What is the employee benefit expense for the current year?1 300 0001 050 0001 500 0001 100 000What is the projected benefit obligation at year-end?5 650 0006 650 0006 400 0006 450 000 An entity provided the following information for the current year:Current service cost 500,000Past service cost during the year 300,000Interest on PBO 600,000Interest income on plan assets 350,000Loss on plan settlement before normal retirement date 250,000Present value of benefit obligation settled in advance 950,000Actual return on plan assets 850,000Actuarial loss on PBO during the year 200,000Contribution to the plan 1,500,000Benefits paid to retirees 1,000,000Discount or settlement rate 10%

Correct answer for Question 1 is A Employee benefit expense = Current service cost + Past…

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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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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
* 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
Happy Woolly Inc. provides the following information about its postretirement benefit plan for the year 2019. (In Euros) Service cost €90,000 Contribution to the plan €56,000 Actual return on plan assets €2,000 Benefits paid € 40,000 Plan assets at January 1, 2019 €710,000 Defined postretirement benefit obligation at January 1, 2019 €760,000 Accumulated OCI (Loss) at January 1, 2019 100 (Dr-Loss) Discount (interest) rate 9% Required: Compute the postretirement benefit expense for 2019 and give your explanation!
The following data are for the pension plan for the employees of Oriole Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5500000 $ 7100000 Projected benefit obligation 5700000 5900000 7700000 Plan assets (at fair value) 4900000 6300000 6900000 AOCL - net loss 987000 1030000 Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 7% Oriole's contribution was $870000 in 2021 and benefits paid were $780000. Oriole estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2021 was $560000. The unexpected gain on plan assets in 2021 was $70000. $77000. $119000. O $130000.
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16 Assume that at the beginning of the current year, a company has a net gain-AOCI of $60,100,000. At the same time, assume the PBO and the plan assets are $311,000,000 and $453.100.000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $1,479,000 $6,010,000 $14,210,000 $1476.000.

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hat is the employee benefit expense for the current year? 1 300 000 1 050 000 1 500 000 1 100 000 What is the projected benefit obligation at year-end? 5 650 000 6 650 000 6 400 000 6 450 000