im Formula: Subtract, Multiply, Divide; Cell ReferencingBE20.7 - Using Excel to Account for PensionsPROBLEMShin Corporation provided the following information concerning its pensionplan.Projected benefit obligation, January 1, 2020Plan assets, January 1, 2020Net actuarial loss in accumulated OCIAverage remaining service period of Shin'semployees$ 3,100,0003,300,000465,0007.5 yearsStudent Work Area - BE20.7Required: Provide input into cells shaded in yellow inthis template. Use mathematical formulas with cellreferences to the Problem area.Compute Shin's minimum amortization of the actuarialloss.CorridorMinimum amortization

To compute Shin Corporation's minimum amortization of the actuarial loss, we need to follow these…

Answered: Formula: Subtract, Multiply, Divide;…

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 6MC

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The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit(Credit) PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance 450 60 55 50 Service cost (85) Interest cost (25) Expected return on assets 55 Gain/loss on assets 3 Amortization of: Prior service cost Net gain/loss (1) Loss on PBO (65) Contributions to fund 40 Retiree benefits paid Ending balance (530) 54 122 What were the retiree benefits paid?
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook Air
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
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The actuary for the pension plan of Carla Vista Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(634,000) 2026 250,000 2027 1,020,000 2028 393,000 Other information about the company's pension obligation and plan assets is as follows: Projected Benefit As of January 1 Obligation Plan Assets (market-related asset value) 2025 $3,957,000 $3,563,000 2026 4,608,000 3,543,000 2027 4,690,000 3,729,000 2028 5,257,000 4,386,000 Carla Vista Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service- years for all participating employees are 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of Accumulated OCI (G/L) amortized as a component of net…
Sandhill Company Pension Worksheet Items Balance, Jan. 1, 2025 (a) Service Cost $117000 dr (b) Interest Cost 71000 dr (c) Actual Return 61000 cr (d) Contributions $101000 cr (e) Benefits General Journal Entries Memo Record Annual Pension Expense Pension Asset/ || Projected Benefit Plan Cash Liability Obligation Assets $92000 cr $563000 cr $471000 dr 117000 cr 71000 cr 61000 dr 101000 dr 56000 dr 56000 cr Journal Entry for 2025 ?? dr ?? cr ?? cr Balance, Dec. 31, 2025 ?? dr $695000 $577000 What journal entry should be made at December 31, 2025 to record the pension expense for the year?
The actuary for the pension plan of Blossom Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 $302,850 2026 480,400 2027 (211,000) 2028 (289,700) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $4,004,500 $2,376,000 2026 4,531,500 2,190,900 2027 5,018,100 2,581,800 2028 4,241,640 3,061,000 Blossom Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component…
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A partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??

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