The 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, X Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) 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) ($ in 000s). Jan. 1 $5,800 3,000 7,080 1,010 728 Dec. 31 $6,080 4,120 7,525 72 510 465 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 sign and debit amounts with a positive sign. Enter your answers in thousands (.e. 200,000 should be entered as 200).)

The 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, X Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) 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) ($ in 000s). Jan. 1 $5,800 3,000 7,080 1,010 728 Dec. 31 $6,080 4,120 7,525 72 510 465 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 sign and debit amounts with a positive sign. Enter your answers in thousands (.e. 200,000 should be entered as 200).)

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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The following information is available for WJB Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Liability Liability 2023 Liability 175,000 165,000 Amount 35,000 7% 8% 44,000 22,200 2024 ? ? $47,250 7% 6% 44,000 On January 1, 2023, WJB amended its pension plan, resulting in past service costs with a present value of $78,400. 25,900 2025 ? Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that WJB accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) ? $52,500 7% 7% 44,000 30,300
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The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,300 $ 4,580 Accumulated benefit obligation 3,725 3,970 Plan assets (fair value) 4,830 5,275 Interest (discount) rate, 9% Expected return on plan assets, 10% Prior service cost—AOCI (from Dec. 31, 2020, amendment) 860 Net loss—AOCI 503 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 42 Contributions to pension fund (end of year) 360 Pension benefits paid (end of year) 315 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 sign and debit amounts…
Sandhill 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 $ $91,600 104,400 10,800 64,600 40,300 650,000 692,000 150,000 11%
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $480 350 75 45 P80 balance, January 11 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets. Contributions 2024 26 (36) 23 65 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $13 million.
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Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Items Pension Experse Balance, January 1, 2020 91200 Service cost 61801 Interest cost T 62800 Actual return 9800 Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec 31, 2020 eTextbook and Media List of Accounts $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100 9% eTextbook and Media 100003 Dr. Dr. cr. Cash Debit 104700 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do na indent manually. If no entry is required, select "No Entry" for the account titles and…
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What's AllenCo's total "pension expense" for 2020?
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 ($ millions) $600 300 85 65 28 (60) 13 75 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $16 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1…
Buffalo Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,761,900 Accumulated benefit obligation 1,970,300 Fair value of plan assets 2,283,700 Accumulated OCI (PSC) 207,900 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,600 Pension liability 478,200 Other pension plan data for 2020: Service cost $94,400 Prior service cost amortization 42,000 Actual return on plan assets 128,900 Expected return on plan assets 174,500 Interest on January 1, 2020, projected benefit obligation 251,500 Contributions to plan 94,200 Benefits paid 141,200 (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…