Calculate the annual, semiannual, quarterly, and monthly premium for the following fe insurance policy. Use Tables 19-1 and 19-2. Face Value of Sex and Age of Policy Insured Type of Policy Annual Semiannual Quarterl Premiu Premium y
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- Minimum distributions upon reaching a certain age are a requirement of which type of plan Only Roth IRAs plans Only employer-sponosored Only traditional IRAs Employer-sponsored plans and traditional IRAS5The following data are available pertaining to Household Appliance Company's retiree health care plan for 2024 Number of employees covered Years employed as of January 1, 2024 Attribution period Expected postretirement benefit obligation, January 11 Expected postretirement benefit obligation, December 31 Interest rate Funding Complete this question by entering your answers in the tabs below. 1. Accumulated postretirement benefit obligation 2 Interest cost 3. Service cost 2 3 [each] 25 years Required: 1. What is the accumulated postretirement benefit obligation at the beginning of 2024? 2. What is interest cost to be included in 2024 postretirement benefit expense? 3. What is service cost to be included in 2024 postretirement benefit expense? 4. Prepare the journal entry to record the postretirement benefit expense for 2024. Reg 1 to 3 $50,000 $ 53,000 Req 4 > 6 % Req 1 to 3. Req 4 What is the accumulated postretirement benefit obligation at the beginning of 2024? What is interest cost…
- Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option…The following data are for the pension plan for the employees of Carla Vista Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 $5200000 $540000. $344000. $410000. $444000. 5430000 4610000 The actual return on plan assets in 2021 was 12/31/20 $ 5300000 5710000 6220000 956000 11% 9% 12/31/21 $6830000 7650000 6760000 1120000 9% Carla Vista's contribution was $860000 in 2021 and benefits paid were $764000. Carla Vista estimates that the average remaining service life is 15 years. 8%Under the TRAIN law, the amount of premium allowed per family during thetaxable year for health and/or hospitalization insurance is P2,500. a.true b.false
- Pension data for David Emerson Enterprises include the following: ($ in millions)Discount rate, 10%Projected benefit obligation, January 1 $360Projected benefit obligation, December 31 465Accumulated benefit obligation, January 1 300Accumulated benefit obligation, December 31 415Cash contributions to pension fund, December 31 150Benefit payments to retirees, December 31 54 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.Express the net single premium (NSP) for a life insurance policy providing a $500,000 death benefit for 15 years and $1,000,000 thereafter if the age at issue is 25 in three (3) different ways. Assume that benefits are payable at the moment of death.Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021: Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $2) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Postretirement benefit expense ($ in thousands) $ ($ in thousands) $ 136 700 30 none 100 88 200
- Subject- accountExercise 17-25 (Algo) Postretirement benefits; determine APBO, service cost, interest cost; prepare journal entry [LO17-10, 17-11] The following data are available pertaining to Household Appliance Company's retiree health care plan for 2024: Number of employees covered Years employed as of January 1, 2024 Attribution period 2 2 [each] 25 years Expected postretirement benefit obligation, January 1 Expected postretirement benefit obligation, December 31 Interest rate Funding Required: 1. What is the accumulated postretirement benefit obligation at the beginning of 2024? $ 56,000 $ 58,800 5% noneWhen MUST the Policy Summary for a life insurance policy be delivered? Prior to the sales presentation With or prior to delivery of the policy Within a year after delivery of the policy Only upon delivery of a replacement policy.