Annualpensionexpenseitemsbalance Jan 1, 2019service costinterest costactual returnunexpected losscontributionsbenefitsJournal entry for 2019accumulated OCI Dec 31, 2018Balance Dec 31, 2019Additional PSC-Jan 1, 2020Balance Jan 1, 2020service costInterest costactual returnAmoritization of prior service costContributionsBenefitsJournal Entry for 2020accumulated OCI Dec 31, 2019Balance Dec 31, 2020service costinterest costactual returnunexpected lossAmoritization of prior service costcontributionsbenefitsliability gainJournal Entry for 2021accumulated OCI Dec 31, 2020Balance Dec 31, 2021cashOCI-PostservicecostOCI-Gain/LossPensionAsset/liabilitiesProjectbenefitobligationPlan assets Cullumber Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $612,000; projected benefitobligation $612,000. Other data relating to 3 years' operation of the plan are shown below.20192020$49,0002021$63,000Annual service cost$40,000Settlement rate and expected rate of returnActual return on plan assets39,00050,80061,000Annual funding (contributions)11,00029,00057,000Benefits paid27,00031,00045,000Prior service cost (plan amended, 1/1/20)279,000Amortization of prior service cost40,00058,000Change in actuarial assumptions establishesa December 31, 2021, projected benefit obligation of:964,0008 %8 %8 %

Pension refers to the form of fund curated by an entity during their employment days in order to…

Answered: - Jan 1, 2019 cost cost eturn cted loss…

- Jan 1, 2019 cost cost eturn cted loss utions 6 entry for 2019 lated OCI Dec 31, 2018 Dec 31, 2019 pension expense cash service cost OCI-Gain/ Loss Asset/liab ilities

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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Question 13 Pension expense is decreased by: A- Amortization of prior service cost. B- Amortization of net gain. C- Benefits paid to retired employees. D- Prior service cost. O A O B O D
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…
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 is
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Question 4 of 19 View Policies < Current Attempt in Progress The following information is related to the pension plan of Wildhorse, Inc. for 2021. Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost Pension expense for 2021 is $3075000. O $2691000. O $2604000. O $3024000. $490000 210000 390000 541000 815000 2150000
Problem 1: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post- retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan 493,900 500,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Payments to early retirees (settlement price) in 2021 Carrying value of accrued benefits of early retirees in 2021 P 3,245,400 P 2,751,500 P 350,000 P 300,000 P 220,000 P 535,000 P 275,000 Current service cost Past service cost recognized in the current year Settlement rate 12% Plan asset at fair market value, December 31, 2021 Accumulated benefit obligation at present…
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a. Compute pension expense for 2020. Amortize the full pension gain/loss over the average service life of 15 years using the straight-line method. b. Compute PBO at December 31st, 2020. c. Compute the fair value of plan assets at December 31st, 2020. Please don't provide solution in an image based thanku
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