1819 The following information is used to determine retirement payouts to its employees.20 Calculate the annual benefit using the payout ratio, years worked and average salary.2122 Payout %2324 Years Worked2526253.0%Avg. Salary$40,000Annual Benefit$30,000

Annual benefit refers to the amount of money an individual receives on an annual basis from a…

Answered: The following information is used to…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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(Amortization of Accumulated OCI (G/L), Corridor Approach, Pension Expense Computation) The actuary for the pension plan of Gustafson Inc. calculated the following net gains and losses. Check the below image for net gains and losses , pension obligation and plan assets . Gustafson Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total serviceyears for all participating employees is 5,600. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2017. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Instructions(Round to the nearest dollar.)Prepare a schedule which reflects the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2017, 2018, 2019, and 2020. Apply the “corridor” approach in determining the amount to be amortized…
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Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $47,800 for the period. The pension formula indicated a pension cost of $345,220. Only $299,500 was contributed to the pension plan administrator. Required: a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. 8 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. 18
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Subject : Accounting
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The following information is used to determine retirement payouts to its employees. Calculate the annual benefit using the payout ratio, years worked and average salary. Payout % Years Worked 25 3.0% Avg. Salary $40,000 Annual Benefit $30,000