Pension data for David Emerson Enterprises include the following:Discount rate, 10%Projected benefit obligation, January 1Projected benefit obligation, December 31Accumulated benefit obligation, January 1Accumulated benefit obligation, December 31Cash contributions to pension fund, December 31Benefit payments to retirees, December 31Required:($ in millions)$ 35054037549022569Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the yearended December 31.Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).Service costmillion

Step 1:Service cost is the new benefits earned by the employees during the year. Service cost will…

Answered: Pension data for David Emerson…

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 4E

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Pension data for David Emerson Enterprises include the following: ($ in millions)Discount rate, 10%Projected benefit obligation, January 1 $360Projected benefit obligation, December 31 465Accumulated benefit obligation, January 1 300Accumulated benefit obligation, December 31 415Cash contributions to pension fund, December 31 150Benefit payments to retirees, December 31 54 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
Pension data for David Emerson Enterprises Include the following: Discount rate, 12% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 Service cost ($ in millions) million $300 470 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. 305 420 155 55
Print References Pension data for David Emerson Enterprises include the following: Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 Required: ($ in millions) $460 565 400 515 250 74 Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. Service cost milion
Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January 1 440 Projected benefit obligation, December 31 545 Accumulated benefit obligation, January 1 380 Accumulated benefit obligation, December 31 495 Cash contributions to pension fund, December 31 230 Benefit payments to retirees, December 31 70 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. Service cost ___________ million
Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 $360 465 300 415 150 54 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
Use the following Data: Brunson Corporation Pension Plan Information for Current Fiscal Year Beginning balance of plan assets at market value $1,560,000 Actual return on plan assets Employer's contribution Distributions to beneficiaries Service cost Interest cost Changes in benefits and assumptions Beginning balance of the PBO At the beginning of the year, the pension plan is: a. overfunded by $20,000. b. overfunded by $35,000. c. underfunded by $20,000. d. underfunded by $35,000. $210,000 $150,000 $75,000 $125,000 $156,000 $35,000 $1,580,000
Pension data for Carolina Consulting Company 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, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense
Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 12% Projected benefit obligation, January 1 $300 Projected benefit obligation, December 31 470 Accumulated benefit obligation, January 1 305 Accumulated benefit obligation, December 31 420 Cash contributions to pension fund, December 31 155 Benefit payments to retirees, December 31 55 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
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