Sunland Corporation had a projected benefit obligation of $3,323,000 and plan assets of $3,561,000 at January 1, 2025. Sunland also had a net actuarial loss of $525,700 in accumulated OCI at January 1, 2025. The average remaining service period of Sunland's employees is 8.0 years. Compute Sunland's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $ eTextbook and Media

Sunland Corporation had a projected benefit obligation of $3,323,000 and plan assets of $3,561,000 at January 1, 2025. Sunland also had a net actuarial loss of $525,700 in accumulated OCI at January 1, 2025. The average remaining service period of Sunland's employees is 8.0 years. Compute Sunland's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $ eTextbook and Media

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 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...

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Sunland Corporation had a projected benefit obligation of $3,323,000 and plan assets of $3,561,000 at January 1, 2025. Sunland also had a net actuarial loss of $525,700 in accumulated OCI at January 1, 2025. The average remaining service period of Sunland's employees is 8.0 years. Compute Sunland's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $
Sandhill Corporation had a projected benefit obligation of $3,210,000 and plan assets of $3,371,000 at January 1, 2025, Sandhill also had a net actuarial loss of $444,740 in accumulated OCI at January 1, 2025. The average remaining service period of Sandhill's employees is 6.9 years. Compute Sandhill's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $ 62
Ivanhoe Corporation had a projected benefit obligation of $3,233,000 and plan assets of $ 3,394,000 at January 1, 2025. Ivanhoe also had a net actuarial loss of $442,900 in accumulated OCI at January 1, 2025. The average remaining service period of Ivanhoe's employees is 6.9 year.Compute Ivanhoe's minimum amortization of the actuarial loss.
Coronado Corporation had a projected benefit obligation of $2,890,000 and plan assets of $3,097,000 at January 1, 2020. Coronado also had a net actuarial loss of $437,680 in accumulated OCI at January 1, 2020. The average remaining service period of Coronado’s employees is 7.90 years.Compute Coronado’s minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss
Concord Corporation amended its pension plan on January 1, 2020, and granted $162,540of prior service costs to its employees. The employees are expected to provide1,890service years in the future, with360service years in 2020. Compute prior service cost amortization for 2020. Prior service cost amortization for 2020 $
Shamrock Corporation had a projected benefit obligation of $3,104,000 and plan assets of $3,300,000 at January 1, 2020. Shamrock also had a net actuarial loss of $455,600 in accumulated OCI at January 1, 2020. The average remaining service period of Shamrock’s employees is 8.00 years.Compute Shamrock’s minimum amortization of the actuarial loss.
. Minimum amortization of the actuarial loss?
Buffalo Corporation had a projected benefit obligation of $3,280,000 and plan assets of $3,446,000 at January 1, 2020. Buffalo also had a net actuarial loss of $513,520 in accumulated OCI at January 1, 2020. The average remaining service period of Buffalo’s employees is 8.20 years.Compute Buffalo’s minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss $enter Buffalo’s minimum amortization of the actuarial loss
Brown Corp had a projected benefit obligation of $3,000,000 and plan assets of $2,500,000 at January 1, 2021. Brown had a net actuarial loss of $425,000 in Accumulated OCI at January 1, 2021. The average remaining service period of Brown's employees is 8 years. Calculate Brown's minimum amortization of the actuarial loss. $53,125 $18,000 $15,625 $37,500 Fly
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020. Plan assets $550,e00 420,000 Projected benefit obligation U.S.M's actuary determined that 2021 service cost is $75,00O. Both the expected and actual rate of return on plan assets are 8%. The interest (discount) rate is 5%. U.S.M. contributed $135,000 to the pension fund at the end of 2021, and retirees were paid $59,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 2021? 3. What is the plan assets balance at the end of 2021? 4. What is the net pension asset or net pension liability at the end of 2021? 5. Prepare journal entries to record the (a) pension expense, (b) funding of plan assets, and (c) retiree benefit payments. Complete this question by entering your answers in the tabs below.
Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $900,000. The contract price was $1,300,000. Costs of the contract for 2019, the first year, totaled $675,000. What was the gross profit reported by the percentage of completion method for 2019? After the contract was completed at the end of 2020 at a total cost of $950,000, what was the gross profit reported by the percentage of completion method for 2020?
United Supply has a $30 million liability at December 31, 2021, of which $6 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a: Multiple Choice $24 million current liability and a $6 million long-term liability. $30 million long-term liability. $30 million current liability. $6 million current liability and a $24 million long-term liability.