At December 31, 2017, Blossom Corporation had a projected benefit obligation of $551,500, plan assets of $313,400, and prior service cost of $134,800 in accumulated other comprehensive income. - Determine the pension asset/liability at December 31, 2017.
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- Please given correct answer general accountingOn 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?(Disclosures: Pension Expense and Other Comprehensive Income) Taveras Enterprises provides the following information relative to its defined benefit pension plan. Check the below image for the information. Instructions(a) Prepare the note disclosing the components of pension expense for the year 2017.(b) Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000.(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2017.
- 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, 2019, Johnson Company accumulated the following information for 2019 in regard to its defined benefit pension plan: Service cost $113,230 Interest cost on projected benefit obligation 11,970 Expected return on plan assets 11,600 Amortization of prior service cost 2,020 On its December 31, 2018, balance sheet, Johnson had reported an accrued/prepaid pension cost liability of $12,880. Required: 1. Compute the amount of Johnson’s pension expense for 2019. 2. Prepare all the journal entries related to Johnson’s pension plan for 2019 if it funds the pension plan in the amount of (a) $115,620, (b) $114,620, and (c) $119,430. 3. Next Level Assuming Johnson’s beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $60,150 what would be its ending balance? 4. Next Level How much would Johnson need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $5,120 at the end of 2019?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.
- 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…See attached picture 1. Compute the amount of the 2017 increase/decrease in gains or losses and the amount to be amortized in 2017 and 2018. 2. Indicate the pension amounts reported in the financial statements as of December 31, 2017At 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 = ?
- The following defined pension data of Doreen Corp. apply to the year 2017. Check the below image for defined pension data. InstructionsFor 2017, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.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…(Pension Worksheet) Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Check the below image for the balances. Instructions(a) Using the data above, compute pension expense for Webb Corp. for the year 2017 by preparing a pension worksheet.(b) Prepare the journal entry for pension expense for 2017.
