Anderson Corporation sponsors a defined-benefit pension plan. The following balance sheet data relates to the plan on December 31, 2024: Plan assets (at fair value) = $850,000 Accumulated benefit obligation = $1,300,000 Projected benefit obligation = $1,600,000 Contributions made during the year = $120,000 What amount should Anderson report as its pension liability on its balance sheet as of December 31, 2024? a) $450,000 b) $750,000 c) $1,300,000 d) $1,600,000
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- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORTBlossom Corp. sponsors a defined benefit pension plan for its employees. On January I, 2025, the following balances relate to this plan. Plan assets: $460,000 Projected benefit obligation: $606,500 Pension asset/liability: $146,500 Accumulated OCI (PSC): 104,200 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost: $93,500 Settlement rate, 10% Actual return on plan assets: $54,600 Amortization of prior service cost: $18,100 Expected return on plan assets: $51,600 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions: $76,600 Contributions: $100,500 Benefits paid retirees: $84,300 Using the data above, compute pension expense for Blossom for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.)
- On January 1, 2022, Seascape Ltd. reported the following balances relating to their defined benefit pension plan. Seascape Ltd. uses ASPE. Defined benefit obligation $ 2,100,000 Fair value of plan assets. 1,900,000 Other data related to the pension plan for 2022 are: Current service cost 110,000 Contributions to the plan 105,000 Benefits paid.. 180,000 Actual return on plan assets. 142,000 Interest (discount) rate 7% Past service costs, Jan 1 120,000 Actuary adjustment, Dec 31 220,000 Pension Asset/Liability account on Balance Sheet Instructions a) Calculate the defined benefit obligation at December 31, 2022. b) Calculate the fair value of plan assets at December 31, 2022. c) Calculate pension expense for 2022. d) Prepare the journal entries to record the pension expense and the contributions for 2022. e) How would your answer be different if the company used IFRS? f) What is the funded status of the plan on December 31, 2022? Indicate whether it is underfunded or overfunded.Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +AShamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)
- Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation $4,640,000 Accumulated benefit obligation 4,540,000 Fair value of plan assets 4,285,000 Accumulated OCI (PSC) 165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension $The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,350. b. Prior service cost from plan amendment on January 2, 2024 = $650 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $650. d. Service cost for 2025 = $700. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10%. f. Payments to retirees in 2024 $510. g. Payments to retirees in 2025 $580. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $375. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,400. b. 2024 contributions $670. c. 2025 contributions $720. d. Expected long-term rate…
- The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,200. b. Prior service cost from plan amendment on January 2, 2024 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $640. d. Service cost for 2025 = $690. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10%. f. Payments to retirees in 2024 = $500. g. Payments to retirees in 2025 = $570. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2024 = $370. j. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,300. b. 2024 contributions = $660. c. 2025 contributions = $710. d. Expected…The Kollar Company has a defined benefit pension plan. Pension Information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,200. b. Prior service cost from plan amendment on January 2, 2024 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $640. d. Service cost for 2025 = $690. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10% f. Payments to retirees in 2024 = $500. g. Payments to retirees in 2025 = $570. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $370. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,300. b. 2024 contributions = $660. c. 2025 contributions = $710. d. Expected…Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 740 76 37 (21) (37) $ 795 ($ in millions) $ 760 47 (Expected return on plan assets, $52) 88 Pension benefits paid (37) Balance, December 31, 2024 $ 858 January 1, 2024, balances: ($ in millions) Pension asset $ 20 Balance, January 1, 2024 Actual return on plan assets Cash contributions Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 35 116 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might…
