Crane Syrups Company provides the following pension plan information: 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 $1,215,000 1,424,000 157,000 204,000 From the data above, compute the actual return on the plan assets for 2025. Actual return on plan assets for 2025 $

Crane Syrups Company provides the following pension plan information: 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 $1,215,000 1,424,000 157,000 204,000 From the data above, compute the actual return on the plan assets for 2025. Actual return on plan assets for 2025 $

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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Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.
Carla Vista Inc. has beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Plan Assets Obligation Value $930,000 $837,000 1,162,500 1,023,000 1,488,000 1,348,500 2027 1,953,000 1,860,000 2024 2025 2026 The average remaining service life per employee in 2024 and 2025 is 8 years and in 2026 and 2027 is 11 years. The net gain or loss that occurred during each year is as follows: 2024, $153,450 gain; 2025, $37,200 gain: 2026, $27.900 loss; and 2027. $13,950 loss. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the 4 years, setting up an appropriate schedule. (Round answers to O decimal places, eg. 22,500) Year Minimum Amortization of Loss 2024 2025 2026 2027 s S S $
Current Attempt in Progress Blossom Company provides the following information about its defined benefit pension plan for the year 2020. $ 89,400 Service cost Contribution to the plan 104,800 Prior service cost amortization 9,700 Actual and expected return on plan assets 64,400 Benefits paid 40,800 Plan assets at January 1, 2020 627,300 Projected benefit obligation at January 1, 2020 697,700 Accumulated OCI (PSC) at January 1, 2020 149,700 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020
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What's AllenCo's total "pension expense" for 2020?
e
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 ($ millions) $600 300 85 65 28 (60) 13 75 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $16 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1…
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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.
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Subject: acounting
Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Pension expense ($ in thousands) $ $ 480 0.0 3,150 2,850 3,250 410 500 Determine pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign.…