pension expense fo
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Q: xplanati
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Q: Projected benefit obligation
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vanhoe Company provides the following information about its defined benefit pension plan for the year 2020.
| Service cost | $ 90,500 | ||
| Contribution to the plan | 103,300 | ||
| Prior service cost amortization | 10,300 | ||
| Actual and expected return on plan assets | 62,800 | ||
| Benefits paid | 39,700 | ||
| Plan assets at January 1, 2020 | 642,100 | ||
| Projected benefit obligation at January 1, 2020 | 712,900 | ||
| Accumulated OCI (PSC) at January 1, 2020 | 148,800 | ||
| Interest/discount (settlement) rate | 9 | % |
Compute the pension expense for the year 2020.
| Pension expense for 2020 |
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- The following information is available for the pension plan of Pharoah Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $ $13,800 38,400 79,900 10% 7,800 452,000 54,700The following information is available for Cullumber Corporation's pension plan for the year 2023: Plan assets, January 1, 2023 Actual return on plan assets $430,000 17,000 Benefits paid to retirees 40,200 Contributions (funding) 94,300 Discount rate 10% Defined benefit obligation, January 1, 2023, accounting basis valuation 518,000 Service cost 65,400Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 91,000 Contribution to the plan 104,000 Prior service cost amortization 9,400 62,900 Actual and expected return on plan assets Benefits paid 39,900 Plan assets at January 1, 2020 Projected benefit obligation at January 1, Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate 630,400 2010 701,800 153,000 10 % Compute the pension expense for the year 2020. Pension expense for 2020
- age Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $198,200; projected benefit obligation $251,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,300 $19,100 $26,400 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,400 21,870 24,000 Annual funding (contributions) 16,300 39,200 47,700 Benefits paid 14,200 16,100 21,400 Prior service cost (plan amended, 1/1/20) 161,700 Amortization of prior service cost 54,100 41,700 Change in actuarial assumptions establishesa December 31, 2021, projected benefit obligation of: 524,600 a. How to prepare a pension worksheet presenting all 3 years’ pension balances and activities.Douglas-Robert, Inc. has a noncontributory, defined benefit pension plan. At December 31, 2022, Douglas-Robert received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 140 Service cost 40 Interest cost 14 Benefits paid (10 ) Balance, December 31 $ 184 Plan Assets Balance, January 1 $ 100 Actual return on plan assets 11 Contributions 2021 40 Benefits paid (10 ) Balance, December 31 $ 141 The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss—AOCI on January 1, 2022. Required:1. Determine Douglas-Robert’s pension expense for 2022.2. Prepare the journal entries to record Doublas Robert’s (a) pension expense, (b) funding, and (c) payment of retiree benefits in 2022.On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2019: contributions to the plan 400,000 Benefits paid 350,000 On 1/1/2020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate 9% Expected rate of return 7% Amortized Prior Service cost…
- Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 2019 $16,200 10 % 18,200 16,200 13,700 2020 $19,000 10 % 21,990 40,200 16,100 161,100 54,000 2021 $26,200 10 % 23,900 48,300 20,700 42,300 511,800Pronghorn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,715,800 Accumulated benefit obligation 1,992,600 Fair value of plan assets 2,283,600 Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 432,200 Other pension plan data for 2020: Service cost $94,600 Prior service cost amortization 42,200 Actual return on plan assets 130,900 Expected return on plan assets 176,500 Interest on January 1, 2020, projected benefit obligation 252,200 Contributions to plan 92,800 Benefits paid 139,600 Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. Compute the amount of accumulated other comprehensive income reported at December 31, 2020.The following defined pension data of Waterway Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $509,000 Plan assets, 1/1/20 496,000 Pension liability 13,000 On January 1, 2020, Waterway Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 9 % Service cost 58,300 Contributions (funding) 59,600 Actual (expected) return on plan assets 48,300 Benefits paid to retirees 43,500 Prior service cost amortization for 2020 16,400 For 2020, prepare a pension worksheet for Waterway Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WATERWAY CORP.Pension Worksheet—2020 General Journal Entries Memo Record Items Annual PensionExpense Cash OCI–Prior
- Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31. 2021, projected benefit obligation of 519,300 Dec. 31, Pension Expense 89618 2021 Pension Asset/Liability 19800 Other Comprehensive Income (G/L) 19118 Other Comprehensive Income (PSC) 41600 Cash 48700Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) Req 1 to 3 ($ in millions) $ 600 39 Req 4 80 (29) $ 690 Complete this question by entering your answers in the tabs below. Req 5 Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service…The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,350. b. Prior service cost from plan amendment on January 2, 2024 = $650 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $650. d. Service cost for 2025 = $700. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10%. f. Payments to retirees in 2024 $510. g. Payments to retirees in 2025 $580. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $375. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,400. b. 2024 contributions $670. c. 2025 contributions $720. d. Expected long-term rate…
