On January 1, 2016, J Co. has the following balances:Defined benefit obligationP2,100,000Fair value of plan assets1,800,000The discount rate is 10%. Other data related to the pension plan for 2016 are:Service costP180,000Past service costs due to increase in benefits60,000Contributions300,000Benefits paid105,000Actual return on plan assets237,000Net gain on liability18,000The balance of the defined benefit obligation at December 31, 2016 is

A defined benefit plan seems to be a sort of post-employment benefit that provides employees with a…

Answered: On January 1, 2016, J Co. has the…

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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rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2019: contributions to the plan 400,000 Benefits paid 350,000 On 1/1/2020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate 9% Expected rate of return 7% Amortized Prior Service cost…
Presented below is pension information for A Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is
Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation $4,640,000 Accumulated benefit obligation 4,540,000 Fair value of plan assets 4,285,000 Accumulated OCI (PSC) 165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension $
Fajardo Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the employee benefit expense for the current year? Group of answer choices 2,245,000 1,750,000 2,525,000 1,905,000
Caroni Ltd has a defined benefit pension plan for its employees. In 2016, the following actuarial report was received for the defined benefit plan: 2016/$ Present value of the defined benefit obligation 31 December 2015 10 000 000 Net interest ? Current service cost 1 150 000 Benefits paid 1 200 000 Actuarial gain/loss on DBO ? Present value of the defined benefit obligation 31 December 2016 10 750 000 Fair value of plan assets at 31 December 2015 9 500 000 Return on plan assets ? Contributions paid to the plan during the year 1 000 000 Benefits paid by the plan during the year 1 200 000 Fair value of plan assets at 31 December 2016 10 047 500 Additional information (a) All contributions received by the plan were paid by Caroni Ltd. (b) The interest rate used to measure the present value of the defined benefit obligation was 9% at 31 December 2015 and 31 December 2016. (c) The asset ceiling was nil at 31 December 2015 and 31 December 2016. Requirement: Prepare a pension worksheet for…
Citroen Company provides the following information about its defined benefit pension plan for the year 2021. Service cost $79,000 Contribution to the plan 92,000 Prior service cost amortization 9,500 Actual and expected return on plan assets 61,000 Benefits paid 50,000 Plan assets at January 1, 2021 720,000 Projected benefit obligation on January 1, 2021 770,000 Accumulated OCI (PSC) on January 1, 2021 120,000 Interest/discount (settlement) rate 9% Prepare a pension worksheet. Prepare the journal entry recording pension expense.
Oriole Company provides the following selected information related to its defined benefit pension plan for 2025. Pension asset/liability (January 1) $24,900 Cr. Accumulated benefit obligation (December 31) 402,300 Actual and expected return on plan assets 10,900 Contributions (funding) in 2025 151,500 Fair value of plan assets (December 31) 805,100 Settlement rate 10% Projected benefit obligation (January 1) 697,100 Service cost 80,510 (a1) × Your answer is incorrect. Compute pension expense. Pension expense for 2025 $ 149320
(Computation of Actual Return) Gingrich Importers provides the following pension plan information. Check the below image for information. InstructionsFrom the data above, compute the actual return on the plan assets for 2017
What is the net periodic pension cost for the year?
On January 1, 2016, Jr Co. has the following balances: Defined benefit obligation P2,100,000 Fair value of plan assets 1,800,000 The discount rate is 10%. Other data related to the pension plan for 2016 are: Service cost P180,000 Past service costs due to increase in benefits 60,000 Contributions 300,000 Benefits paid 105,000 Actual return on plan assets 237,000 Net gain on liability 18,000 The balance of the defined benefit obligation at December 31, 2016 is

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