ra.3 Oriole Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances related to this plan.Plan assets (market-related value)$477,000Projected benefit obligationPension asset/liability669,000192,000 Cr.Prior service costNet gain or loss (debit)89,00092,000As a result of the operation of the plan during 2025, the actuary provided the following additional data for 2025.Service costSettlement rate, 9%; expected return rate, 10%$96,000Actual return on plan assetsAmortization of prior service cost44,00026,000Contributions122.000Benefits paid retirees76,000Average remaining service life of active employees10 years(a1)(a2)Using the preceding data, compute pension expense for Oriole for the year 2025 by preparing a pension worksheet that showsthe journal entry for pension expense. (Enter all amounts as positive.)

Explanation showing the Calculation of pension expense for Oriole for 2025 by preparing a pension…

Answered: Oriole Corp. 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 5P

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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
Blossom Corp. sponsors a defined benefit pension plan for its employees. On January I, 2025, the following balances relate to this plan. Plan assets: $460,000 Projected benefit obligation: $606,500 Pension asset/liability: $146,500 Accumulated OCI (PSC): 104,200 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost: $93,500 Settlement rate, 10% Actual return on plan assets: $54,600 Amortization of prior service cost: $18,100 Expected return on plan assets: $51,600 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions: $76,600 Contributions: $100,500 Benefits paid retirees: $84,300 Using the data above, compute pension expense for Blossom for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.)
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…
Blossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Discount rate Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets (a) Balance, January 1, 2023 Current Service Cost $1,360,000 Prior Service Cost 1,520,000 Net Interest/Finance Cost Prepare a pension worksheet for Blossom Corporation for 2023. Asset Remeasurement Gain/Loss $80,000 Net Funding Entry 194,000 84,000 31,000 Employer Contributions to Pension Fund Balance, December 31, 2023 Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) < Annual Defined Benefit…
Please answer a and b with details about the calculation.
a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. Prepare the journal entries relating to pension for the year 2020. (
Ivanhoe, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. January 1, 2021 December 31, 2021 Fair value of pension plan assets $5100000 $5500000 Projected benefit obligation 5900000 6380000 Accumulated benefit obligation 1070000 1310000 Accumulated OCI – (Gains / Losses) 0 -170000 The service cost component of pension expense for 2021 is $350000 and the amortization of prior service cost due to an increase in benefits is $70000. The settlement rate is 9% and the expected rate of return is 8%. What is the amount of pension expense for 2021? $350000 $554200 $543000 $373000
Ashvinbhai
Blossom Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $480,000 Projected benefit obligation 650,000 Pension asset/liability 170,000 Cr. Prior service cost 80,000 Net gain or loss (debit) 85,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $99,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 42,000 Amortization of prior service cost 25,000 Contributions 124,000 Benefits paid retirees 82,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Blossom Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense PICTURE BELOW FOR REFERENCE:
Blossom Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $480,000 Projected benefit obligation 650,000 Pension asset/liability 170,000 Cr. Prior service cost 80,000 Net gain or loss (debit) 85,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $99,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 42,000 Amortization of prior service cost 25,000 Contributions 124,000 Benefits paid retirees 82,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Blossom Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) PLEASE FIX THE INCORRECT…

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