The following information relates to the pension plan for the employees of Blossom Company:Accum. benefit obligationProjected benefit obligationFair value of plan assetsAOCI - net (gain) or lossSettlement rate (for year)Expected rate of return (for year)1/1/25$794000084650007625000O $26250.O $17456.O $20238.O $14188.012/31/25$836000091580009620000(1382000)11%8%12/31/26$113000001270700010754000(1550000)11%7%Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026and benefits paid were $987000.The amount of AOCI (net gain) amortized in 2026 is

The sale price of an asset is its fair value. A buyer and seller will only agree to this when it is…

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 O $26250. O $17456. O $20238. O $14188. $7940000 8465000 7625000 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 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is

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 O $26250. O $17456. O $20238. O $14188. $7940000 8465000 7625000 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 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is

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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A-1
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) 1. Amount amortized to 2024 pension expense 2. Pension expense 3. Net gain ($ in thousands) $ 349 3,070 3,100 2,600 The rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $42,000 decrease in the estimate of that obligation. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024. 2. Assume the net pension expense for 2024, not including the amortization of the net gain component, is $344,000. What is pension expense for the year? 3. Determine the net…
* 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
A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OO
The following data are for the pension plan for the employees of Oriole Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5500000 $ 7100000 Projected benefit obligation 5700000 5900000 7700000 Plan assets (at fair value) 4900000 6300000 6900000 AOCL - net loss 987000 1030000 Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 7% Oriole's contribution was $870000 in 2021 and benefits paid were $780000. Oriole estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2021 was $560000. The unexpected gain on plan assets in 2021 was $70000. $77000. $119000. O $130000.
The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.
Please provide answer with calculation and Explain the correct and incorrect option
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The following information relates to the pension plan for the employees of RR Co.: 1/1/19 12/31/19 12/31/20 Defined benefit obligation P5,580,000 P5,976,000 P8,004,000 Fair value of plan assets 5,100,000 6,240,000 6,888,000 Net (gain) or loss 0 (164,000) (96,000) Discount rate (for year) 11% 11% RR estimates that the average remaining service life is 16 years. RR's contribution was P756,000 in 2020 and benefits paid were P564,000. The actual return on plan assets in 2020 is?