Hii expert please provide correct answer general Accounting Erickson Company sponsors a defined benefit pension plan. The corporation'sactuary provides the following information about the plan.January 1, 2014 December 31, 2014Vested benefit obligation$1,500$1,900Accumulated benefit obligation1,9002,730Projected benefit obligation2,5003,300Plan assets (fair value)1,7002,620Settlement rate and expected rate of return10%Pension asset/liability800?Service cost for the year 2014400Contributions (funding in 2014)700Benefits paid in 2014200Compute the actual return on the plan assets in 2014.

Step 1: Define PensionA pension can be defined as a fund created by the employer in which a periodic…

Answered: Erickson Company sponsors a defined…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A
Carla Vista Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, December 31, 2020 2020 Vested benefit obligation $1,620 $1,780 Accumulated benefit obligation 1,780 2,720 Projected benefit obligation 2,550 3,590 Plan assets (fair value) 1,650 2,800 Settlement rate and expected rate of return 10 % Pension asset/liability 900 ? Service cost for the year 2020 390 Contributions (funding in 2020) Benefits paid in 202- 680 180 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d)…
Erickson Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1,2020 December 31,2020 Vested benefit obligation $1,500 $1,900 Accumulated benefit obligation 1,900 2,730 Projected benefit obligation 2,500 3,300 Plan assets (fair value) 1,700 2,620 Settlement rate and expected rate of return 10% Pension asset/liability $ 800 $ ? Service cost for the year 2020 400 Contributions (funding in 2020) 700 Benefits paid in 2020 200 Instructions Compute the actual return on the plan assets in 2020. Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Compute pension expense for 2020.
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The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Liability Liability 2023 Liability 175,000 165,000 Amount 35,000 7% 8% 44,000 22,200 2024 ? ? $47,250 7% 6% 44,000 On January 1, 2023, WJB amended its pension plan, resulting in past service costs with a present value of $78,400. 25,900 2025 ? Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that WJB accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) ? $52,500 7% 7% 44,000 30,300
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Culver Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,480 $1,930 Accumulated benefit obligation 1,930 2,770 Projected benefit obligation 2,460 3,330 Plan assets (fair value) 1,660 2,620 Settlement rate and expected rate of return 10% Pension asset/liability 800 ? Service cost for the year 2020 390 Contributions (funding in 2020) 700 Benefits paid in 2020 200 (a1) Prepare a 2020 pension worksheet
Cullumber Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1,2020 December 31,2020 Vested benefit obligation $1,560 $2,020 Accumulated benefit obligation 2,020 2,780 Projected benefit obligation 2,620 3,290 Plan assets (fair value) 1,860 2,690 Settlement rate and expected rate of return 10 % Pension asset/liability 760 ? Service cost for the year 2020 410 Contributions (funding in 2020) 750 Benefits paid in 202- 190 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability…

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