Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021:Prior service cost at Jan. 1, 2021, from plan amendment at thebeginning of 2018 (amortization: $5 million per year)Net loss-AOCI at Jan.1, 2021 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2821Service costInterest cost, 7%Loss (gain) on PBOLess: Retiree benefitsEnd of 2021PBOReq 1A$ 80058Req 18 and 2to 456(13)(34)Pension expense$ 867PlanAssetsBeginning of 2021.Return on plan assets,8% (10% expected)Complete this question by entering your answers in the tabs below.Cash contributionsLess: Retiree benefitsEnd of 2021$ 600Required:1-a. Determine Douglas-Roberts's pension expense for 2021.1-b, 2. to 4. Prepare the appropriate Journal entries to record the pension expense, to record any 2021 gains and losses, to record thecash contribution to plan assets and to record retiree benefits.48< Req 1A100(34)$714Determine Douglas-Roberts's pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign.Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)Pension Expense$35 million$180 million10 years7%Req 1B and 2 to 4 >

PBO stands from projected benefit obligations. It is the estimated amount that a company will…

Req 1A Req 18 and 2 to 4 Determine Douglas-Roberts's pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Pension Expense Pension expense < Reg 1A Reg 1B and 2 to 2 to 4

Req 1A Req 18 and 2 to 4 Determine Douglas-Roberts's pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Pension Expense Pension expense < Reg 1A Reg 1B and 2 to 2 to 4

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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Question 1 Assume today is Feb 11th of Year 3. You have the following information: Year 1 Year 2 Year 3 Contribution on Jan 19 $ - $- $ 5.000 $ 7,000 $ 8,700 $ 1,600 $ 1,200 $ 1,000 $ 7,000 Contribution on July 4 Beg of year undeducted contributions $ 370 $ 450 $ 1,400 Beg of year unused deduction room Pension adjustment $ - Pension adjustment reversal $ $ - Past service pesion adjustment $ 900 $ - $ - $ 121.000 $ 23,000 $ 59,000 $ 23,700 Earned income RRSP Dollar Limit $ 24,600 With no extra contributions, what's the most that could be deducted on the Year 2 tax return?
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Knowledge Check 01Calder Company has a defined benefit pension plan. Pension-related data for the current calendar year are shown below: Average remaining service period of active employees 12 years Net gain, January 1 $ 214,600 PBO, January 1 1,630,000 Plan assets, January 1 1,930,000 What is the amount of the amortization of the net loss or gain that should be included as a component of pension expense for the current year?
D2.
Please Introduction and explanation please without plagiarism please
Employee contributions to their FSA that exceed Multiple Choice O O O $2,750 $3,050 $3,550 ****** RES Next
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Answer part C only The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…
Analyzing and Interpreting Pension DisclosuresAssume E.I. Du Pont De Nemours and Co.'s 10-K report has the following disclosures related to its retirement plans ($ millions). Pension Benefits ($ millions) 2010 2009 Change in benefit obligation Benefit obligation at beginning of year $ 22,849 $ 22,935 Service cost 383 388 Interest cost 1,228 1,192 Plan participants' contributions 13 9 Acturarial loss (gain) (728) (244) Benefits paid (1,544) (1,506) Amendments -- (1) Net effects of acquisitions/divestitures 5 76 Benefit obligation at end of year $ 22,206 $ 22,849 Change in plan assets Fair value of plan assets at beginning of year $ 22,249 $ 20,132 Actual gain on plan assets 1,927 3,306 Employer contributions 277 280 Plan participants' contributions 13 9 Benefits paid (1,544) (1,506) Net effects of acquisitions/divestitures -- 28 Fair…