At December 31, 2014, Besler Corporation had a projected benefit obligation of $519,030, plan assets of $371,090, and prior service cost of $142,760 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2014.
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- 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.At December 31, 2020, Sheffield 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.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 dollarsOn December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,500 Interest cost on projected benefit obligation 11,390 Expected return on plan assets 11,960 Amortization of prior service cost 1,900 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $12,900. Required: 1. Compute the amount of Robey's pension expense for 2016. 2. Prepare all the journal entries related to Robey's pension plan for 2016 if it funds the pension plan in the amount of (a) $114,830, (b) $113,840, and (c) $118,870. 3. Next Level Assuming Robey's beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,480 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,460 at the end of 2016?Under 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 Assets
- 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 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…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…
- 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.)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…Blossom Company provides the following information about its defined benefit pension plan Service cost $ 91,800 Contribution to the plan 103,500 Prior service cost amortization 9,400 Actual and expected return on plan assets Benefits paid Plan assets at anuary 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 63,200 39,700 647,900 712,300 147,400 10 % Compute the pension expense for the year 2017.