributions to pension plan 142,400 Benefits paid to retirees 150,000 Plan assets (fair value), January 1 740,000 Plan assets (fair value), December 31 850,000 Unamortized Prior Service Cost, January 1 160,000 Unamortized Prior Service Cost, December 31 110,000 Actual return on plan assets 150,000 PBO, January 1 900,000 PBO, December 31 960,000 ABO, December 31 890,000 Discount rate 10% Long-term expected return on plan assets 9% Required: 1. Using the above information calculate pension expense for 2012? 2. Will it be necessary for the company to report a minimum pension liability at Dec. 31, 2012? If so what is the amount.
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31 The following information relates to the defined benefit pension plan of Wendy Corporation for the year ending December 31, 2012: Pension benefit obligation Pension fund assets Service cost Interest cost Expected return on fund assets $4,600,000 5,035,000 450,000 32,500 425,000 What is the net pension asset or liability for Wendy corporation in 2012? $435,000 pension asset $425,000 pension asset $425,000 pension liability $435,000 pension liability
The following information relates to the pension plan for the employees of RR Co.: 1/1/19 12/31/19 12/31/20 Defined benefit obligation P5,580,000 P5,976,000 P8,004,000 Fair value of plan assets 5,100,000 6,240,000 6,888,000 Net (gain) or loss 0 (164,000) (96,000) Discount rate (for year) 11% 11% RR estimates that the average remaining service life is 16 years. RR's contribution was P756,000 in 2020 and benefits paid were P564,000. The actual return on plan assets in 2020 is?

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