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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- On 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?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, 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 dollarsBlossom 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.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 = ?
- 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 AssetsSandhill 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 $On 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?
- Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…The following information is available for the pension plan of Cullumber Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $15,500 38,300 88,400 9% 8,500 550,000 61,100Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
