Actuarial gain or loss – plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan assets (6% x $94 356 000) Contributions Minus: Benefits paid Actuarial Fair value of plan assets (30 June 2014) Required: Select a correct answer for each blank. $94 356 000 5 661 360 8 640 000 (15 552 000) $95 832 000

Actuarial gain or loss – plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan assets (6% x $94 356 000) Contributions Minus: Benefits paid Actuarial Fair value of plan assets (30 June 2014) Required: Select a correct answer for each blank. $94 356 000 5 661 360 8 640 000 (15 552 000) $95 832 000

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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1. Information on an entity's defined benefit obligation is as follows Present value of defined benefit obligation, lan 1 130,000 Present value of defined obligation, Dec. 31 110,600 Discount rate 12% Benefits paid to retirees 110,000 Actuarial loss 50,000 How much is the current service cost? O r000 O s000 O B0,000 O 25,000
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M10-18. Analyzing and Interpreting Pension Disclosures-Plan Assets and Cash Flow YUM! Brands Inc. discloses the following pension footnote in its 10-K report. Pension Plan Assets ($ millions) Fair value of plan assets at beginning of year Actual return on plan assets. Employer contributions Benefits paid.. Fair value of plan assets at end of year. 2018 $864 (49) 13 (73) $755 a. How does the "actual return on plan assets" of $(49) million affect YUM!'s reported profits for 2018? b. YUM! Brands contributed $13 million cash to the pension plan investment account (asset) during the year. Which of the following is true? i. YUM! recognized the $13 million cash payment as a pension expense in 2018. ii. YUM! did not recognize the $13 million cash payment as a pension expense in 2018 because it is not tax deductible. iii. YUM! did not recognize the 13 million cash payment as a pension expense in 2018 because it relates to employees' service in prior periods. iv. YUM! did not recognize the $13…
341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the Benefits paid to retirees Actuarial loss 32,000 89,000 year 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 с. 101,000 d. 1,000
341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benefits paid to retirees Actuarial loss 32,000 89,000 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
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Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
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Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??
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