Presented below is information related to Blossom Retail Stores, Inc. pension plan for 2026:Service cost = $762,000Funding contribution for 2026 = 612,000Settlement rate used in actuarial computation = 10%Expected return on plan assets = 9%Actual return on plan assets for 2026 = 137,000Amortization of PSC (due to benefit increase) = 112,000Projected benefit obligation (at beginning of period) = 812,000Fair value of plan assets (at beginning of period) = 762,000OCI-Gain-osses (at beginning of period) = 86,200DRLAverage service life of all covered employees = 25 years(a) compute the unexpected gain or loss for 2026, if any.(b) compute any necessary OCI Gains - losses amortization for 2026.

Part (a): Compute the Unexpected Gain or Loss for 2026 The unexpected gain or loss is based on the…

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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 6MC

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Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets $204,000 47,850 142,400 85,000 Benefits paid Plan assets at January 1, 2023 1,599,500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9% Assume all pension transactions occur at the end of the year. (a1) Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023. Post Retirement Item Remeas. (Gain)/Loss (OCI) Benefit Expense Opening balance Service cost Net interest/finance cost Remeasurement loss-asset Contributions Benefits paid Expense entry Funding entry Ending balance > General Journ > >
The following information is available for the pension plan of Carla Vista 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. $13,800 40,000 91,300 9% 8,200 496,000 65,400
Presented below is information related to Mikell Department Stores, Inc. pension plan for 2022. Service cost 375,000 Funding contribution for 2022 300,000 Settlement rate used in actuarial computation 8% Expected and actual return on plan assets 7% Amortization of Prior Service Costs 70,000 Amortization of net gains 35,000 Projected benefit obligation (at beginning of year) 420,000 Market-related (and fair) value of plan assets (at beginning of year) 380,000 No benefits were paid during 2022. Required: (a) Compute the amount of pension expense to be reported for 2022. (b) Prepare the journal entry to record pension expense for 2022.
The following information is available for the pension plan of Carla Vista 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 Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
The following information is available for the pension plan of Cullumber 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 $15,500 38,300 88,400 9% 8,500 550,000 61,100
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 54,700
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $88,400 103,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 64,800 Benefits paid 39,800 Plan assets at January 1, 2025 634,600 Projected benefit obligation at January 1, 2025 700,900 Accumulated OCI (PSC) at January 1, 2025 152,600 Interest/discount (settlement) rate 10% Compute the pension expense for the year 2025. Pension expense for 2025 $
Presented below is information related to Sandhill Inc. pension plan for 2021. Service cost $ 1160000 Actual return on plan assets 248000 Interest on projected benefit obligation 480000 Amortization of net loss 100000 Amortization of prior service cost due to increase in benefits 200000 Expected return on plan assets 220000 What amount should be reported for pension expense in 2021?
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 $13,800 38,400 Contributions (funding) Interest/discount rate 79,900 10% Prior service cost amortization 7,800 Projected benefit obligation, January 1, 2025 452,000 Service cost 54,700 (a) Your answer is correct. Compute pension expense for the year 2025. Pension expense for 2025 eTextbook and Media List of Accounts 93900 i Attemp (b) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (C titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__

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