The accountant for Bramble Corporation has developed the following information for the company's defined-benefit pension plan for 2026: Service cost Actual return on plan assets $570,000 278,000 Annual contribution to the plan 948,000 Amortization of prior service cost 127,800 Benefits paid to retirees 74,000 Settlement rate 10% Expected rate of return on plan assets 8% The accumulated benefit obligation at December 31, 2026, amounted to $3,390,000. (a) Using the above information for Bramble Corporation, complete the pension worksheet for 2026.
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- Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. +A Pension expense for 2025 $ $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11%The Kollar Company has a defined benefit pension plan. Pension Information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,200. b. Prior service cost from plan amendment on January 2, 2024 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $640. d. Service cost for 2025 = $690. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10% f. Payments to retirees in 2024 = $500. g. Payments to retirees in 2025 = $570. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $370. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,300. b. 2024 contributions = $660. c. 2025 contributions = $710. d. Expected…Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 2019 $16,200 10 % 18,200 16,200 13,700 2020 $19,000 10 % 21,990 40,200 16,100 161,100 54,000 2021 $26,200 10 % 23,900 48,300 20,700 42,300 511,800
- Pronghorn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,715,800 Accumulated benefit obligation 1,992,600 Fair value of plan assets 2,283,600 Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 432,200 Other pension plan data for 2020: Service cost $94,600 Prior service cost amortization 42,200 Actual return on plan assets 130,900 Expected return on plan assets 176,500 Interest on January 1, 2020, projected benefit obligation 252,200 Contributions to plan 92,800 Benefits paid 139,600 Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020 is $35,000. Compute the amount of accumulated other comprehensive income reported at December 31, 2020.Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31. 2021, projected benefit obligation of 519,300 Dec. 31, Pension Expense 89618 2021 Pension Asset/Liability 19800 Other Comprehensive Income (G/L) 19118 Other Comprehensive Income (PSC) 41600 Cash 48700The following information is available for the pension plan of Sunland Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900
- At January 1, 2025, Crane Company had plan assets of $254,500 and a projected benefit obligation of the same amount. During 2025, service cost was $26,600, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $20,800, and benefits paid were $16,800. Prepare a pension worksheet for Crane for 2025.The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2020 = $3,650. b. Prior service cost from plan amendment on January 2, 2021 = $750 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2021= $670. d. Service cost for 2022 = $720. e. Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10%. f. Payments to retirees in 2021 = $530. g. Payments to retirees in 2022 = $600. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2021 = $455. j. Net gains and losses are amortized for 10 years in 2021 and 2022. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2021 = $2,60O. b. 2021 contributions = $690. c. 2022 contributions = $740. d. Expected…The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,350. b. Prior service cost from plan amendment on January 2, 2024 = $650 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $650. d. Service cost for 2025 = $700. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10%. f. Payments to retirees in 2024 $510. g. Payments to retirees in 2025 $580. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $375. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,400. b. 2024 contributions $670. c. 2025 contributions $720. d. Expected long-term rate…
- The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,200. b. Prior service cost from plan amendment on January 2, 2024 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $640. d. Service cost for 2025 = $690. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10%. f. Payments to retirees in 2024 = $500. g. Payments to retirees in 2025 = $570. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2024 = $370. j. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,300. b. 2024 contributions = $660. c. 2025 contributions = $710. d. Expected…Presented below is information related to Mikell Department Stores, Inc. pension plan for 2022. Service cost 375,000 Funding contribution for 2022 300,000 Settlement rate used in actuarial computation 8% Expected and actual return on plan assets 7% Amortization of Prior Service Costs 70,000 Amortization of net gains 35,000 Projected benefit obligation (at beginning of year) 420,000 Market-related (and fair) value of plan assets (at beginning of year) 380,000 No benefits were paid during 2022. Required: (a) Compute the amount of pension expense to be reported for 2022. (b) Prepare the journal entry to record pension expense for 2022.Citroen Company provides the following information about its defined benefit pension plan for the year 2021. Service cost $79,000 Contribution to the plan 92,000 Prior service cost amortization 9,500 Actual and expected return on plan assets 61,000 Benefits paid 50,000 Plan assets at January 1, 2021 720,000 Projected benefit obligation on January 1, 2021 770,000 Accumulated OCI (PSC) on January 1, 2021 120,000 Interest/discount (settlement) rate 9% Prepare a pension worksheet. Prepare the journal entry recording pension expense.