Blossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate (a) Balance, January 1, 2023 Current Service Cost $1,360,000 1,520.000 Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss $80,000 Prepare a pension worksheet for Blossom Corporation for 2023. 194,000 Net Funding Entry 84,000 Balance, December 31, 2023 31,000 Employer Contributions to Pension Fund Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) Annual Defined Benefit Expense [

Blossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets Discount rate (a) Balance, January 1, 2023 Current Service Cost $1,360,000 1,520.000 Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss $80,000 Prepare a pension worksheet for Blossom Corporation for 2023. 194,000 Net Funding Entry 84,000 Balance, December 31, 2023 31,000 Employer Contributions to Pension Fund Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) Annual Defined Benefit Expense [

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(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.
Oriole Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2025. SEE ATTACHED IMAGE The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $122,100. The company's actual funding (contributions) of the plan in 2025 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,221,000 on January 1, 2025. Assume no benefits paid in 2025. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (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…
The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE? Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.
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Crane Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Crane's financial records indicated the following information related to the company's defined benefit pension plan Defined Benefit Obligation Pension Plan Assets $1,350,000 1.510,000 Crane Corporation's actuary provided the following information on December 31, 2023: Current year service cost $84,000 Prior service cost, granted Jan 1, 2023 189,000 Employer contributions for the year 88,000 Benefits paid to retirees 28,000 Expected return on assets 5% Actual return on assets Discount rate 6% 5% Prepare a pension worksheet for Crane Corporation for 2023. Balance, January 1, 2023 Current Service Cost Prior Service Cost Net Interest/Finance Cost Asset Remeasurement Gain/Loss Employer Contributions to Pension Fund Benefits Paid to Retirees from Pension Fund Defined Benefit Expense Entry-2023 Net Funding Entry Balance, December 31, 2023 General Journal Entries Annual Defined Remeasurement Gain/Loss (OCI)…
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Oriole, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. 1/1/21 12/31/21 Accumulated benefit obligation $ 3510000 $ 1680000 Net (gains) and losses 1490000 143000 Projected benefit obligation 6690000 6840000 Pension assets (at fair value) 3510000 4041000 The service cost component of pension expense for 2021 is $523000 and the amortization of prior service cost due to an increase in benefits is $111000. The settlement rate is 12% and the expected rate of return is 6%. What is the amount of pension expense for 2021? $1284800 $1226200 $1083200 $815800
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USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,860,000 and the defined benefit obligation was $7,345,000. Invoking the asset ceiling caps the net defined benefit asset at $353,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for net defined benefit asset. Note: Enter debits before credits. >