Beginning plan Asset Balance = $ 100000 Ending Asset balance = $ 50000 Contribution to pension fund = $ 15000 Benefits paid = $ 500000 Calculate return on Plan Assets.
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A: 1. Determine the components of pension expense that affects the net pension liability:
Beginning plan Asset Balance = $ 100000
Ending Asset balance = $ 50000
Contribution to pension fund = $ 15000
Benefits paid = $ 500000
Calculate return on Plan Assets.
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- 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 $987000. The amount of AOCI (net gain) amortized in 2026 is2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2: 20X1 20X2 Service cost $ 30,000 $ 34,000 Interest cost $ 18,000 $ 20,000 Actual return on plan assets $ 15,000 $ 21,600 Beginning of year plan assets $ 200,000 $ 240,000 Discount rate 8 % 8 % Expected return on plan assets 8 % 8 % The adjustment to OCI for gain or loss from the return on plan assets for 20X2 is: Multiple Choice $0. $2,400 gain. $2,400 loss. unknown from information provided.
- William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?2Penslon data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,500,000 1,100,000 1,600,000 30,000 5,000 230,000 250,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
- Presented below is information related to Mikell Department Stores, Inc. pension plan for 2022. Service cost 375,000 Funding contribution for 2022 300,000 Settlement rate used in actuarial computation 8% Expected and actual return on plan assets 7% Amortization of Prior Service Costs 70,000 Amortization of net gains 35,000 Projected benefit obligation (at beginning of year) 420,000 Market-related (and fair) value of plan assets (at beginning of year) 380,000 No benefits were paid during 2022. Required: (a) Compute the amount of pension expense to be reported for 2022. (b) Prepare the journal entry to record pension expense for 2022.Problem 4: Pensions Davidson Company has a defined benefit plan with the following information for a recent period: Beginning Plan Assets Beginning PBO Beginning Prior Service Cost Service Cost Amortization of Prior Service Cost Contributions Paid to Plan Benefits Paid to Retirees Estimated Return on Assets Discount Rate $1,500,000 2,000,000 300,000 100,000 100,000 250,000 200,000 7.50% 10.00% Required Answer the following questions: What is the ending balance in the PBO?QUESTION 6 At January 1 2017 Hennein Oompanyhad plan assets of $280 000 and a projected benefit aligation of the same amount During 2017 service cost was $27 500 and settlement rate was 10% actual and expected return on plan assets was $25 000 contribuutions were $20 000 and benefits paid were $17 500 How much was Hennien Company's Pension Expense?
- hdk.6AsapSmith, Inc. has a pension plan with the following data available for 20X1 and 20X2: 20X1 20X2 $ 30,000 $ 34,000 $ 18,000 $ 20,000 $ 15,000 $ 21,600 $200,000 $240,000 Service cost Interest cost Actual return on plan assets Beginning of year plan assets Discount rate 8% 8% Expected return on plan assets 8% 8% The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:
