Information regarding the defined benefit pension plan of Neo Products included the following for 2024 (S in millions):Plan assets, January 1$ 210 Plan assets, December 31315 Return on plan assets30 Employer contributions to the pension plan (end of year)126What amount of retiree benefits was paid at the end of 2024? Multiple Choice$51 million$21 million$72 million$105 million

Information regarding the defined benefit pension plan of Neo Products included the following for 2024 (S in millions):Plan assets, January 1$ 210 Plan assets, December 31315 Return on plan assets30 Employer contributions to the pension plan (end of year)126What amount of retiree benefits was paid at the end of 2024? Multiple Choice$51 million$21 million$72 million$105 million

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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Cullumber Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: $9 21 Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions 20 Defined benefit expense Remeasurement gain or loss (OCI) Effect on company's shareholders' equity 10 Current service cost Opening balance, DBO Opening balance, plan assets $23 100 At the end of the year, Cullumber revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Cullumber applies an 10% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) $ 100
The following information pertains to LL Marshall Corporation's defined benefit pension plan: 2024 Beginning 2025 Beginning balances, $ (7,600) 7,300 760 $ 880 (S in thousands) Projected benefit obligation Plan assets Prior service cost-AOCI Net loss-AOCI balances $ (8,104) 7,936 720 $ 960 At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?
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Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020
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Manji