Current Attempt in Progress Cullumber Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, whichit accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 $36,400 $43,700 $58,400 Annual service cost 10% 10% 10% Discount rate 38,700 50,460 53,800 Actual return on plan assets 36,400 43,700 58,400 Funding of current service cost 66,000 79,000 Funding of past service cost 30,500 37,450 47,200 Benefits paid 364,000 Past service cost (plan amended, 1/1/21) Change in actuarial assumptions establishes a December 31. 1196000

Current Attempt in Progress Cullumber Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, whichit accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows: 2020 2021 2022 $36,400 $43,700 $58,400 Annual service cost 10% 10% 10% Discount rate 38,700 50,460 53,800 Actual return on plan assets 36,400 43,700 58,400 Funding of current service cost 66,000 79,000 Funding of past service cost 30,500 37,450 47,200 Benefits paid 364,000 Past service cost (plan amended, 1/1/21) Change in actuarial assumptions establishes a December 31. 1196000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020.Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement PlanAssets PBO Net PensionAsset/Liability CashOutflow PensionExpense Balance, January 1, 2020 Service cost Interest cost Expected return Contributions to fund Benefit payments Balance, December 31, 2020
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2019: contributions to the plan 400,000 Benefits paid 350,000 On 1/1/2020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate 9% Expected rate of return 7% Amortized Prior Service cost…
Information regarding the defined benefit pension plan of Neo Products included the following for 2024 ($ in millions):Plan assets, January 1$ 210Plan assets, December 31315 Return on plan assets30Employer contributions to the pension plan (end of year)126What amount of retiree benefits was paid at the end of 2024? Multiple Choice$51 million$21 million$72 million$105 million
The following defined pension data of Waterway Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Waterway Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 9 % Service cost 58,300 Contributions (funding) 59,600 Actual (expected) return on plan assets 48,300 Benefits paid to retirees 43,500 Prior service cost amortization for 2020 16,400 For 2020, prepare a pension worksheet for Waterway Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WATERWAY CORP.Pension Worksheet—2020 General Journal Entries Memo Record Items Annual PensionExpense Cash OCI–Prior
Not a graded assignment!!!
Current Attempt in Progress Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $465,800 604,200 138,400 95,000 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. (a) Service cost Settlement rate, 10% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $86,600 55,000 19,300 52,000 79,600 102,800 88,300 Using the data above, compute pension expense for Cullumber. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive)
Not a graded assignment
Current Attempt in Progress Bramble Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020 $ %24
Carla Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $ 197,800; projected benefit obligation $ 252,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $ 15,800 $ 19,300 $ 26,000 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 17,700 21,740 24,100 Annual funding (contributions) 15,800 39,700 47,300 Benefits paid 13,900 16,100 21,200 Prior service cost (plan amended, 1/1/20) 161,100 Amortization of prior service cost 54,200 41,000 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 522,400 Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each…
None