Current Attempt in ProgressThe following data are for the pension plan for the employees of Beaufort Company.Accumulated benefit obligationProjected benefit obligationMarket-related asset valuePlan assets (at fair value)Unrecognized net lossSettlement rate (for year)Expected rate of return (for year)1/1/17O $135,300.O $81,700.O $51,800.O $37,600.$7,350,0007,998,0007,468,0007,762,000012/31/17 12/31/18$7,644,000 $9,996,0008,232,000 10,689.0008.350,000 9,014,0008.820,0009,901,0001,450,0001,490,00010%9959%8%Beaufort's contribution was $1,247,000 in 2018 and benefits paid were $1.102,000. Beaufort estimates that the average remainingservice life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 was

Unexpected gain or loss on plan assets = [Actual return on plan - (Expected rate of return…

Current Attempt in Progress The following data are for the pension plan for the employees of Beaufort Company. Accumulated benefit obligation Projected benefit obligation Market-related asset value Plan assets (at fair value) Unrecognized net loss Settlement rate (for year) Expected rate of return (for year) 1/1/17 12/31/17 12/31/18 $7,350,000 $7,644,000 $9,996.000 7.998,000 8.232,000 10,689,000 7468,000 9.014,000 7,762,000 8.820,000 9,901.000 0 1,450,000 1,490.000 O $135,300. O $81,700. O $51,800. O $37,600. 8.350,000 10% 9% 9% 8% Beaufort's contribution was $1,247.000 in 2018 and benefits paid were $1.102.000 Beaufort estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 was

Current Attempt in Progress The following data are for the pension plan for the employees of Beaufort Company. Accumulated benefit obligation Projected benefit obligation Market-related asset value Plan assets (at fair value) Unrecognized net loss Settlement rate (for year) Expected rate of return (for year) 1/1/17 12/31/17 12/31/18 $7,350,000 $7,644,000 $9,996.000 7.998,000 8.232,000 10,689,000 7468,000 9.014,000 7,762,000 8.820,000 9,901.000 0 1,450,000 1,490.000 O $135,300. O $81,700. O $51,800. O $37,600. 8.350,000 10% 9% 9% 8% Beaufort's contribution was $1,247.000 in 2018 and benefits paid were $1.102.000 Beaufort estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 was

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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BANTRY Company reported the following in its 2021 annual report with respect to retirement benefit obligations (i.e., Pension Obligations) Interest Revenue on Plan Assets Service Cost Interest on Defined Benefit Obligations QUESTION ONE: MCQ 3 What is BANTRY Company's Pension Expense for 2021? A. $100,000 B. $700,000 C. $300,000 D. $500,000 E. None of these answers $600,000 $300,000 $400,000 THE FOLLOWING INFORMATION RELATES TO MCQ 4 QUESTION ONE: MCQ 4 Suppose KINSALE Company had Pension Plan Assets on 1 January 2021 of $4,000,000 and Pension Plan Assets on 31 December 2021 of $6,000,000. Assume that the 2021 Contributions to the Pension Fund were $3,400,000 while the Benefits Paid from the Pension Fund were $4,600,000. What was KINSALE Company's return on Plan Assets for 2021? A. $2,700,000 B. $2,900,000 C. $3,100,000 D. $3,200,000 E. None of these answers
1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit(Credit) PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance 450 60 55 50 Service cost (85) Interest cost (25) Expected return on assets 55 Gain/loss on assets 3 Amortization of: Prior service cost Net gain/loss (1) Loss on PBO (65) Contributions to fund 40 Retiree benefits paid Ending balance (530) 54 122 What were the retiree benefits paid?
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Puhlman Inc. provides a defined benefit pension plan to its employees. It smooths recognition of its gains and losses when computing its market-related value to compute expected return. Additional information follows: December 31, Description 20X1 20X0 ? $2,500,000 2,150,000 2,100,000 PBO АВО $2,335,000 Fair value of plan assets Market-related value of plan assets (smoothed recognition) Benefit payments made AOCI-net actuarial (gain) loss AOCI-prior service cost Balance sheet pension asset (liability) 2,342,800 272,000 114,000 2,100,000 231,000 -0- 400,000 (400,000) 214,000 321,000 129,000 Service cost Contribution Actual return Discount rate for PBO 9% 10% Expected rate of return Average remaining service life of employees 10% 10% 15 years 15 years During 20X1, the PBO increased by $33,000 due to a decrease in the discount rate from the previous year. The 20X0 discount rate assumption was used to compute 20X1 service cost and interest cost. Required: 1. Compute the fair value of plan…
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