Correct answer please general accounting Kasper, Inc. sponsors a defined-benefit pension plan. The followingdata relates to the operation of the plan for the year 2013.Service costContributions to the plan$350,000$225,000$185,000Actual return on plan assetsProjected benefit obligation (beginning of year) $3,400,000Fair value of plan assets (beginning of year)$3,300,000The expected return on plan assets and the settlement rate wereboth 9%. The amount of pension expense reported for 2013 is:a. $471,000.00.b. $359,000.00.c. $350,000.00.d. $656,000.00.

Step 1: Definition of Defined-Benefit Pension PlanDefined-Benefit Pension Plans are designed by…

Answered: Kasper, Inc. sponsors a defined-benefit…

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 3MC

See similar textbooks

Similar questions

In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.
Sandhill 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/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT
Financial Accounting
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
The following information is available for Carla Vista Corporation's pension plan for the year 2023: Plan Assets, January 1, 2023$ 390,000 Actual Return on Plan Assets$ 17,000 Benefits Paid on Plan Assets$ 40,400 Contributions (Funding)$ 93,900 Discount Rate 11% Defined Benefit Oblicgation$ 511,000 Service Cost $ 65,300
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $88,400 103,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 64,800 Benefits paid 39,800 Plan assets at January 1, 2025 634,600 Projected benefit obligation at January 1, 2025 700,900 Accumulated OCI (PSC) at January 1, 2025 152,600 Interest/discount (settlement) rate 10% Compute the pension expense for the year 2025. Pension expense for 2025 $
Compute pension expense for the year 2025.
On January 1, 2022, Seascape Ltd. reported the following balances relating to their defined benefit pension plan. Seascape Ltd. uses ASPE. Defined benefit obligation $ 2,100,000 Fair value of plan assets. 1,900,000 Other data related to the pension plan for 2022 are: Current service cost 110,000 Contributions to the plan 105,000 Benefits paid.. 180,000 Actual return on plan assets. 142,000 Interest (discount) rate 7% Past service costs, Jan 1 120,000 Actuary adjustment, Dec 31 220,000 Pension Asset/Liability account on Balance Sheet Instructions a) Calculate the defined benefit obligation at December 31, 2022. b) Calculate the fair value of plan assets at December 31, 2022. c) Calculate pension expense for 2022. d) Prepare the journal entries to record the pension expense and the contributions for 2022. e) How would your answer be different if the company used IFRS? f) What is the funded status of the plan on December 31, 2022? Indicate whether it is underfunded or overfunded.
The following information is available for the pension plan of Carla Vista 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. $13,800 40,000 91,300 9% 8,200 496,000 65,400
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
The following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook Air
The following information is available for the pension plan of Carla Vista 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 Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS