The following information is available for the pension plan of Wildhorse Company for the year 2025.Actual and expected return on plan assetsBenefits paid to retirees$14,00041,500Contributions (funding)94,400Interest/discount rate10%Prior service cost amortization7,800Projected benefit obligation, January 1, 2025479,000Service cost62,500(a)Your answer is correct.Compute pension expense for the year 2025.(b)Pension expense for 2025eTextbook and MediaSolutionList of AccountsYour answer is incorrect.104200 iAssistance UsedAttempts: unlimitedPrepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCredit

A. Pension expense for 2025ParticularAmountService cost62,500Interest cost47,900Actual and expected…

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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 4E

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The following information is available for the pension plan of Cullumber Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $15,500 38,300 88,400 9% 8,500 550,000 61,100
The following information is available for the pension plan of Carla Vista Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100
The following information is available for the pension plan of Carla Vista Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. $13,800 40,000 91,300 9% 8,200 496,000 65,400
The following information is available for the pension plan of Wildhorse Company for the year 2020. Actual and expected return on plan assets $ 15,800 Benefits paid to retirees 39,500 Contributions (funding) 88,700 Interest/discount rate 11 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 548,000 Service cost 60,000 (a) Correct answer icon Your answer is correct. Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
The following facts apply to the pension plan of Cullumber Inc. for the year 2025. Plan assets, January 1, 2025 Projected benefit obligation, January 1, 2025 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2025 $490,400 490,400 Using this data, compute pension expense for the year 2025. As part of your solution, prepare a perision worksheet that shows the journal entry for pension expense for 2025 and the year-end balances in the related pension accounts. (Enter all amounts as positive) Service cost 8% 38,500 27,300 48.000 32.500 Annual Pension Expense General Journal Entries Cash CULLUMBE Pension Works!
A partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??
Wildhorse 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. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
Please provide answer with calculation and Explain the correct and incorrect option
Carla Vista Corp. provides the following information about its post-retirement health-care benefit plan for the year 2023: Current service cost Contribution to the plan Actual return on plan assets $204,000 47,850 142,400 85,000 Benefits paid Plan assets at January 1, 2023 1,599,500 Defined post-retirement benefit obligation at January 1, 2023 1,819,000 Discount rate 9% Assume all pension transactions occur at the end of the year. (a1) Assuming Carla Vista applies IFRS, complete a post-retirement work sheet for 2023. Post Retirement Item Remeas. (Gain)/Loss (OCI) Benefit Expense Opening balance Service cost Net interest/finance cost Remeasurement loss-asset Contributions Benefits paid Expense entry Funding entry Ending balance > General Journ > >
Compute pension expense for the year 2025.
The pension worksheet for Pharoah Company is shown below. Pharoah Company Items Balance, Jan. 1, 2025 Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets ?? $184000 cr $137000 dr (a) Service Cost $52000 dr (b) Interest Cost 32000 dr (c) Actual Return 29000 cr (d) Contributions $57000 cr 57000 dr (e) Benefits 27000 dr 27000 cr Journal Entry for 2025 $55000 dr $57000 cr Balance, Dec. 31, 2025 ?? $211000 $167000 What is the Pension Asset/Liability balance on January 1, 2025? $44000 Liability $89000 Liability O $47000 Liability O $47000 Asset
Vishu

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