6- ABC Inc, sponsor a defined- benefit pension plan. The following data relates to the operation of the plan for year 2013 Service cost a) b) e) Contribution to the plan Actual return on plan asset benefit obligation (beginning balance) value of plan asset (beginning balance) The interest rate of this plan is 10%, the amount of gains and losses from re-measurements: $1,000 0 $ 250,000 220,000 180,000 2,400,000 1,800,000 $2,500 $ 2,000 $1,500 Leave blank

6- ABC Inc, sponsor a defined- benefit pension plan. The following data relates to the operation of the plan for year 2013 Service cost a) b) e) Contribution to the plan Actual return on plan asset benefit obligation (beginning balance) value of plan asset (beginning balance) The interest rate of this plan is 10%, the amount of gains and losses from re-measurements: $1,000 0 $ 250,000 220,000 180,000 2,400,000 1,800,000 $2,500 $ 2,000 $1,500 Leave blank

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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6. Baker Co. provides the following information related to its pension plan for the year 2022: Beginning Balances - January 1, 2022 Plan Assets - $434,000 Projected Benefit Obligation - $436,700 Pension Asset/Liability - $2,700 ç Accumulated OCI – Prior Service Cost - $0 Plan amendment for Prior Service Cost - $85,000 Annual Service Cost - $41,000 Settlement Rate - 10% Actual Return on Plan Assets - $55,200 Expected Return on Plan Assets - $46,000 Funding Contributions - $76,000 Benefits Paid to Retirees during the year - $61,500 Amortization of Prior Service Cost - $4,250 (Straight Line) Complete a Pension Worksheet using the above data. b. What is total Pension Expense to be reported in 2022? What is the balance of each of the following at December 31, 2022? a. C. Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated oCi- Prior Service Cost d. Prepare the journal entry Baker Co. will make to record their pension expense for 2022
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet is
The following information relates to the defined benefit pension plan of Nelson, Inc. Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) The interest cost for 2020 is $158,640 $211,520 12/31/19 2,644,000 3,118,000 432,000 O $240,120 O $280,140 O None of the above 6% 8% 12/31/20 4,002,000 3,328,000 480,000 For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000, 6% 7%
The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year
5b. Indigo Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 104,000 Prior service cost amortization 9,400 Actual and expected return on plan assets 62,900 Benefits paid 39,900 Plan assets at January 1, 2020 630,400 Projected benefit obligation at January 1, 2020 701,800 Accumulated OCI (PSC) at January 1, 2020 153,000 Interest/discount (settlement) rate 10 % (b) Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an…
The following data relate to Voltaire Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense $600 60 48 100 10 11 72 Required: Determine the amount of pension plan assets at fair value on December 31.
The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.
Bahamasair. has three defined benefit pension plans as follows. Projected Benefit Obligation Pension Assets (at Fair Value) Plan X $600,000 900,000 550,000 $500,000 720,000 700,000 Plan Y Plan Z Using Tabular form calculate Pension Asset/Liability. What amount is reported on it Balance Sheet
The following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook Air
The following information relates to the pension plan for the employees of Cullumber Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
5. The following information relates to the defined benefit pension plan for the McDonald Company for the year endine December 31, 2002. Present value of defined benefit obligation, Jan. 1 Present value of defined benefit obligation, Dec. 31 Fair value of plan assets, January 1 Fair value of plan assets, December 31 Expected return on plan assets Amortization of deferred gain on settlement of plan Employer contributions Benefits paid to retirees 4,600,000 4,729,000 5,035,000 5,565,000 450,000 32,500 425,000 390,000 Discount rate 10% Current service cost for the year would be a. 59,000. (Adapted) b. 94,000. c. 129,000. d. 390,000.