Prepare the journal entries to account for the defined benefit pension plan in the books of Flagstaff Ltd for the year ended December 31 2020 and the pension table for the following pic. Present value of the defined benefit obligation 31 December 2019Past Service CostNet interestCurrent service costBenefits paidActuarial gain/loss on DBOPresent value of the defined benefit obligation 31 December 2020Fair value of plan assets at 31 December 2019Return on plan assetsContributions paid to the plan during the yearBenefits paid by the plan during the yearFair value of plan assets at 31 December 20202020/$18 000 0004 000 000?600 0002 000 000?21 000 00017 000 000?1 500 0002 000 00027 500 000

Step 1: Calculate Missing ValuesNet Interest on Defined Benefit Obligation (DBO)The net interest…

Answered: Present value of the defined benefit…

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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Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)
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Analyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 $2,000 Dr. Fair value of plan assets, Dec. 31, 2020 2,250 Dr. Projected benefit obligation, Jan. 1, 2020 2,000 Cr. Net pension asset (liability), Dec. 31, 2020 80 Cr. Activity 2020 Actual return on plan assets $120 Contributions to plan assets 180 Service cost 200 Other Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer.$Answer b. Calculate any actuarial gain or loss on the PBO in 2020.Note: Use a negative sign to indicate a loss. $Answer
At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
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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
Analyzing Changes in Plan Assets and PBO The following information pertains to a company's defined benefit plan for the year. Balance Fair value of plan assets, Jan. 1 Fair value of plan assets, Dec. 31 Projected benefit obligation, Jan. 1 Net pension asset (liability), Dec. 31 Activity for the Year Actual return on plan assets $300 Contributions to plan assets 450 Service cost 500 $ 400 Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees during the year. Note: Do not use a negative sign with your answer. Other $ Check X b. Calculate any actuarial gain or loss on the PBO for the year. Note: Use a negative sign to indicate a loss. $5,000 Dr. 5,625 Dr. 5,000 Cr. 200 Cr. x
A5
NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: Fair value of plan assets at beginning of period Actual return (loss) on plan assets* Employer contribution Benefits paid Fair value of plan assets at end of period Net liability recognized at end of period *Expected return $20 and $19 in 2020 and 2019, respectively Req 1 to 3 Pension Benefits 2020 Req 4 $ 608 1 21 44 (40) $634 Complete this question by entering your answers in the tabs below. $ 486 50 14 (40) 510 $ (124) View transaction list 2019 $ 597 1 24 Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI…
Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000
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