Fair value of plan assets, Jan. 1, 2020 PBO Jan. 1, 2020, not including any items below PSC from amendment dated Jan. 1, 2020, (10 years is the amortization period) Gain from change in actuarial assumptions, computed as of Jan. 1, 2020 Actual return on plan assets, 2020 Contributions to plan assets in 2020 Benefits paid to retirees in 2020 Service cost for 2020 Discount rate Expected rate of return on plan assets $12,800 16,000 8,000 2,400 1,600 3,200 4,000 7,200 896 10%

Fair value of plan assets, Jan. 1, 2020 PBO Jan. 1, 2020, not including any items below PSC from amendment dated Jan. 1, 2020, (10 years is the amortization period) Gain from change in actuarial assumptions, computed as of Jan. 1, 2020 Actual return on plan assets, 2020 Contributions to plan assets in 2020 Benefits paid to retirees in 2020 Service cost for 2020 Discount rate Expected rate of return on plan assets $12,800 16,000 8,000 2,400 1,600 3,200 4,000 7,200 896 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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10. Newton Inc offers its employees a defined benefit pension plan. Newton Inc reports under US GAAP. It records actuarial gains and losses in Other Comprehensive Income (OCI) and amortizes these amounts over the average remaining service life of its employees when they exceed a threshold. Newton Inc did not record any past service cost in fiscal year 2021. Below you can find excerpts from Newton's pension footnotes: 4+1 f Service cost Interest cost Expected return on plan assets Actual return on plan assets Contributions to defined benefits plan Benefits paid Pension liability Accumulated OCI losses related to defined benefit plans a. £6,950 b. £6,600 c. £6,250 d. £8,150 e. None of the above 2020 £3,300 £1,600 £2,100 £1,900 £2,000 £1,250 What is your best approximation of the net pension expenses recorded in P&L related to defined benefit plans in fiscal year 2021? ANSWER: C £35,000 £4,500 2021 £3,500 £1,750 £1,900 £2,000 £2,100 £1,350 £42,500 £5,100
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* Your answer is incorrect. The following data are for the pension plan for the employees of Cullumber Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5034000 O $624000. $424000. • $334000. $534000. 5434000 4634000 0 12/31/25 $5234000 5658000 6034000 994000 9% 7% 12/31/26 $6834000 7434000 6658000 1034000 8% 6% Cullumber's contribution was $874000 in 2026 and benefits paid were $784000. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2026 was
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $470 300 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 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 $12 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 Required 2 Required 3…
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Not a graded assignment!!!!!!!!!!!!!. Pls dont send me wrong answers
What is the fair value of the plan assets at December 31?
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Pkease Do not Give image format Note .Prepare a partial income statement and balance sheet for the pension expense. *The pension expense on the Income statement is not $133,470.
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