Anderson Industries has the following balances on December 31, 2021: Projected Benefit Obligation (PBO): $4,200,000 Plan Assets at Fair Value: $3,600,000 Accumulated OCI (PSC): $1,350,000 Compute the pension liability to be reported on Anderson Industries' balance sheet at December 31, 2021.
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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 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 $Splish Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,464,000 Plan assets at fair value 1,906,000 Accumulated OCI (PSC) 1,155,000 What is the amount for pension liability that should be reported on Splish' balance sheet at December 31, 2020? Pension liability balance at December 31, 2020:
- Presented below is information related to Blossom Manufacturing Company as of December 31, 2021: Projected benefit obligation $ 1600000 Accumulated OCI -net gain 580000 Accumulated OCI (PSC) 790000 The amount for the prior service cost is related to an increase in benefits. The fair value of the pension plan assets is $1102000.The pension asset / liability reported on the balance sheet at December 31, 2021 is: pension liability of $1102000. Pension liability of $498000. Pension liability of $2390000. Pension liability of $1600000.A company had the following information at the end of 2021: Accumulated benefit obligation $162,000 Projected benefit obligation 320,000 Accumulated OCI – losses 74,500 Accumulated OCI – Prior Service Cost (PSC) 21,800 Fair value of pension plan assets 277,000 The amount reported as the pension asset/liability at December 31, 2021 is $__________________. (Just enter the amount. Do NOT put a plus or minus sign in front of the amount.)Subject-Acounting
- On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan: Service cost $95,610 Interest cost on projected benefit obligation 11,810 Expected return on plan assets 11,050 Amortization of prior service cost 1,950 On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,790. Required: 1. Compute the amount of Robey’s pension expense for 2019. 2. Prepare all the journal entries related to Robey’s pension plan for 2019 if it funds the pension plan in the amount of (a) $98,320, (b) $97,290, and (c) $102,670. 3. Next Level Assuming Robey’s beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,370 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $4,780 at the end of 2019?On January 1, 2021, Cullumber 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 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100On January 1, 2021, 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 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000
- On January 1, 2020, Spoon Co. had the following balances: Projected benefit obligation $7,300,000 Fair value of plan assets 7,200,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan Benefits paid 350,000 Interest rate 6% Actual return 432,000 A) Prepare a pension worksheet. You must compute pension expense and ending balances for PBO & PA. B) Prepare the journal entry to record pension expense.. Show all computations for A & B. 360,000Presented below is pension information related to Sheridan Company as of December 31, 2021: Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) Accumulated OCI (G/L) $ 3264000 O Pension Asset of $293000. O Pension Liability of $593000. Pension Liability of $293000. Pension Asset of $886000. 3857000 4150000 113000 The amount to be reported as Pension Asset / Liability as of December 31, 2021 isThe following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700Pension expense for 2021 is $__________.
