Question: Given the following information for current fiscal year Beginning balance of plan assets at market value - $1,560,000 actual return on plan assets - 210,000 employers contribution - 150,000 distribution to beneficiaries - 75,000 Service cost 125,000 Interest cost 156,000 Changes in benefits and assumptions - 35,000 beginning balance of the PBO - 1,580,000 What is the ending balance of the projected benefit obligation (PBO)?
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What is PBO?
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- 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. $ 1,450,000Given the following information for current fiscal yearGiven the following information for current fiscal year
- shobhaPlease put all of the necessary information and computations for better understanding. Thank you.Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
- The following information on a defined benefit plan is provided: FVPA, beg 2,800,000 PVDBO, beg 2,200,000 Current Service Cost 960,000 Past service cost (vesting for 5 years) 600,000 Benefits Paid 420,000 Return on Plan Assets 600,000 Contributions to the Plan 1,820,000 Increase due to Actuarial Assumptions 240,000 Expected Rate of Return 12% Discount Rate 10% The present value of economic benefits available in the form of refunds from the plan are 400,000 and 800,000, at the beginning and ending of the period. What amount of defined benefit…HareshGeneral Accounting Question
- 14.Shirley Company obtained the following information at the beginning of the currentyear prior to the adoption of PAS 19R:Projected benefit obligation 9,000,000Fair value of plan assets 10,000,000Unrecognized actuarial loss 1,500,000During the current year, the actuary determined the current service cost at P2,500,000and the discount rate at 10%. The actual return on plan assets was P 1,200,000.Contribution to the plan amounted to P500,000. The actuarial loss due to increase in PBOduring the year was P900,000 and the average remaining service period is 10 years.What is the employee benefit expense?Get correct answer this general accounting question2 ($ 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.…