The following refers to the pension spreadsheet (columns have missing amounts) for the current year for First Republic Corporation (FRC). Plan PSC- Net Loss (Gain)- Pension Net Pension РВО Cash Assets AOCI AOCI Exp. Status Begin Balance 450 60 55 40 Service Cost (85) Interest Cost (25) Expected Return 55 Gain/Loss on 3 assets Amo. of PSC Amo. of Loss/Gain (1) Loss on PBO (65) Contribution to 40 fund Benefit payment End Balance |(530) 54 122 What was the FRC's benefit payment?

The following refers to the pension spreadsheet (columns have missing amounts) for the current year for First Republic Corporation (FRC). Plan PSC- Net Loss (Gain)- Pension Net Pension РВО Cash Assets AOCI AOCI Exp. Status Begin Balance 450 60 55 40 Service Cost (85) Interest Cost (25) Expected Return 55 Gain/Loss on 3 assets Amo. of PSC Amo. of Loss/Gain (1) Loss on PBO (65) Contribution to 40 fund Benefit payment End Balance |(530) 54 122 What was the FRC's benefit payment?

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 Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)
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Subject: acounting
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Please provide answer with calculation and Explain the correct and incorrect option
The balance sheet below represents the pension plan of Myers IncorporationASSETS: ( in millions)Pension fund 720Future normal costs 600Unarmortized supplemental liabilities 100Losses from changes in actuarial assumptions. 150TOTAL ASSETS: 1660LIABILITIES: (in millions)Vested accrued benefits. 540Unvested accrued benefits. 220Expected future service costs 900EXPECTED BENEFITS: 1660Required:a). Explain the meaning of each of the terms highlighted in the balance sheet aboveb). Calculate:i). Unfunded vested accrued benefitsii). Unfunded accrued benefitsC). Suppose normal costs do not change, show how the balance sheet would change if:i). The value of securities in the pension fund falls by $50 millionii). The union negotiation increased pension worth $80 million
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