Pension data for Sterling Properties include the following:Service cost, 2024Projected benefit obligation, January 1, 2024Plan assets (fair value), January 1, 2024Prior service cost-AOCI (2024 amortization, $8)Net loss-AOCI (2024 amortization, $1)Interest rate, 6%($ inthousands)$ 11285090080101Expected return on plan assets, 10%Actual return on plan assets, 11%Required:Determine pension expense for 2024.Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.Pension ExpensePension expense$0

1:Expected Return on Plan Assets 10% on 900 900*10% = 90 2.Calculation of Interest costInterest cost…

Answered: Pension data for Sterling Properties…

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 Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $2) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% Required: ($ in thousands) $ 125 660 700 90 111 Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 5%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10). Answer is complete but not entirely correct. Net pension cost $ 105 thousand Assessment Tool iFrame
Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. Pension expense ($ in thousands) $ 132 400 500 94 115 Pension Expense
The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet is
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.…
Pension data for Sterling Properties include the following: (S in 000s) Service cost, 2016 Projected benefit obligation, January 1, 2016 Plan assets (fair value), January 1, 2016 Prior service cost-AOCI (2016 amortization, $8) Net loss-AOCI (2016 amortization, $1) $112 850 900 80 101 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2016.
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $ 132 Projected benefit obligation, January 1, 2024 400 Plan assets (fair value), January 1, 2024 500 Prior service cost—AOCI (2024 amortization, $8) 94 Net loss—AOCI (2024 amortization, $1) 115 Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 9%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
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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.
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 S 131 Projected benefit obligation, January 1, 2024 450 Plan assets (fair value), January 1, 2024 500 Prior service cost-AOCI (2024 amortization, $9) 100 Net loss-AOCI (2024 amortization, $1) 121 Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 8%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).

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