Based on the provided information, how is the corridor amount solved for in each of these cases? Thanks!
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Based on the provided information, how is the corridor amount solved for in each of these cases? Thanks!
![Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021,
are shown below:
($ in thousands)
Case 1
Case 2
Case 3
( 341)
(14)
Net loss (gain)-AOCI, Jan. 1
2021 loss (gain) on plan assets
2021 loss (gain) on PBO
Accumulated benefit obligation, Jan. 1
Projected benefit obligation, Jan.
Fair value of plan assets, Jan. 1
Average remaining service period
of active employees (years)
$
326
$
$
266
(17)
(29)
(3,010)
(3,370)
2,860
22
(2,610)
(2,730)
2,760
(278)
(1,510)
(1,760)
1,610
1
11
13
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- Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2021, are shown below: ($ in thousands) Case 1 Case 2 Case 3 Net loss (gain)—AOCI, Jan. 1 $ 335 $ (397 ) $ 305 2021 loss (gain) on plan assets (26 ) (23 ) 5 2021 loss (gain) on PBO (38 ) 31 (310 ) Accumulated benefit obligation, Jan. 1 (3,100 ) (2,700 ) (1,600 ) Projected benefit obligation, Jan. 1 (3,460 ) (2,820 ) (1,850 ) Fair value of plan assets, Jan. 1 2,950 2,850 1,700 Average remaining service periodof active employees (years) 12 14 10 Required:1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2021.2. For each independent case, determine the net loss—AOCI or net gain—AOCI as of January 1, 2022.Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 333 ($ in thousands) Case 2 $ (371) Case 3 279 2024 loss (gain) on plan assets (24) (21) 7 2024 loss (gain) on PBO (36) 29 Accumulated benefit obligation, January 1 (3,080) (2,680) (285) (1,580) Projected benefit obligation, January 1 (3,440) Fair value of plan assets, January 1 2,930 (2,800) 2,830 (1,830) 1,680 Average remaining service period of active employees (years) 10 11 8 Required: es 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain…1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
- Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: ($ in thousands) Net loss (gain)—AOCI, January 1 $ 324 $ (340) 270 2024 loss (gain) on plan assets (15) (12) 6 2024 loss (gain) on PBO (27) 20 (275) Accumulated benefit obligation, January 1 (2,990) (2,590) (1,490) Projected benefit obligation, January 1 (3,350) (2,710) (1,740) Fair value of plan assets, January 1 2,840 2,740 1,590 Average remaining service period of active employees (years) 10 11 8 Required: For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. For each independent case, determine the net loss—AOCI or net gain—AOCI as of January 1, 2025.The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%2. Give the 2022 entries for MPS Company to record pension expense and funding. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO005): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 1,200 Service cost Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions 400 168 Pension benefits paid Ending balance 1,016 (400) P3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
- Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below. Net loss (gain)-AOCI, January 1 2024 loss (gain) on plan assets 2024 loss (gain) on PBO Accumulated benefit obligation, January 1 Projected benefit obligation, January 1 Fair value of plan assets, January 1 Average remaining service period of active employees (years) Required: ($ in thousands) Case 1 Case 2 Case 3 $ 340 $ (410) 281 (31) (28) 6 (43) 36 (3,150) (2,750) (290) (1,650) (3,510) (2,870) 3,000 2,900 (1,900) 1,750 10 12 7 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025.Help Save & Exit Submit Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Case 1 (232,200) S 212,000 (6,100) 12,100 (1,510,000) (1,710,000) 2,010,000 Саве 2 Net loss (gain), Jan. 1 Loss (gain) on plan assets Loss (gain) on PB0 ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) 2,100 (221,000) (1,360,000) (1,610,000) 1,460,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. (Input all amounts as…The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
- rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $640 64 51 108 11 15 80 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the yearBANTRY Company reported the following in its 2021 annual report with respect to retirement benefit obligations (i.e., Pension Obligations) Interest Revenue on Plan Assets Service Cost Interest on Defined Benefit Obligations QUESTION ONE: MCQ 3 What is BANTRY Company's Pension Expense for 2021? A. $100,000 B. $700,000 C. $300,000 D. $500,000 E. None of these answers $600,000 $300,000 $400,000 THE FOLLOWING INFORMATION RELATES TO MCQ 4 QUESTION ONE: MCQ 4 Suppose KINSALE Company had Pension Plan Assets on 1 January 2021 of $4,000,000 and Pension Plan Assets on 31 December 2021 of $6,000,000. Assume that the 2021 Contributions to the Pension Fund were $3,400,000 while the Benefits Paid from the Pension Fund were $4,600,000. What was KINSALE Company's return on Plan Assets for 2021? A. $2,700,000 B. $2,900,000 C. $3,100,000 D. $3,200,000 E. None of these answers
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