The following data are for the pension plan for the employees of Cullumber Company.1/1/2112/31/2112/31/22Accumulated benefit obligation$7350700$7645600$9968000Projected benefit obligation79982008232800 10689500Market-related asset value746840083506009015100Plan assets (at fair value)776280088244009904500Unrecognized net lossSettlement rate (for year)01453000149260010%9%Expected rate of return (for year)9%8%Cullumber's contribution was $1248800 in 2022 and benefits paid were $1104800. Cullumber estimates that the average remainingservice life is 15 years. The actual return on plan assets in 2022 was $752700. The unexpected gain on plan assets in 2022 wasO $37904.O $138396.$84652.O $46748.

Step 1:Computation of the expected return on plan assets in 2022:Expected return on plan assets in…

Answered: The following data are for the pension…

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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Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. Fair value of plan assets (1/7/2019) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $324 000 The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%. REQUIRED: Select the most appropriate accounting treatments and amounts for two following statements. • At 30 June 2020, the net defined benefit is a(n) v with a balance of • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial v on the plan assets at an amount of
A-1
The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
The following data are for the pension plan for the employees of Carla Vista Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 $5700000 $107000. $35300. $41300. $102300. 6100000 5300000 0 12/31/20 $ 5900000 6300000 6700000 1023000 11% 9% 12/31/21 $ 7500000 8100000 7300000 1070000 10% Carla Vista's contribution was $910000 in 2021 and benefits paid were $820000. Carla Vista estimates that the average remaining service life is 10 years. The corridor for 2021 was $670000. The amount of AOCI-net loss amortized in 2021 was 7%
The following information related to Company DDD's pension plan: Plan asset, January 1, 20x8 Defined benefit obligation, January 1, 20x8 Average remaining working life of employees at January 1, 20x8 Service cost for 20x8 Discount rate at January 1, 20x8 Expected return on plan asset at January 1, 20x8 Remeasurement loss arising in 20x8 Past service cost Vesting period for past service cost 2. P950,000 1,000,000 10 years 90,000 10% 100,000 15,000 30,000 2 years What amount of defined benefit cost should be recognized during 20x8?
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $201,000 $321,000 $416,000 Accumulated benefit obligation 192,000 287,000 381,000 Fair value of plan assets 156,000 252,000 448,000 Accumulated OCI--gains -0- 41,000 237,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $82,000 in 2021 and benefits paid were $45,000. The amount of accumulated OCI-gains amortized in 2021 is $_________. (If there should be no…
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Cullumber Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. Vested benefit obligation Accumulated benefit obligation Projected benefit obligation Plan assets (fair value) Settlement rate and expected rate of return Pension asset/liability Service cost for the year 2020 Contributions (funding in 2020) Benefits paid in 202- Actual return on the plan assets $ Net pension liability gains and losses $ (a) Compute the actual return on the plan assets in 2020. Net gain or loss amortization January 1, 2020 $1,640 (d) Compute pension expense for 2020. Pension expense 2,060 $ $ 2,390 1,770 620 230 December 31, 2020 $2,060 2,610 3,230 2,490 (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 10 % ? (c) Compute the amount of net gain or loss…
* Your answer is incorrect. The following data are for the pension plan for the employees of Cullumber Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5034000 O $624000. $424000. • $334000. $534000. 5434000 4634000 0 12/31/25 $5234000 5658000 6034000 994000 9% 7% 12/31/26 $6834000 7434000 6658000 1034000 8% 6% Cullumber's contribution was $874000 in 2026 and benefits paid were $784000. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2026 was
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