$ 90,000 105,000 Service cost Contribution to the plan Prior service cost amortization 10,000 64,000 40,000 Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 640,000 700,000 150,000 10%

$ 90,000 105,000 Service cost Contribution to the plan Prior service cost amortization 10,000 64,000 40,000 Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 640,000 700,000 150,000 10%

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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please answer all parts within 30 minutes. make sure the answer is detailed and not plagiarized.
Subject - account Please help me. Thankyou.
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…
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Sandhill Corporation reports the following January 1, 2023 balances for its defined benefit pension plan, which it 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: 2023 2024 2025 Annual service cost $34,800 $43,700 $58,600 Discount rate 10% 10% 10% Actual return on plan assets 37,100 50,040 54,000 Funding of current service cost 34,800 43,700 58,600 Funding of past service cost 74,000 78,500 Benefits paid 31,500 37,490 49,000 Past service cost (plan amended, 1/1/24) 348,000 Change in actuarial assumptions establishes a December 31, 2025 defined benefit obligation of 1,196,000
Subject: acounting
Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. ( Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) The following information is available for the pension plan of Sandhill Company for the year 2020.
Please provide proper tables for each requirement. For the spreadhseet as well as the journal entries so it is easy to understand. Tables with titles and calculations and accounts etc.
Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid. 1. 2. 3. 4. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to $55,700. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2025. As of January 1, 2025, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2025 and no benefits were paid. Amortization of prior service cost was $49,800 in 2025. Amortization of net gain or loss was not required in 2025.
How do I go about calculating pension payouts to determine a company's financial obligation? Additional info is below: Postretirement BenefitsPeyton Approved has revised its postretirement plan. It will now provide health insurance to retired employees. Management has requested that you report the short- and long-term financial implications of this. The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70. The estimated cost of retired employees’ health insurance is $43,718.91. Prepare adjusting entries for the pension liability and the health insurance liability
Dd.87.
Sunland Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. For Year Ended December 31, 2020 2021 2022 Plan assets (fair value) $50,000 $85,000 $180,200 Accumulated benefit obligation 44,700 165,300 289,100 Projected benefit obligation 60,000 200,400 326,100 Net (gain) loss (for purposes of corridor calculation) 78,800 83,971 Employer's funding contribution (made at end of year) 50,000 60,000 105,100 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,000; and 2022, $118,000.…