Financial Accounting Henderson Realty Group has the following pension-related data for the year 2024 (in$000s):ItemAmountService cost$120Projected benefit obligation (PBO), Jan 1, 2024 $950Fair value of plan assets, Jan 1, 2024$1,000Prior service cost (AOCI)$72Amortization of prior service cost (2024)$9Net loss in AOCI$110Amortization of net loss (2024)$2Discount rate7%Expected return on plan assets9%Actual return on plan assets10%Compute the pension expense for 2024.

Step 1: Definition of Pension ExpenseThe pension expense is the cost to a company for providing…

Answered: Henderson Realty Group has the…

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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Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 6% ($ in thousands) $ 112 850 900 80 101 Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2024. Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Pension Expense Pension expense $ 0
The following information is available for the pension plan of Cullumber Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $15,500 38,300 88,400 9% 8,500 550,000 61,100
Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
The following information is available for the pension plan of Carla Vista Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $2) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% Required: ($ in thousands) $ 125 660 700 90 111 Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 5%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Answer is complete but not entirely correct. Net pension cost $ 105 thousand Assessment Tool iFrame
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. Pension expense ($ in thousands) $ 132 400 500 94 115 Pension Expense
The following information is available for the pension plan of Pharoah Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $ $13,800 38,400 79,900 10% 7,800 452,000 54,700
The following information is available for the pension plan of Carla Vista Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. $13,800 40,000 91,300 9% 8,200 496,000 65,400
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $ $91,600 104,400 10,800 64,600 40,300 650,000 692,000 150,000 11%

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