Get correct answer this general accounting question Garrison Enterprises provides the following information for its current fiscal year:Beginning balance of plan assets at market value: $1,800,000Actual return on plan assets: $260,000Employer's contribution: $200,000Distribution to beneficiaries: $100,000Service cost: $150,000Interest cost: $190,000Changes in benefits and assumptions: $45,000Beginning balance of the PBO: $1,820,000What is the ending balance of the projected benefit obligation (PBO)?a. $2,095,000b. $2,105,000c. $2,205,000d. $2,210,000

To calculate the ending balance of the projected benefit obligation (PBO), use the following…

Answered: Garrison Enterprises provides the…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P

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Similar questions

Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000
What is PBO?
The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period. What amount of defined benefit…
shobha
PLease answer it, we only have 30 mins.
55
2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…
General Accounting
Presented below is information related to Blossom Retail Stores, Inc. pension plan for 2026: Service cost = $762,000 Funding contribution for 2026 = 612,000 Settlement rate used in actuarial computation = 10% Expected return on plan assets = 9% Actual return on plan assets for 2026 = 137,000 Amortization of PSC (due to benefit increase) = 112,000 Projected benefit obligation (at beginning of period) = 812,000 Fair value of plan assets (at beginning of period) = 762,000 OCI-Gain-osses (at beginning of period) = 86,200DR L Average service life of all covered employees = 25 years (a) compute the unexpected gain or loss for 2026, if any. (b) compute any necessary OCI Gains - losses amortization for 2026.
Penslon data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,500,000 1,100,000 1,600,000 30,000 5,000 230,000 250,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
Information on Balinquit Company’s defined benefit plan is shown below: Fair value of plan asset, January 1 480,000 Return on plan assets (actual rate of return for the period) 10% Contribution to the retirement fund during the year 800,000 Benefits paid to retirees 200,000 How much is the balance of the fair value of plan assets as of year-end?
The answer is letter B (370,000. may i ask for a solution. thank you

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