Please answer immediately. With solutions Information on Chang Company's defined benefit plan is shown below:Present value of benefit obligation, January 1480,000Current service cost120,000Interest cost10%Benefits paid to retirees200,000Decrease in present value of defined benefit obligation during the year due tochanges in actuarial assumption40,000How much is the ending balance of the present value of defined benefit obligation?O 448,000O 608.0000 408,000O 480,000

Defined benefit plans are those plans which are made by the employer for the purpose of providing…

Answered: Information on Chang Company's defined…

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 7RE

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Information on Chang Company's defined benefit plan is shown below: Present value of benefit obligation, January 1 480,000 Current service cost 120,000 Interest cost 10% Benefits paid to retirees 200,000 Decrease in present value of defined benefit obligation during the year due to changes in 40,000 actuarial assumption How much is the ending balance of the present value of defined benefit obligation?
1. Information on an entity's defined benefit obligation is as follows Present value of defined benefit obligation, lan 1 130,000 Present value of defined obligation, Dec. 31 110,600 Discount rate 12% Benefits paid to retirees 110,000 Actuarial loss 50,000 How much is the current service cost? O r000 O s000 O B0,000 O 25,000
The actuarial valuation report of an entity shows the following Present value of defined benefit obligation (PV of DBO, Jan. 1 280,000 Current service cost 5000 Discount rate Benefits paid to retirees 120,000 Decrease in PV of DEC during the year due to exchange in actuarial s0,000 assumptions How much is the present value of the defined benefit obligation as of the year-end? O 19000 O 240,800 O 160,000 O 290,800
The following information relates to the defined benefit pension plan of Nelson, Inc. Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) The interest cost for 2020 is $158,640 $211,520 12/31/19 2,644,000 3,118,000 432,000 O $240,120 O $280,140 O None of the above 6% 8% 12/31/20 4,002,000 3,328,000 480,000 For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000, 6% 7%
Information about the defined benefit plan of the company are shown below Defined benefit obligation, January 1, 2021 5,500,000 Current service cost 330,000 Actual return on plan asset 170,000 Fair value on plan asset, January 1, 2021 4,000,000 Discount rate 5% What is the balance of the defined benefit obligation as of December 31, 2021?
Data regarding the defined benefit plan of XYZ Company follows: Present value of defined benefit obligation, Jan. 1 - 1,200,000 Current service cost - 400,000 Interest cost - 12% Benefits paid to retirees - 500,000 Increase in PV due to change in actuarial assumptions - 200,000 Past service cost - 600,000 Present value of DBO settled - 400,000 How much is the ending balance of the defined benefit obligation?
How much is the balance of the defined benefit obligation at December 31,2020? How much is the surplus or deficit related to retirement benefits that will be shown on December 31,2020 statement of financial position? How much is the defined benefit cost taken to other comprehensive income for the year 2020?
NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: Fair value of plan assets at beginning of period Actual return (loss) on plan assets* Employer contribution Benefits paid Fair value of plan assets at end of period Net liability recognized at end of period *Expected return $20 and $19 in 2020 and 2019, respectively Req 1 to 3 Pension Benefits 2020 Req 4 $ 608 1 21 44 (40) $634 Complete this question by entering your answers in the tabs below. $ 486 50 14 (40) 510 $ (124) View transaction list 2019 $ 597 1 24 Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI…
Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.
Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) The following data are for the pension plan for the employees of Lockett Company. 1/1/20 $4,000,000 12/31/20 $4,200,000 12/31/21 $5,800,000 4,300,000 4,100,000 5,400,000 4,600,000 4,900,000 5,600,000 -0- 960,400 1,000,000 9% 8% 6% 7% Lockett's contribution was $840,000 in 2021 and benefits paid were $750,000. Lockett estimates that the average remaining service life is 12 years. Required: 1. Compute the amount of AOCI-net loss amortized in 2021. 2. Prepare the worksheet entry to record the amortization.
How much defined benefit cost shall be taken to other comprehensive income?
1. How much is the defined benefit cost taken to profit or loss for the year 2020? 2. How much is the net prepaid/ accrued defined benefit cost that was shown on December 31,2019 statement of financial position? if prepaid --> positive accrued --> negative

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