Manno Corporation has the following information available concerning its defined-benefit pension plan for 2020. Service cost Contributions Interest cost Actual return on plan assets Expected return on plan assets Prior service cost amortization Benefits paid Compute Manno's 2020 pension expense. $40,000 50,000 47,400 25,000 26,900 35,000 100,000

Manno Corporation has the following information available concerning its defined-benefit pension plan for 2020. Service cost Contributions Interest cost Actual return on plan assets Expected return on plan assets Prior service cost amortization Benefits paid Compute Manno's 2020 pension expense. $40,000 50,000 47,400 25,000 26,900 35,000 100,000

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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The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Liability Liability 2023 Liability 175,000 165,000 Amount 35,000 7% 8% 44,000 22,200 2024 ? ? $47,250 7% 6% 44,000 On January 1, 2023, WJB amended its pension plan, resulting in past service costs with a present value of $78,400. 25,900 2025 ? Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that WJB accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) ? $52,500 7% 7% 44,000 30,300
Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.)
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