Indicate the pension-related amounts that would be reported on the balance sheet for Sandhill Company for the year 2025. Liabilities Pension Asset/Liability Stockholders' Equity SANDHILL COMPANY Balance Sheet (Partial) December 31, 2025 $ 437600 $

Indicate the pension-related amounts that would be reported on the balance sheet for Sandhill Company for the year 2025. Liabilities Pension Asset/Liability Stockholders' Equity SANDHILL COMPANY Balance Sheet (Partial) December 31, 2025 $ 437600 $

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 4MC

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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,…
The actuary for the pension plan of Sheridan Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 2026 $302,750 476,000 2027 (212,000) 2028 (289,000) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $3,981,400 $2,397,500 2026 4,538,600 2,194,400 2027 4,962,600 2,605,000 2028 4,248,350 3,065,800 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 5,200. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. 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. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a…
The actuary for the pension plan of Blossom Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2025 $302,850 2026 480,400 2027 (211,000) 2028 (289,700) Other information about the company's pension obligation and plan assets is as follows. Projected Benefit Plan Assets As of January 1, Obligation (market-related asset value) 2025 $4,004,500 $2,376,000 2026 4,531,500 2,190,900 2027 5,018,100 2,581,800 2028 4,241,640 3,061,000 Blossom 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 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. 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. Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component…
The pension worksheet for Pharoah Company is shown below. Pharoah Company Items Balance, Jan. 1, 2025 Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets ?? $184000 cr $137000 dr (a) Service Cost $52000 dr (b) Interest Cost 32000 dr (c) Actual Return 29000 cr (d) Contributions $57000 cr 57000 dr (e) Benefits 27000 dr 27000 cr Journal Entry for 2025 $55000 dr $57000 cr Balance, Dec. 31, 2025 ?? $211000 $167000 What is the Pension Asset/Liability balance on January 1, 2025? $44000 Liability $89000 Liability O $47000 Liability O $47000 Asset
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The actuary for the pension plan of Pharoah Inc. calculated the following net gains and losses Incurred during the Year 2025 As of January 1, 2025 2026 2027 2028 Other information about the company's pension obligation and plan assets is as follows. Year 2026 2027 2028 2025 2026 (Gain) or Loss $301,050 2027 2028 476,000 (209,300) (287.700) Projected Benefit Obligation $4,027.200 4,507,600 Pharoah 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 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2025. 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 5,029,300 Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2025, 2026…
The actuary for the pension plan of Carla Vista Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(634,000) 2026 250,000 2027 1,020,000 2028 393,000 Other information about the company's pension obligation and plan assets is as follows: Projected Benefit As of January 1 Obligation Plan Assets (market-related asset value) 2025 $3,957,000 $3,563,000 2026 4,608,000 3,543,000 2027 4,690,000 3,729,000 2028 5,257,000 4,386,000 Carla Vista Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service- years for all participating employees are 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. 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…
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
FINANCIAL ACCOUNTING II Lee Electronics, Inc. reported the following information related to its defined- benefit pension plan at December 31, 2021: Projected benefit obligation ..... $320,000 $400,000 Pension plan assets, at market value ...... The plan was subject to the following activity during 2022: a) Lee's actuary confirmed that the service cost for the plan during the year was $60,000. b) The applicable interest rate for pension matters was 5%. c) Early in 2019, an amendment to the plan resulted in prior service cost of $40,000. Each year, one-tenth of this cost is amortized to expense. d) The pension plan asset balance at December 31st, at market value, was $445,000. Lee contributed $30,000 to the fund in 2022, and plan participants received $20,000 in benefits during the year. There were no significant actuarial gains or losses for the plan during 2022. Based on the above information, determine Lee Electronics, Inc.'s pension expense for the year ended December 31, 2022.…
The actuary for the pension plan of Oriole Inc. calculated the following net gains and losses. Incurred during the Year (Gain) or Loss 2020 $302,200 476,600 (210,400) (291,300) Other information about the company's pension obligation and plan assets is as follows. As of January 1, 2020 2021 2022 2023 2021 2022 2023 2021 2022 Projected Benefit Obligation 2023 $4,029,300 4,515,400 5,019,900 4,255,600 Oriole 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 4,400. 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. Plan Assets (market-related asset value) Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years…
A partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??
Presented below is pension information related to Sheridan Company as of December 31, 2021: Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) Accumulated OCI (G/L) $ 3264000 O Pension Asset of $293000. O Pension Liability of $593000. Pension Liability of $293000. Pension Asset of $886000. 3857000 4150000 113000 The amount to be reported as Pension Asset / Liability as of December 31, 2021 is