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 $
Chapter1: Financial Statements And Business Decisions
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Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan
for the year 2020 in which no benefits were paid.
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The 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 was
8%. 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.
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Components of Pension Expense
Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (Enter
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Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan
for the year 2020 in which no benefits were paid.
X
<
FedEx Cross Border
Fin Calculator - Calcul...
Unit 5 Lab Assignment 302
>
Grades - AC302 Intermediate X
The 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 was
8%. 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.
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Components of Pension Expense
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).)
$
- / 10
13
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:
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