Kindly help me with accounting questions Smith Company's pension trust reported the following events for the year endedDecember 31, 2024:Interest earned: $25,000.Dividend income: $35,000⚫ Realized gains on investments: $15,000•Unrealized losses on investments: ($12,000)Employer contributions: $80,000Benefits paid to retirees: $55,000What is the actual return on pension assets for 2024?a. $63,000b. $143,000c. $88,000d. $75,000

Step 1: Definition of Actual Return on Pension AssetsThe actual return on pension assets is the…

Answered: Smith Company's pension trust reported…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6MC

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The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. IncurredDuring the Year (Gain) or Loss 2020 $300,000 2021 480,000 2022 (210,000) 2023 (290,000) Other information about the company's pension obligation and plan assets is as follows. As of January 1, Projected BenefitObligation Plan Assets(market-related asset value) 2020 $4,000,000 $2,400,000 2021 4,520,000 2,200,000 2022 5,000,000 2,600,000 2023 4,240,000 3,040,000 Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Instructions (Round to the nearest dollar.) Prepare a…
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