I need answer of this question solution general accounting On January 1 of the current reporting year, BakerCompany's projected benefit obligation was $35 million.During the year, pension benefits paid by the trustee were$5 million. Service cost was $12 million. Pension planassets earned $6 million as expected. At the end of theyear, there was no net gain or loss and no prior servicecost. The actuary's discount rate was 7.5%.Determine the amount of the projected benefit obligationat December 31.

Step 1: Define Projected Benefit ObligationThe projected benefit obligation is the estimated cost…

Answered: On January 1 of the current reporting…

Intermediate Accounting: Reporting And Analysis

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Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6RE

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The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
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The projected benefit obligation was $260 million at the beginning of the year and $278 million at the end of the year. Service cost for the year was $16 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee?
The projected benefit obligation was $240 million at the beginning of the year. Service cost for the year was $14 million. At the end of the year, pension benefits paid by the trustee were $10 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). End of the year PBO million
On January 1, 2021, Ravetch Corporation’s projected benefit obligation was $30 million. During 2021, pension benefits paid by the trustee were $4 million. Service cost for 2021 is $12 million. Pension plan assets (at fair value) increased during 2021 by $6 million as expected. At the end of 2021, there were no pension-related other comprehensive income (OCI) accounts. The actuary’s discount rate was 10%.Required:Determine the amount of the projected benefit obligation at December 31, 2021.
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The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension- related other comprehensive income accounts requiring amortization. The actuary’s discount rate was 5%. The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the pension expense for the year?
JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $40 million, $30 million, and $25 million, respectively, at the end of the year. What, if any, pension liability must be reported in the balance sheet? What would JDS report if the plan assets were $45 million instead?
Scott Hobson Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75.000; service cost, $14,000; interest cost, $6,000; benefits paid for the year, $9,000; ending PBO, $89,000; and the expected return on plan assets, $10.000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a debit to pension expense for: Multiple Choice $20,000. $12,000. $10,000. $15,000. 17 of 39 Next > Prev Show Question no....pages df Question no....pages MacBook Air ...
Presented below is information related to the pension plan of Ivanhoe Inc. for the year 2021. 1. The service cost related to pension expense is $233,000 using the projected benefits approach. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $313,000 and $266,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3. The accumulated OCI – prior service cost at the beginning of the year is $133,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service-years is 1,000 and the service-years attributable to 2021 is 200. The company has decided to use the years-of-service method of amortization for these costs. 4. At the beginning of the period, the fair value of pension plan assets was $266,000. The company had an Accumulated OCI (loss) at the beginning of the period of $83,000. Any amortization of…
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. Phillip Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75,000; service cost, $18,000; interest cost, $5,000; benefits paid for the year, $9,000; ending PBO, $89,000; the expected return on plan assets, $10,000; and cash deposited with pension trustee, $17,000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a credit to the PBO for: A. $23,000. B. $17,000. C. $18,000. D. $13,000. .

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