At Benton Corporation, as of December 31, 2022, the company had the following pension-related data: • Projected Benefit Obligation (PBO) = $625,400 • Plan Assets = $458,200 • Prior Service Cost (included in accumulated other comprehensive income) = $158,300 pension asset/liability Determine the December 31, 2022. at
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Determine the pension asset/ liability at December?
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- At December 31, 2020, Coronado Corporation had a projected benefit obligation of $573,800, plan assets of $346,700, and prior service cost of $130,500 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2020 = ?At December 31, 2020, Sarasota Corporation had a projected benefit obligation of $614,800, plan assets of $316,800, and prior service cost of $125,900 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2020 $enter the pension asset/liability at December 31, 2017 in dollarsPlease given correct answer general accounting
- 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 SUPPORTUnder the defined-benefit pension plan for a company, the expected return on plan assets is $124,000 and actual return on plan assets is $269,000 in 2021. To record the unexpected gain/loss due to asset returns, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Debit Other Comprehensive Income-Gain/Loss Credit Pension Expense Debit Pension Expense Debit Plan AssetsThe actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,700 2021 476,700 2022 (209,000) 2023 (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $3,993,500 $2,394,800 2021 4,542,200 2,203,200 2022 4,952,900 2,575,400 2023 4,228,400 3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…
- Presented 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 isSandhill 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 actuary for the pension plan of Blossom Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 $302,850 2026 480,400 2027 (211,000) 2028 (289,700) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $4,004,500 $2,376,000 2026 4,531,500 2,190,900 2027 5,018,100 2,581,800 2028 4,241,640 3,061,000 Blossom Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component…
- The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. IncurredDuring the Year (Gain) or Loss 2020 $300,000 2021 480,000 2022 (210,000) 2023 (290,000) Other information about the company's pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $4,000,000 $2,400,000 2021 4,520,000 2,200,000 2022 5,000,000 2,600,000 2023 4,240,000 3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Instructions (Round to the nearest dollar.) Prepare a…At December 31, 2020, Metlock Corporation had a projected benefit obligation of $504,700, plan assets of $342,200, and prior service cost of $128,700 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020.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 Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $45) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, December 31, 2024 $ ($ in millions) $ 500 40 PBO Required: Prepare a pension spreadsheet…