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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Cullumber Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: $9 21 Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions 20 Defined benefit expense Remeasurement gain or loss (OCI) Effect on company's shareholders' equity 10 Current service cost Opening balance, DBO Opening balance, plan assets $23 100 At the end of the year, Cullumber revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Cullumber applies an 10% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) $ 100
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 $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?
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The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $720 Expected return on plan assets 72 Actual return on plan assets 58 Contributions to the pension fund (end of year) 124 Amortization of net loss 14 Pension benefits paid (end of year) 17 Pension expense 96 Required: Determine the amount of pension plan assets at fair…
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.
D
II. Pension data for the Phoenix Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,400,000 1,000,000 1,500,000 20,000 4,000 $220,000 240,000 a) Determine pension expense for the year. b) Prepare the journal entries to record pension expenses and funding for the year.
Vinubhai
The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required:Determine the amount of pension plan assets at fair value on December 31.
Selected information about the pension plan of Crane Co. is as follows: 12/31/20 12/31/21 Accumulated benefit obligation $4,830,000 $5,060,000 Projected benefit obligation 5,080,000 5,280,000 Accumulated OCI (PSC) 2,008,000 1,630,000 Fair value of plan assets 4,815,000 5,080,000 Pension expense 1,130,000 1,830,000 Contribution 1,115,000 1,415,000 Discount rate (for year) 9% 8% (a) What is the corridor for 2021? Corridor for 2021 $ b,cakulate the pension asset/liability at december 31,2021 pension $ c.prepare the entry for 2021to record the pension
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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