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, $49) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $6 per year) Wet gain-AOCI (any amortization over 10 years) ($ in millions) $ 740 44 85 (34) $ 835 ($ in millions) $ 680 70 34 (18) (34) $ 732 ($ in millions) $ 60 30 124

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, $49) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $6 per year) Wet gain-AOCI (any amortization over 10 years) ($ in millions) $ 740 44 85 (34) $ 835 ($ in millions) $ 680 70 34 (18) (34) $ 732 ($ in millions) $ 60 30 124

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 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.…
Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020
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2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…
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Current Attempt in Progress Headland Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,463,000 Fair value of pension plan assets, December 31, 2020 2,815,000 Contributions to the plan in 2020 262,000 Benefits paid retirees in 2020 328,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24
Please provide answer with calculation and Explain the correct and incorrect option
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Current Attempt in Progress Bramble Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020 $ %24