Do fast answer of this accounting questions Presented below is information related to Morrison Corp.'s pension plan forthe year:Service cost: $1,250,000 Actual return on plan assets: $275,000 Interest onprojected benefit obligation: $450,000 Amortization of net loss: $110,000Amortization of prior service cost due to increase in benefits: $195,000Expected return on plan assets: $225,000What amount should be reported for pension expense?a. $1,780,000b. $1,555,000c. $1,830,000d. $2,005,000

Step 1: Definition of Pension ExpensePension expense is the cost recognized by a company in a given…

Answered: Presented below is information related…

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 7RE

See similar textbooks

Similar questions

The following information is related to the solve this question general Accounting
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?
What is pension expense?
The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year
The following information relates to the defined benefit pension plan of Nelson, Inc. Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) The interest cost for 2020 is $158,640 $211,520 12/31/19 2,644,000 3,118,000 432,000 O $240,120 O $280,140 O None of the above 6% 8% 12/31/20 4,002,000 3,328,000 480,000 For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000, 6% 7%
Presented below is information related to Ivanhoe Inc. pension plan for 2021. Service cost $ 860000 Actual return on plan assets 200000 Interest on projected benefit obligation 420000 Amortization of net loss 70000 Amortization of prior service cost due to increase in benefits 170000 Expected return on plan assets 190000 What amount should be reported for pension expense in 2021? 1100000 1320000 1510000 1330000
Please provide answer this financial accounting question
What is pension expense? General accounting
The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%
The following information relates to the pension plan for the employees of Cullumber Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
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 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.…

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS