Please give me answer general accounting A company's defined benefit pension plan had a PBO of $271,000 on January1, 2016. During 2016, pension benefits paid were $49,000. The discount ratefor the plan for this year was 10%. Service cost for 2016 was $87,000. Planassets (fair value) increased during the year by $52,000. The amount of thePBO at December 31, 2016, was:A. $222,000.B. $385,100.C. $336,100.D. None of these answer choices is correct.

Explanation: In the given case, we are required to calculate the amount of PBO at December 31, 2016…

Answered: A company's defined benefit pension…

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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On January 1, 2016, J Co. has the following balances: Defined benefit obligation P2,100,000 Fair value of plan assets 1,800,000 The discount rate is 10%. Other data related to the pension plan for 2016 are: Service cost P180,000 Past service costs due to increase in benefits 60,000 Contributions 300,000 Benefits paid 105,000 Actual return on plan assets 237,000 Net gain on liability 18,000 The balance of the defined benefit obligation at December 31, 2016 is
A company's postretirement health care benefit plan had an APBO of $265,000 on January 1, 2018. During 2018, retiree benefits paid were $40,000. The discount rate for the plan for this year was 10%. Service cost for 2018 was $80,000. Plan assets (fair value) increased during the year by $45,000. The amount of the APBO at December 31, 2018, was: a. $305,000 b. $371,500 c.$225,000 d.$331,500
On January 1, 2016, Jr Co. has the following balances: Defined benefit obligation P2,100,000 Fair value of plan assets 1,800,000 The discount rate is 10%. Other data related to the pension plan for 2016 are: Service cost P180,000 Past service costs due to increase in benefits 60,000 Contributions 300,000 Benefits paid 105,000 Actual return on plan assets 237,000 Net gain on liability 18,000 The balance of the defined benefit obligation at December 31, 2016 is
At January 1, 2016, C Company had plan assets of P215,000 and a defined benefit obligation of the same amount. During 2016, service cost was P22,500, the discount rate was 10% actual and expected return on plan assets were P26,000, contributions were P20,000, and benefits paid were P19,500. Based on this information what would be the Defined Benefit obligation for C Company for 2016?
Can you please solve this accounting question?
On January 1, 2016, Ju Co. has the following balances: Defined benefit obligation P2,100,000 Fair value of plan assets 1,800,000 The discount rate is 10%. Other data related to the pension plan for 2016 are: Service cost P180,000 Past service costs due to increase in benefits 60,000 Contributions 300,000 Benefits paid 105,000 Actual return on plan assets 237,000 Net gain on liability 18,000 The fair value of plan assets at December 31, 2016 is
Presented below is pension information for A Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is
On January 1, 2017, Roca Co. has the following balances: Projected benefit obligation $3,730,000 Fair value of plan assets 3,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $334,000 Amortization of unrecognized prior service costs 78,000 Contributions 390,000 Benefits paid 150,500 Actual return on plan assets 338,100 Amortization of unrecognized net gain 33,400 The balance of the projected benefit obligation for Roca at December 31, 2017 is
At January 1, 2017, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2017, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2017.
On January 1, 2015, Parks Co. has the following balances: Projected benefit obligation $4,200,000 Fair value of plan assets 3,480,000 The settlement rate is 10%. Other data related to the pension plan for 2015 are: Service cost $226,000 Amortization of prior service costs 54,000 Contributions 270,000 Benefits paid 250,000 Actual return on plan assets 264,000 Amortization of net gain 18,000 The balance of the projected benefit obligation at December 31, 2015 is a. 4,494,000 b. 4,596,000 c. 4,860,000 d. 4,610,000 The fair value of plan assets at December 31, 2015 is a. 3,506,000 b. 3,764,000 c. 4,034,000 d. 4,284,000
Determination of Pension Plan Amounts Various pension plan information of Kerem Company for 2016 and 2017 is as follows: 2016 2017 Service cost $100,000 (G) Interest cost on projected benefit obligation 54,000 (g) Discount rate 9% 9% Amortization of prior service cost 4,000 4,000 Plan assets (fair value), 1/1* 500,000 615,000 Projected benefit obligation, 1/1** (a) 720,000 Expected long-term rate of return on plan assets (b) 11% Amortization of net loss (d) 700 Accrued pension cost (liability), 12/31 (f) (k) Average service life of employees 10 years 10 years Pension expense (e) 110,850 Cumulative net loss, 1/1 68,000 (i) Expected return on plan assets 50,000 (h) Corridor (c) 72,000 *1/1/2018: $762,000 **1/1/2018: $857,800
Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year: PBO: Balance, Jan. 1 $ 235,000 Service cost 36,000 Interest cost (5% discount rate) 11,750 Gain from changes in actuarial assumptions in 2021 (4,500 )Benefits paid to retirees (15,000 )Balance, Dec. 31 $ 263,250 Plan assets: Balance, Jan.1 $ 245,000 Actual return (expected return was $22,000) 20,000 Contributions 30,000 Benefits paid (15,000 )Balance, Dec. 31 $ 280,000 ABO, Dec. 31 $ 239,500 January 1, 2021, balances: Prior service cost–AOCI (amortization $5,075/yr.) 5,075 Net gain–AOCI (amortization, if any, over 15 years) 50,750 There were no other relevant data. Required:1. Calculate the 2021 pension expense.2. Prepare the 2021 journal entries to record pension expense and funding.3. Prepare any journal entries to record any 2021 gains or losses.

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