How much is the defined benefit cost for 2022?
Q: None
A:
Q: Sandra Company provided the following information for the current year: Current service cost…
A: Net remeasurement for the retirement benefits liability includes the actuarial gain/losses, return…
Q: Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7%…
A: The pension expense arises when an entity establishes a pension plan. The contributions are made to…
Q: Beginning plan Asset Balance = $ 100000 Ending Asset balance = $ 50000 Contribution to pension…
A: Formula : Return on Plan Assets : Ending plan asstes =( Beginning Plan Assets + Return on plan…
Q: Current Attempt in Progress Larkspur Company provides the following selected information related to…
A: Pension Expense - The amount that a company deducts as an expense for pension obligations owed to…
Q: A partially completed pension spreadsheet showing the relationships among the elements that…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Carla Vista Corporation has the following information available concerning its postretirement…
A: The post-retirement benefit expense refers to the expenses related to the pension. It is the amount…
Q: Tacit Inc. sponsors a defined benefit plan and determined that for the current year, service cost…
A: Pension Expenses: It is the amount charged to expenses by business in respect of liabilities for…
Q: PBO balance, January 1 Plan assets balance, January 1 Service cost S millions) $ 480 300 75 Interest…
A: Pension expense: Pension expense is the amount charged to the expenses related to its liabilities…
Q: The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…
Q: What is the present value of benefit obligation as of Dec 31, 20x8?
A: The present value of benefit obligation (PBO) is a financial measure used in pension accounting to…
Q: Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit…
A: Pension expense is the obligation of the company or cost incurred by the company for the pension…
Q: beow the defined benefit pension plan of Equinox Co Ltd for the year 2019: Plant Assets…
A: Pension expense: It is the amount charged to a business expense, which represents the pension…
Q: assets (at fair value) sion expense ected benefit obligation ual contribution to plan umulated OCI…
A: Projected benefit obligation for 2026 = $2,411,000 Plan asset (at fair value) for 2026 =…
Q: Under a defined-benefit plan, a company has an unexpected gain of $902,000 due to plan asset…
A: Given, Under defined benefit plan, Unexpected gain = $902000
Q: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5%…
A: Pension Plan -A pension plan is a benefit offered to employees in which the company agrees to…
Q: Benefit obligation, 1/1/2022, P9M FVPA, 1/1/2022, P10M Current service cost, P1.7M Past service…
A: Defined Benefit obligation The present value of a defined benefit obligation is the estimated future…
Q: Information regarding define benefit plan as of December 31, 200315/as follows: Fair value of plan…
A: Pension is defined as the fund collected from the taxpayer or employee during his term of…
Q: Pension data for Sterling Properties include the following: (S in thousands) Service cost, 2024 S…
A: Pension expense is referred to as the net pension cost in IFRS. First, let's solve for the service…
Q: 6. Baker Co. provides the following information related to its pension plan for the year 2022: a.…
A: A pension plan is a retirement savings plan sponsored by an employer that allows employees to save a…
Q: Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy…
A: Pension expense is the amount that a business charges to expense in relation to its liabilities for…
Q: Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020:…
A: Pension expense: It is the amount charged to a business expense, which represents the pension…
Q: George Corporation has a defined benefit pension plan for its employees. The following information…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: ($ in millions) debit (Credit) Beginning balance Service cost Interest cost Expected return on…
A: Prior service cost at the beginning of the year = Prior service cost at the end of the year +…
Q: The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year…
A: Pension expense is the obligation of the company or cost of the company for the pension benefits…
Q: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…
A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…
Q: Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $…
A: Pension cost is recorded in the financial statement of the company related to the cost that is…
Q: Pension data for Barry Financial Services Inc. include the following: Discount rate, 7% Expected…
A: The cost of maintaining a pension plan for employees is measured annually by the term "pension cost"…
Q: Information on Entity A’s defined benefit plan is as follows: PV of DBO – Jan. 1, 20x1 2,000,000…
A: Assets Remeauerments gain of loss is recognized to other comprehensive income. Current service cost,…
Q: Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020:…
A: As per defined pension plan of PT XYZ pension expense is to be calculated by giving effects of…
Q: Strangers & Co. has gathered the following information for its defined benefit plan in 2020: ·…
A: Increase in Projected Benefit Obligation = Projected Benefit Obligation, 12/31/2020 - Projected…
Q: The following defined pension data of Sandhill Corp. apply to the year 2025. Projected benefit…
A: A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…
Q: None
A: Part 1:Answer:The correct answer is © $116,000. Part 2:Explanation:Option a: This option is…
Q: Pharoah Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension…
A: Definition of Pension Expense:-The amount that a company charges for expenses in connection with its…
Q: Bostonian Company provided the following information related to its defined benefit pension plan for…
