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, 88 Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) Net loss-AOCI if 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) Balance, Jan. 1, 2021 Service cost Interest cost Expected return on assets Adjust for: Loss on assets 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 (i.e. 200,000 should be entered as 200).) Amortization of: Question no....pages ^ PBO Plan Assets Prior Service Cost-AOCI Prev 47 Question no....pages. ($ in 000s) A Jan. 1 $5,500 3,785 6,630 980 683 Net Loss- AOCI Dec. 31 35 of 39 $5,780 4,090 7,075 66 480 435 Pension Expense # Cash Next > Net Pension (Liability) / Asset

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, 88 Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) Net loss-AOCI if 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) Balance, Jan. 1, 2021 Service cost Interest cost Expected return on assets Adjust for: Loss on assets 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 (i.e. 200,000 should be entered as 200).) Amortization of: Question no....pages ^ PBO Plan Assets Prior Service Cost-AOCI Prev 47 Question no....pages. ($ in 000s) A Jan. 1 $5,500 3,785 6,630 980 683 Net Loss- AOCI Dec. 31 35 of 39 $5,780 4,090 7,075 66 480 435 Pension Expense # Cash Next > Net Pension (Liability) / Asset

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 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 $5,780 4,090 7,075 980 683 Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 6 480 435 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021. (Enter credit amounts with a minus slgn and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).) Net Pension Prior Service Cost-AOCI Net Loss- AOCI Pension Expense…
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: ($ 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…
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Computing Pension Expense, Gain/Loss Amortization, PBO, and Plan Asset Balances The following data relate to a defined benefit pension plan for Hollistir Co. Fair value of plan assets, Jan. 1, 2020 $9,600 PBO Jan. 1, 2020, not including any items below 12,000 PSC from amendment dated Jan. 1, 2020, (10 years is the amortization period) 6,000 Gain from change in actuarial assumptions, computed as of Jan. 1, 2020 1,800 Actual return on plan assets, 2020 1,200 Contributions to plan assets in 2020 2,400 Benefits paid to retirees in 2020 3,000 Service cost for 2020 5,400 Discount rate 8% Expected rate of return on plan assets 10% Required a. Compute pension expense for 2020. Hollistir amortizes the full pension gain/loss over average service life of 15 years, using the straight-line method. Pension expense, 2020 b. Compute PBO at December 31, 2020. PBO, Dec. 31, 2020 c. Compute fair value of plan assets at December 31, 2020. Fair…
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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%
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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 $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: (S$ in 000s) Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)) Interest (discount) rate, 8x 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) Jan. 1 $5,000 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 (l.e. 200,000 should be entered as 200).)
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