a. Prepare a worksheet for the postretirement plan in 2022.
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- Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 Current service cost P26,000.00 P 19,000.00 P 16,000.00 Discount rate 10% 10% 10% Actual return on plan assets Contributions to the plan 24,000.00 48,000.00 22,000.00 40,000.00 20,000.00 16,000.00 14,000.00 Benefits paid to retiree 21,000.00 16,400.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the pension. Indicate…Elton Co. has the following postretirement benefit plan balances on January 1, 2020. Accumulated postretirement benefit obligation $2,250,000 Fair value of plan assets 2,250,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $175,000 are created. Other data related to the plan are: 2020 2021 Service costs $ 75,000 $ 85,000 Prior service costs amortization -0- 12,000 Contributions (funding) to the plan 45,000 35,000 Benefits paid 40,000 45,000 Actual return on plan assets 140,000 120,000 Expected rate of return on assets 8% 6% Instructions Prepare a worksheet for the postretirement plan in 2020. Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2020. Prepare a worksheet for 2021 and any journal entries related to the postretirement plan as of December 31, 2021. Indicate the postretirement-benefit-related…
- Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 Current service cost P26,000.00 P 19,000.00 16,000.00 Discount rate 10% 10% 10% Actual return on plan 24,000.00 22,000.00 20,000.00 assets Contributions to the plan 48,000.00 40,000.00 16,000.00 Benefits paid to retiree 21,000.00 16,400.00 14,000.00 Other information: The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00 Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the pension. Indicate in the…Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 P26,000.00 P 19,000.00 P 16,000.00 Current service cost Discount rate Actual return on plan assets Contributions to the plan Benefits paid to retiree 10% 10% 10% 24,000.00 48,000.00 21,000.00 22,000.00 20,000.00 40,000.00 16,400.00 16,000.00 14,000.00 Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the halances and the activities of the pensio.On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the journal entry? A DR to pension expense $64,000 B debit to pension expense $304,000 C credit to projected benefit obligation $64,000 D credit to projected benefit obligation $304,000 E credit to other comprehensive income $64,000 F credit to other comprehensive income $304,000
- On January 1, 2022, Seismic Slam Company had the following balances in its memorandum records: Fair value of plan assets P3,000,000; Defined benefit obligation P3,400,000. Other related to the retirement benefit plan for 2022 are as follows: Current service cost 200,000 Past service cost 150,000 Contribution to the plan 204,000 Benefits paid 200,000 Discount rate 8% Actual return on plan asset 285,000 Decrease in defined benefit obligation as a result of remeasurement 25,000 What amount of defined benefit cost should be reported in profit or loss?On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the journal entry?(Postretirement Benefit Worksheet—2 Years) Elton Co. has the following postretirement benefit plan balances on January 1, 2017. Accumulated postretirement benefit obligation $2,250,000 Fair value of plan assets 2,250,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends the plan so that prior service costs of $175,000 are created. Other data related to the plan are: Check the below image for plan related data. Instructions(a) Prepare a worksheet for the postretirement plan in 2017.(b) Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2017.(c) Prepare a worksheet for 2018 and any journal entries related to the postretirement plan as of December 31, 2018.(d) Indicate the postretirement-benefit–related amounts reported in the 2018 financial statements.
- Subject - account Please help me. Thankyou.P20.1 (LO 2, 4, 5) (2-Year Worksheet) On January 1, 2022, Harrington SA has the following defined benefit pension plan balances. Defined benefit obligation €4,500,000 Fair value of plan assets 4,200,000 The interest rate applicable to the plan is 10%. On January 1, 2023, the company amends its pension agreement so that past service costs of €500,000 are created. Other data related to the pension plan are as follows. 2022 2023 Service cost €150,000 €180,000 Contributions (funding) to the plan 240,000 285,000 Benefits paid 200,000 280,000 Actual return on plan assets 420,000 260,000 Instructions a. Prepare a pension worksheet for the pension plan for 2022 and 2023. b. For 2023, prepare the journal entry to record pension-related amountsOn January 1, 2026, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2026 are: $3650000 Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain 2350000 $3173000. $988000. O $1650000. O $3010000. $ 340000 90000 465000 190000 385000 18000 The fair value of plan assets disclosed in the notes at December 31, 2026 is