A: Pension ExpensesThe amount that a business deducts from revenue to pay its responsibilities for…
Q: The following information is made available involved the defined benefit pension plan of DDD Company…
A: Pension is defined as the fund collected from the taxpayer or employee during his term of…
Q: The following information on a defined benefit plan is provided: FVPA, beg beg 2,200,000 Current…
A: Defined Benefit Plan Employees of the entity are given with a defined benefit plan after they have…
Q: The following information is available for WJB Corporation's defined benefit pension plan: Defined…
A: Defined benefit obligation -The term "defined benefit obligation" refers to the total present value…
Q: 1. nformation on an entitys defined benefit obligation is as follows Present value of defined…
A: Interest cost = beginning defined benefit obligation x discount rate = 130000*12% = 15600
Q: The following refers to the pension spreadsheet (columns have missing amounts) for the current year…
A: A benefit payment refers to those payments which are given by government to the people who are ill,…
Q: Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7%…
A: Pension plans are the plan in which employees contribute to a pool of funds and these funds are paid…
Q: Bonny Corp. has a defined benefit pension plan for its employees who have an average remaining…
A: Projected benefit obligation is the future benefits' present value that is to be paid to the…
Q: Fair value of plan assets 4,750,000 Unamortized past service cost 1,250,000 Projected benefit…
A: PAS 19 (Philippine Accounting Standards 19) pertains to employee benefits, including pensions,…
Q: Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit…
A: Pension expenses for 2025 are composed of the following,Service cost$76,000Interest in projected…
Q: Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter…
A: Pension Expense-"Pension Expense" is the business expenses in relation to the employees that were…
Q: Actuarial gain or loss – plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan…
A: Actuarial gain or loss refers to the difference between the expected and actual performance of a…
Q: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense,…
A: Pension expense is the cost that a firm records in its financial accounts for employee pension…
Benefit obligation, 1/1/2022, P9M
FVPA, 1/1/2022, P10M
Current service cost, P1.7M
Past service cost, P500K
Benefits paid to retirees, P2.2M
Contribution to the plan, P2M
Actual return on plan assets, P1.5M
Actuarial loss due to remeasurement of benefit obligation, P400K
Discount rate, 12%
There are no asset ceilings at the beginning and end of the year.
How much is the defined benefit cost for 2022?
Step by step
Solved in 2 steps
- Analyzing Changes in Plan Assets and PBO The following information pertains to a company's defined benefit plan for the year. Balance Fair value of plan assets, Jan. 1 Fair value of plan assets, Dec. 31 Projected benefit obligation, Jan. 1 Net pension asset (liability), Dec. 31 Activity for the Year Actual return on plan assets $300 Contributions to plan assets 450 Service cost 500 $ 400 Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees during the year. Note: Do not use a negative sign with your answer. Other $ Check X b. Calculate any actuarial gain or loss on the PBO for the year. Note: Use a negative sign to indicate a loss. $5,000 Dr. 5,625 Dr. 5,000 Cr. 200 Cr. xNonePension 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.
- 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 $987000. The amount of AOCI (net gain) amortized in 2026 is2 ($ 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.…An entity provided the following information for the current year: Current service cost 500,000 Past service cost during the year 300,000 Interest on PBO 600,000 Interest income on plan assets 350,000 Loss on plan settlement before normal retirement date 250,000 Present value of benefit obligation settled in advance 950,000 Actual return on plan assets 850,000 Actuarial loss on PBO during the year 200,000 Contribution to the plan 1,500,000 Benefits paid to retirees 1,000,000 Discount or settlement rate 10% What is the employee benefit expense for the current year?
- 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%Information about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?William and Raj Company provided the following information for the year:Projected benefit obligation - January 1 P 700,000Fair value of plan assets - January 1 560,000Pension benefits paid during the year 50,000Current service cost for the year 350,000Past service cost for the year (vesting period 5 years) 85,000Actual return on plan assets 36,000Contributions to the plan 300,000Actuarial loss due to change in assumptions on projected benefit obligation 40,000Discount or settlement rate 10%Expected return on plan assets 12%1. What is the employee benefit expense for the current year?2. How much is the actuarial gain/loss on return on plan assets?3. What is the prepaid/accrued balance of the pension at yearend?4. How much is the defined benefit cost?5. If the pension benefits paid during the year is worth P50,000 but the company was able to pay only P45,000, what would be the employee benefitexpense for the current year assuming the above given is the same?
- Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021: Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $2) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Postretirement benefit expense ($ in thousands) $ ($ in thousands) $ 136 700 30 none 100 88 200Information on an entity's defined benefit plan are shown below Return on plan asset 240,000 Fair value of plan asset, Jan 1, 2020 2,000,000 Benefits paid to retirees 600,000 Settlement gain on early retirement 100,000 Contributions to the fund 900,000 What is the balance of the Fair value of plan asset on December 31, 2020?Return on Plan Assets?
