Exam 3 - Chapter X+ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mhe3 - Chapter 15, 16, and 1700SavedPension data for the Ben Franklin Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%01:46:29Service cost, $230,000January 1:ippedPBOBookferencesABOPlan assetsAmortization of prior service costAmortization of net gainDecember 31:Cash contributions to pension fundBenefit payments to retireesRequired:1. Determine pension expense for the year.$ 1,430,0001,030,0001,530,00023,0004,300$ 223,000243,0002. Prepare the journal entries to record pension expense and funding for the year.Grawbe here to searchF2Complete this question by entering your answers in the tabs below.8Prev38 of 38Next73°F PartF3F4F5F6F7FBF9F10

Answer information:Step 1:1.Service Cost = $230,000Interest Cost = 114,400(8% *…

Answered: Exam 3 - Chapter X +…

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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TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Los8 Pension Expense Net Pension Cash Beginning balance 450 60 55 (Liability) or Asset (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance (32) 40 (562) 3 (1) 54 89
Refer to the situation described below Assume Electronic Distribution prepares its financial statements according to IFRA. Also, assume that 10% is the current interest rate on high- quality corporate bonds. Sin millions PBO balance January 1 480 Plan assets balance January 1 300 Service cost 75 Interest cost 45 Gain from change in an actuarial assumption 22 Benefits paid (36) Actual return on plan assets 20 Contributions 2021 60 Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability?
10... 10... Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $201,400; projected benefit obligation $245,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,150 24,000 Annual funding (contributions) 15,800 40,000 47,500 Benefits paid 13,700 16,500 20,800 Prior service cost (plan amended, 1/1/20) 160,000 Amortization of prior service cost 53,800 41,700 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 522,200 Prepare a pension worksheet presenting all 3 years’ pension balances and activities. (Enter all amounts as…
Problem 17-161 The following information relates to Hatami Company's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss $680, 000,000 58,000,000 48,000,000 98,000,000 Pension benefits paid (end of year) Pension expense 40, 000,000 68,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan (S in millions) Plan assets beginning of the year Plan assets end of the year
Current Attempt in Progress The actuary for the pension plan of Oriole Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(675,000) 2026 246,000 2027 973,000
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Exercise 20-07 The following defined pension data of Teal Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $568,000 Plan assets, 1/1/20 553,400 Pension liability 14,600 On January 1, 2020, Teal Corp., through plan amendment, grants prior service benefits having a present value of 130,000 Settlement rate 10 % Service cost 58,500 Contributions (funding) 64,300 Actual (expected) return on plan assets 47,100 Benefits paid to retirees 36,300 Prior service cost amortization for 2020 17,400 For 2020, prepare a pension worksheet for Teal Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.
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Pension data for the Denver Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, $200,000January 1:PBO $1,400,000ABO 1,000,000Plan assets 1,500,000Amortization of prior service cost 20,000Amortization of net gain 4,000December 31:Cash contributions to pension fund $220,000Benefit payments to retirees 240,000a) Determine pension expense for the year.b) Prepare the journal entries to record pension expense and funding for the year.
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
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