Do not use Ai Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to thepension plan for 2016 and 2017:20162017Service cost$150,000 $160,000Projected benefit obligation (1/1)112,500 269,250Plan assets (1/1)112,500 275.750Company contribution (funded 12/31)156,500170,000Discount rate6%6%Expected long-term (and actual) rate of return on plan assets6%6%There are no other components of Baron's pension expense.

Baron Company adopted a defined benefit pension plan, with data provided for 2016 and 2017. The key…

Answered: Baron Company adopted a defined benefit…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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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.
Sandhill Company provides the following selected information related to its defined benefit pension plan for 2025. Pension asset/liability (January 1) $25.500 Cr. Accumulated benefit obligation (December 31) 403,100 Actual and expected return on plan assets 9,000 Contributions (funding) in 2025 148,600 Fair value of plan assets (December 31) 795,800 Settlement rate 10% Projected benefit obligation (January 1) 702.800 Service cost 79.580 (a1) Your answer is correct. Compute pension expense. Pension expense for 2025 $ 140860 i Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. Preparation of a pension worksheet is not required. Benefits paid in 2025 were $39,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and…
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
Caroni Ltd has a defined benefit pension plan for its employees. In 2016, the following actuarial report was received for the defined benefit plan:2016/$Present value of the defined benefit obligation 31 December 201510 000 000Net interest?Current service cost1 150 000Benefits paid1 200 000Actuarial gain/loss on DBO?Present value of the defined benefit obligation 31 December 201610 750 000Fair value of plan assets at 31 December 20159 500 000Return on plan assets?Contributions paid to the plan during the year1 000 000Benefits paid by the plan during the year1 200 000Fair value of plan assets at 31 December 201610 047 500Additional information(a) All contributions received by the plan were paid by Caroni Ltd.(b) The interest rate used to measure the present value of the defined benefit obligation was 9% at 31 December 2015 and 31 December 2016.(c) The asset ceiling was nil at 31 December 2015 and 31 December 2016.Requirements:a)Determine the surplus or deficit of Caroni Ltd.’s defined…
Caroni Ltd has a defined benefit pension plan for its employees. In 2016, the following actuarial report was received for the defined benefit plan:2016/$Present value of the defined benefit obligation 31 December 201510 000 000Net interest?Current service cost1 150 000Benefits paid1 200 000Actuarial gain/loss on DBO?Present value of the defined benefit obligation 31 December 201610 750 000Fair value of plan assets at 31 December 20159 500 000Return on plan assets?Contributions paid to the plan during the year1 000 000Benefits paid by the plan during the year1 200 000Fair value of plan assets at 31 December 201610 047 500Additional information(a) All contributions received by the plan were paid by Caroni Ltd.(b) The interest rate used to measure the present value of the defined benefit obligation was 9% at 31 December 2015 and 31 December 2016.(c) The asset ceiling was nil at 31 December 2015 and 31 December 2016.Requirements:a) Determine the surplus or deficit of Caroni Ltd.’s defined…
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Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A

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