A company's pension plan assets were $120 million at the beginning of the year and $133 million at the end of the year. During the year, the plan paid out $12 million in retiree benefits and received $8 million in new contributions. Calculate the percentage rate of return on plan assets.
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- Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.I need answer this question accountingHii, Tutor Give Answer
- Step by step answerGeneral AccountPension plan assets were $80 million at the beginning of the year and $83 million at the end of the year. The return on plan assets was 5%. At the end of the year, cash invested in the pension fund was $7 million. What was the amount of the retiree benefits paid by the trustee?
- For Blossom Corporation, year-end plan assets were $1,998,000. At the beginning of the year, plan assets were $1,774,000. During the year, contributions to the pension fund were $129,000, and benefits paid were $191,000. Compute Blossom's actual return on plan assets. Actual return on plan assets $Assume that at the beginning of the current year, a company has a net gain-AOCI of $25,600,000. At the same time, assume the PBO and the plan assets are $222,400,000 and $153,500,000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? $1,968,000. $344,000. $336,000. $689,000.For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan assets were $ 1,764,000. During the year, contributions to the pension fund were $ 113,000, and benefits paid were $ 184,000.Compute Skysong’s actual return on plan assets.
- Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). Interest cost, $8; expected return on assets, $21; amortization of net loss, $6. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7 million. Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…