BANTRY Company reported the following in its 2021 annual report with respect to retirementbenefit obligations (i.e., Pension Obligations)Interest Revenue on Plan AssetsService CostInterest on Defined Benefit ObligationsQUESTION ONE: MCQ 3What is BANTRY Company's Pension Expense for 2021?A. $100,000B. $700,000C. $300,000D. $500,000E. None of these answers$600,000$300,000$400,000THE FOLLOWING INFORMATION RELATES TO MCQ 4QUESTION ONE: MCQ 4Suppose KINSALE Company had Pension Plan Assets on 1 January 2021 of $4,000,000 andPension Plan Assets on 31 December 2021 of $6,000,000.Assume that the 2021 Contributions to the Pension Fund were $3,400,000 while the BenefitsPaid from the Pension Fund were $4,600,000.What was KINSALE Company's return on Plan Assets for 2021?A. $2,700,000B. $2,900,000C. $3,100,000D. $3,200,000E. None of these answers

Lets understand the basics. There are generally two type of pension plan are there, (1) Defined…

in its 2021 annual report with respect benefit obligations (i.e., Pension Obligations) Interest Revenue on Plan Assets Service Cost Interest on Defined Benefit Obligations QUESTION ONE: MCQ 3 What is BANTRY Company's Pension Expense for 2021? A. $100,000 B. $700,000 C. $300,000 D. $500,000 E. None of these answers $600,000 $300,000 $400,000

in its 2021 annual report with respect benefit obligations (i.e., Pension Obligations) Interest Revenue on Plan Assets Service Cost Interest on Defined Benefit Obligations QUESTION ONE: MCQ 3 What is BANTRY Company's Pension Expense for 2021? A. $100,000 B. $700,000 C. $300,000 D. $500,000 E. None of these answers $600,000 $300,000 $400,000

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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Information regarding the defined-benefit pension plan of Lopez Products included the following for 2024 ($ in millions): December 31: Projected benefit obligation (PBO) Accumulated benefit obligation (ABO) Plan assets Pension expense $ 85 75 50 8 No contributions were made to the pension plan assets during 2024. At December 31, 2024, what amount should Lopez report as its net pension liability? Multiple Choice О $27 million $10 million
Knowledge Check 01Calder Company has a defined benefit pension plan. Pension-related data for the current calendar year are shown below: Average remaining service period of active employees 12 years Net gain, January 1 $ 214,600 PBO, January 1 1,630,000 Plan assets, January 1 1,930,000 What is the amount of the amortization of the net loss or gain that should be included as a component of pension expense for the current year?
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Analyzing and Interpreting Pension DisclosuresAssume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at end of year $ 22,206 $ 22,849 Change in plan assets Fair value of plan assets at beginning of year $ 22,249 $ 20,132 Actual gain on plan assets 1,927 3,306 Employer contributions 277 280 Plan participants' contributions 13 9 Benefits paid (1,544) (1,506) Net effects of acquisitions/divestitures -- 28 Fair…
Pension Question (30 marks)Sophia Consultants Inc. has had a defined benefit pension plan since January 1, 2018.The following represents beginning balances as at January 1, 2022:Plan Asset $1,155,300; Defined Benefit Obligation $1,275,000; Net Pension Liability $119,700Additional Information is as follows for 2022:Current Service cost is $186,000 for 2022Company Funding/Contribution is $200,000 for 2022. Funding is made on December 31 of each year.Actual return on assets is $55,900 for 2022.There is an increase in obligation for $29,000 due to changes in Actuarial assumptions at Dec 31, 2022.There are payments made equal to $80,000 per year to retired employees in 2022 (payments to retireesare made at the end of the year on December 31).Past service cost of $85,900 from plan amendment dated December 31, 2022: liability is increasedbecause benefits were increased on a retroactive basis.For 2022, the assumed interest rate is 6%. Assume IFRS.Required:1. Determine Defined Benefit…
Analyzing and Interpreting Pension DisclosuresAssume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at end of year $ 22,206 $ 22,849 Change in plan assets Fair value of plan assets at beginning of year $ 22,389 $ 20,272 Actual gain on plan assets 1,903 3,306 Employer contributions 277 280 Plan participants' contributions 13 9 Benefits paid (1,544) (1,506) Net effects of acquisitions/divestitures -- 28 Fair value of plan assets at end of year $ 23,038 $ 22,389 Funded status U.S. plans with plan…
Current Attempt in Progress The actuary for the pension plan of Oriole Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(675,000) 2026 246,000 2027 973,000
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Sunland Toothpaste Company initiates a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company which administers the pension plan provided the following selected information for the years 2020, 2021, and 2022. For Year Ended December 31, 2020 2021 2022 Plan assets (fair value) $50,000 $85,000 $180,200 Accumulated benefit obligation 44,700 165,300 289,100 Projected benefit obligation 60,000 200,400 326,100 Net (gain) loss (for purposes of corridor calculation) 78,800 83,971 Employer's funding contribution (made at end of year) 50,000 60,000 105,100 There were no balances as of January 1, 2020, when the plan was initiated. The actual and expected return on plan assets was 10% over the 3-year period, but the settlement rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $60,000; 2021, $85,000; and 2022, $118,000.…
Current Attempt in Progress The actuary for the pension plan of Bridgeport Inc. calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, Other information about the company's pension obligation and plan assets is as follows. 2020 2021 2022 2023 2020 2021 2022 2023 Projected Benefit Obligation Save for Later (Gain) or Loss $298,100 478,900 $ (210,400) (288,600) Year Minimum Amortization of (Gain) Loss $ Bridgeport 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. $ Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense…
Current Attempt in Progress Cullumber Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $465,800 604,200 138,400 95,000 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. (a) Service cost Settlement rate, 10% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $86,600 55,000 19,300 52,000 79,600 102,800 88,300 Using the data above, compute pension expense for Cullumber. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive)