Projected benefit obligation
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Q: On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation $…
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Q: pension expense fo
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On January 1, 2021, a company has the following balances for its defined-benefit plan:
Projected benefit obligation $536,000Fair value of plan assets 804,000
Other data related to the pension plan for 2021 are:
Amortization of accumulated OCI-loss | $76,000 |
Decrease in projected benefit obligation due to changes in actuarial assumptions |
165,000 |
Service cost | 311,840 |
Interest cost | 218,000 |
Amortization of prior service costs | 133,000 |
Contributions | 475,000 |
Benefits paid | 272,740 |
Actual return on plan assets | 398,000 |
Expected return on plan assets | 406,000 |
The balance of the projected benefit obligation at December 31, 2021 is $__________.
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- Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.On January 1, 2021, a company has the following balances for its defined-benefit plan: Projected benefit obligation $661,000Fair value of plan assets 392,000 Other data related to the pension plan for 2021 are: Amortization of accumulated OCI-loss $68,550 Increase in projected benefit obligation due to changes in actuarial assumptions 188,000 Contributions 482,000 Benefits paid 263,780 Service cost 307,140 Interest cost 222,000 Expected return on plan assets 443,000 Actual return on plan assets 82,350 Amortization of prior service costs 146,000 The fair value of plan assets at December 31, 2021 is $__________.
- The following information is related to the defined-benefit pension plan of a company for 2021. Amortization of OCI-gain $87,700 Amortization of OCI-prior service cost 151,000Contributions to the plan 235,000Interest on projected benefit obligation 363,000Service cost 550,890Expected return on plan assets 258,000Actual return on plan assets is the sameas expected return 258,000Benefits distributed 148,000 Pension expense for 2021 is $__________.The following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700Pension expense for 2021 is $__________.On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fair value of plan assets 7,800,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Instructions (a) Determine the projected benefit obligation at December 31, 2020. There are no net gains or losses. (b) Determine the fair value of plan assets at December 31, 2020. (c) Calculate pension expense for 2020. (d) Prepare the journal entry to record pension expense and the contributions for 2020.
- On January 1, 2020, Spoon Co. had the following balances: Projected benefit obligation $7,300,000 Fair value of plan assets 7,200,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan Benefits paid 350,000 Interest rate 6% Actual return 432,000 A) Prepare a pension worksheet. You must compute pension expense and ending balances for PBO & PA. B) Prepare the journal entry to record pension expense.. Show all computations for A & B. 360,000vanhoe 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 2020Blossom Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,600 Contribution to the plan 103,900 Prior service cost amortization 10,100 Actual and expected return on plan assets 63,100 Benefits paid 39,600 Plan assets at January 1, 2020 644,100 Projected benefit obligation at January 1, 2020 710,600 Accumulated OCI (PSC) at January 1, 2020 149,400 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020. Pension expense for 2020 $enter the Pension expense for 2020 in dollars
- Sandhill Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 88,400 Contribution to the plan 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, 2020 634,600 Projected benefit obligation at January 1, 2020 700,900 Accumulated OCI (PSC) at January 1, 2020 152,600 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020.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 2025Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) ORIOLE COMPANYPension Worksheet—2020. General Journal Entries Memo Record Items AnnualPension Expense Cash OCI