PG CampusPG Campus←Unit 5 Lab Assignment 302PG CampusUnsplashBQuestion 1 of 7View PoliciesCurrent Attempt in ProgressUnsplash1.Fin Calculator - Calcul...2.3.4.Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the planfor the year 2020 in which no benefits were paid.X<FedEx Cross BorderFin Calculator - Calcul...Unit 5 Lab Assignment 302>Grades - AC302 Intermediate XThe actuarial present value of future benefits earned by employees for services rendered in 2020 amounted to $55,800.The company's funding policy requires a contribution to the pension trustee amounting to $137,228 for 2020.As of January 1, 2020, the company had a projected benefit obligation of $899, 100, an accumulated benefit obligation of$797,300, and a debit balance of $398,900 in accumulated OCI (PSC). The fair value of pension plan assets amounted to$597,300 at the beginning of the year. The actual and expected return on plan assets was $54,000. The settlement rate was8%. No gains or losses occurred in 2020 and no benefits were paid.Amortization of prior service cost was $50,500 in 2020. Amortization of net gain or loss was not required in 2020.Question 1 of 7 <Discussionshttps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=77276499-a5d7-4489-848Unit 5 Lab Assignment 302 - X WP NWP Assessment Builder UI AX WP NWP Assessment Player UI A XFedEx Cross Border- / 10 23 :DiscussionsVComponents of Pension ExpenseDetermine the amounts of the components of pension expense that should be recognized by the company in 2020. (Enteramounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)$- / 1013+:→]Other Bookmarks0XIIIh S =Other Bookmarks

Pension :— Money that is paid regularly by a government or companies to some body who has stopped…

Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense > > LA $

Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense > > LA $

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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The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)
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In accounting for a defined-benefit pension plan __the expense recognized each period is equal to the cash contribution. ___the liability is determined based upon known variables that reflect future salary levels promised to employees. __the employer's responsibility is simply to make a contribution each year based on the formula established in the plan. __an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.
Required: Determine Scholz's pension expense for 2019 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. Determine the new gains and/or losses in 2019 and prepare the appropriate journal entry(s) to record them. Prepare a pension spreadsheet to assist you in determining end of 2019 balances in the PBO, plan assets, prior service cost—AOCI, the net loss—AOCI, and the pension liability. Required: 4. Determine Scholz's pension expense for 2020 and prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. 5. Determine the new gains and/or losses in 2020 and prepare the appropriate journal entry(s) to record them. 6. Prepare a pension spreadsheet to assist you in determining end of 2020 balances in the PBO, plan assets, prior service cost—AOCI, the net loss—AOCI, and the pension liability.
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Not a graded assignment!!!!!!!!!!!!!. Pls dont send me wrong answers
You have the following information related to Chalmers Corporation's pension plan: Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) a. Defined benefit, noncontributory pension plan. b. Plan initiation, January 1, 20X3 (no credit given for prior service). c. Retirement benefits paid at year-end with the first payment one year after retirement. d. Assumed discount rate of 7%. e. Assumed expected rate of return on plan assets of 9%. f. Annual retirement benefit equals years of credited service × 0.02 x highest salary. g. Chalmers made $1,200 contributions to the pension fund at the end of each year. h. The actual returns were $0 and $48 in 20X3 and 20X4, respectively. i. Information for Frank Bullitt, the firm's only employee, follows: January 1, 20X0 December 31, 20Y7 (15 years from plan inception) Start date Expected retirement date Expected number of payments during retirement 20 Selected actual and expected…
a. Compute pension expense for 2020. Amortize the full pension gain/loss over the average service life of 15 years using the straight-line method. b. Compute PBO at December 31st, 2020. c. Compute the fair value of plan assets at December 31st, 2020. Please don't provide solution in an image based thanku
Question 14 what give rises to the changes in PBO balance? A- service cost and interest cost B- prior service cost that is caused by a change in pension formula C- changes in life expectancy estimates D- all of the above O A O C OD
Not a graded assignment