Scallion Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Balance, Jan. 1 Service Cost Interest cost Benefits paid Balance, Dec. 31 $400,000 195,000 32,000 (80,000) $547,000 Plan Assets Balance, Jan. 1 Actual return Annual contribution Benefits paid Balance, Dec. 31 Expected rate of return on plan assets is 10% 1. Please calculate pension expenses and make the entry $250,000 30,000 110,000 (80,000) 310,000
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- Pension data for Carolina Consulting Company included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expenseRosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet is
- CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossInformation on Complicated Company's defined benefit plan is as follows: Fair value of plan assets, Jan. 1 - P480,000; Return on plan assets (Actual rate of return for the period) - 10%; Contributions to the retirement fund during the year - P800,000; Benefits paid to retirees - P200,000. How much is the balance of the fair value of plan assets as of year-end?Analyzing Pension Gain/Loss Spears Company presents the following information related to its pension plan for the year, before recording pension expense. Projected Benefit Obligation, Jan. 1: $300,000 Cr Projected Benefit Obligation, Dec. 31: 325,000 Cr Accumulated OCI-Pension Gain/Loss, Jan. 1: 12,000 Cr Plan Assets, Jan. 1: 280,000 Dr Plan Assets, Dec.31: 295,000 Dr Actuarial loss on PBO, determined at Dec. 31: $4,200 Contributions to pension fund: 10,000 Benefits paid: 15,000 Average remaining service period of employees, current and next year: 20 years Expected rate of return: 10% Required: a, Determine the amortization of Accumulated OCI-Pension Gain/Loss for the current year, usign (1) corridor (minimum amortization) and (2) straight-line amortization based on average remaining service period. Note: Do not use negative signs with your answers. 1. Amortization under the corridor approach. 2. Amortization under the straight-line method. b. Determine the Accumulated OCI-Pension…
- Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost $126,000 720,000 770,000 5,700 1,700 Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expenseThe following information is related to the defined benefit penslon plan of Melissa Larson Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 $ 90,000 140,000 110,000 540,000 650,000 80,000 800,000 870,000 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $90,000. $121,400. 13 of 39 Next > Prev Show All 7 Question no....pages 15....pdf Question no....pages MacBook AirThe following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook Air
- A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OOHelp Save & Exit Submit The following information is related to the defined benefit penslon plan of Dreamworld Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $60,000. $170,000. Next > Prev 12 of 39 SI Question no...pages pdf Question no....pages MacBook AirAnalyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 $2,000 Dr. Fair value of plan assets, Dec. 31, 2020 2,250 Dr. Projected benefit obligation, Jan. 1, 2020 2,000 Cr. Net pension asset (liability), Dec. 31, 2020 80 Cr. Activity 2020 Actual return on plan assets $120 Contributions to plan assets 180 Service cost 200 Other Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer.$Answer b. Calculate any actuarial gain or loss on the PBO in 2020.Note: Use a negative sign to indicate a loss. $Answer