Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% $126,000 720,000 770,000 5,700 1,700 Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense

Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% $126,000 720,000 770,000 5,700 1,700 Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense

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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Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $25) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. ($ in thousands) $ 490 3,200 2,900 3,300 415 510 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 425 450 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.
None
Sarasota Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 88,500 Contribution to the plan 107,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 63,100 Benefits paid 40,800 Plan assets at January 1, 2020 648,000 Projected benefit obligation at January 1, 2020 688,100 Accumulated OCI (PSC) at January 1, 2020 148,600 Interest/discount (settlement) rate 11 % Compute the pension expense for the year 2020. Pension expense for 2020 $enter the Pension expense for 2020 in dollars
I. Broncos Co. reports pretax financial income of $70,000 for 20x1. The following items cause taxable income to be different than pretax financial income: ● ● Depreciation on the tax return is greater than depreciation on the income statement by $16,000. Rent collected on the tax return is greater than rent earned on the income statement by $22,000. Fines for pollution appear as an expense of $11,000 on the income statement. Interest income from City of Phoenix municipal bonds is $5,000. Broncos' tax rate is 30% for all years and the company expects to report taxable income in all future years. a) Compute taxable income. b) Prepare the journal entry to record income tax expense, deferred income tax, and income tax payable for 20x1. c) Compute net income for 20x1.
Rahul
The following information is related to the defined benefit pension plan of Avalanche Corporation for the year: Service cost $ 62,000 Contributions to pension plan 118,000 Benefits paid to retirees 156,000 Plan assets (fair value), January 1 641,000 Plan assets (fair value), December 31 758,000 Actual return on plan assets 155,000 PBO, January 1 925,000 PBO, December 31 923,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $62,000. $89,810. $96,810. $154,500.
The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year
Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Pension expense ($ in thousands) $ $ 480 0.0 3,150 2,850 3,250 410 500 Determine pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign.…
Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…