The following information relates to the pension plan for the employees of Cullumber Co.:Accum. benefit obligationProjected benefit obligationFair value of plan assetsAOCI - net (gain) or lossSettlement rate (for year)Expected rate of return (for year)O $665200 gain.O $282200 loss.1/1/20$110600 gain.$272400 gain.$814000086650007825000-0-$12/31/20856000093580009820000(1402000 )11%8%12/31/21$ 115000001290700010954000(1570000 )11%Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefitspaid were $877000.The unexpected gain or loss on plan assets in 2021 is7%

Companies pay to the employees retirement benefits but they have to do planning for that and…

he following information relates to the pension plan for the employees of Cullumber Co.: 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) 1/1/20 $8140000 8665000 7825000 -0- 12/31/20 $ 8560000 9358000 9820000 (1402000) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000) 11% 7% Cullumber estimates that the average remaining service life is 16 years Cullumber's contribution was $1213000 in 201

he following information relates to the pension plan for the employees of Cullumber Co.: 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) 1/1/20 $8140000 8665000 7825000 -0- 12/31/20 $ 8560000 9358000 9820000 (1402000) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000) 11% 7% Cullumber estimates that the average remaining service life is 16 years Cullumber's contribution was $1213000 in 201

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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Presented below is pension information related to Fauci, Inc. for the year 2021:Service cost $480,000Interest on projected benefit obligation 200,000Interest on vested benefits 120,000Amortization of prior service cost due to increase in benefits 60,000Expected return on plan assets 90,000The amount of pension expense to be reported for 2021 isa. $590,000.b. $770,000.c. $860,000.d. $650,000.
Vinubhai
The following data are for the pension plan for the employees of Carla Vista 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) 1/1/20 $5700000 $107000. $35300. $41300. $102300. 6100000 5300000 0 12/31/20 $ 5900000 6300000 6700000 1023000 11% 9% 12/31/21 $ 7500000 8100000 7300000 1070000 10% Carla Vista's contribution was $910000 in 2021 and benefits paid were $820000. Carla Vista estimates that the average remaining service life is 10 years. The corridor for 2021 was $670000. The amount of AOCI-net loss amortized in 2021 was 7%
The following information related to Company DDD's pension plan: Plan asset, January 1, 20x8 Defined benefit obligation, January 1, 20x8 Average remaining working life of employees at January 1, 20x8 Service cost for 20x8 Discount rate at January 1, 20x8 Expected return on plan asset at January 1, 20x8 Remeasurement loss arising in 20x8 Past service cost Vesting period for past service cost 2. P950,000 1,000,000 10 years 90,000 10% 100,000 15,000 30,000 2 years What amount of defined benefit cost should be recognized during 20x8?
The following are made available for the defined benefit pension plan of ABC Company as of Dec 31, 20X3: Fair Value of plan asset, Jan 1, 20x3 The actual return of plan assets Payment made to retirees Payment for pension benefits settled on active employees Contribution during the year Discount Rate What is the fair value of plan assets as of Dec 31, 20x3? 1,500,000 225,000 300,000 200,000 250,000 6%
The actuary for the pension plan of Sheridan Inc, calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 $ 477,600 Projected Benefit Obligation $ (211,500) (290,200) $ $ Year Minimum Amortization of (Gain) Loss Sheridan 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 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. 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. $3,996,200 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021,…
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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
The following data are for the pension plan for the employees of Cullumber Company. 1/1/21 12/31/21 12/31/22 Accumulated benefit obligation $7350700 $7645600 $9968000 Projected benefit obligation 7998200 8232800 10689500 Market-related asset value 7468400 8350600 9015100 Plan assets (at fair value) 7762800 8824400 9904500 Unrecognized net loss Settlement rate (for year) 0 1453000 1492600 10% 9% Expected rate of return (for year) 9% 8% Cullumber's contribution was $1248800 in 2022 and benefits paid were $1104800. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2022 was $752700. The unexpected gain on plan assets in 2022 was O $37904. O $138396. $84652. O $46748.
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The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.
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