Stanley Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022. A consulting firm, engeged as actuary, recommends S% as the appropriate discount rate. The service cost is $240,000 for 2021 and $330,000 for 2022. Year-end funding is $250,000 for 2021 and $260,000 for 2022. No assumptions or estimates were revised during 2021 *We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022 (Enter your answers in thousands (Le, 200,000 should be entered as 200)) December 31, 2021 December 31, 2022 1 Projected beret obligalion 2 Plan assets 3 Pension expense

Stanley Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022. A consulting firm, engeged as actuary, recommends S% as the appropriate discount rate. The service cost is $240,000 for 2021 and $330,000 for 2022. Year-end funding is $250,000 for 2021 and $260,000 for 2022. No assumptions or estimates were revised during 2021 *We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022 (Enter your answers in thousands (Le, 200,000 should be entered as 200)) December 31, 2021 December 31, 2022 1 Projected beret obligalion 2 Plan assets 3 Pension expense

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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