The following pension data is available for XYZ Corp for 2024: Description PBO, January 1 PBO, December 31 Plan Assets (fair value), January 1 Amount ($) 320,000 375,000 280,000 Plan Assets (fair value), December 31 310,000 Calculate the amount by which the projected benefit obligation is underfunded at the end of 2024.
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- Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +Arane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.Subject-Acounting
- un.3Vernhey Corporation, which follows ASPE, provides the following information about its defined benefit pension plan for the year 2020: Current service cost Contribution to the plan Past service cost, effective December 31, 2020 Actual return on plan assets Benefits paid Net defined benefit liability at January 1, 2020 Plan assets at January 1, 2020 Defined benefit obligation at January 1, 2020 Interest/discount rate on the DBO and plan assets $144,000 182,600 60,000 160,000 95,000 20,000 1,780,000 1,800,000 9% Instructions 1 Prepare a pension work sheet: insert the January 1, 2020 balances and show the December 31, 2020 balances. Indicate credit entries by parentheses, e g. (25,000). b) Prepare all journal entries. c) What is the amount of the plan's surplus/deficit at December 31, 2020?Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a)Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…
- Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (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 titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…The following pension plan information is for Crane Company at December 31, 2026: Projected benefit obligation Accumulated benefit obligation $ 8400000 7350000 Plan assets (at fair value) 5932000 Accumulated OCI (PSC) 420000 Pension expense for 2026 2400000 Contribution for 2026 1812000 The amount to be reported as the liability for pensions on the December 31, 2026 balance sheet is ○ $1638000. ○ $2468000. ○ $1418000. ○ $2006000.
- nkt.2The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 108 Prior service cost-AOCI (from Dec. 31, 2020, amendment) ($ in 000s) Jan. 1 $5,500 3,785 6,630 Dec. 31 $5,780 4,090 7,075 980 683 Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 6 480 435 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021. (Enter credit amounts with a minus slgn and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).) Net Pension Prior Service Cost-AOCI Net Loss- AOCI Pension Expense…Crane Syrups Company provides the following pension plan information: Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 $1,215,000 1,424,000 157,000 204,000 From the data above, compute the actual return on the plan assets for 2025. Actual return on plan assets for 2025 $