The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of theyear. Service cost for the year was $10 million. At the end of the year, there was no prior service cost and a negligible net loss–AOCI. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid bythe trustee?

The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of theyear. Service cost for the year was $10 million. At the end of the year, there was no prior service cost and a negligible net loss–AOCI. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid bythe trustee?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 16CE

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The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of the year. Service cost for the year was $10 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee?
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The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
1. The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the projected benefit obligation at year-end?
The PBO was $100 million at the beginning of the year and $108 million at the end of the year. Service cost for the year was $15 million. At the end of year, there were no pension-related other comprehensive income amounts. The actuary's discount rate was 5%. What amount of the retiree benefits paid by the trustee? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
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Please no written by hand solutions Pension plan assets were $80 million at the beginning of the year and $83 million at the end of the year. The return on plan assets was 5%. At the end of the year, cash invested in the pension fund was $7 million. What was the amount of the retiree benefits paid by the trustee?
. Phillip Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75,000; service cost, $18,000; interest cost, $5,000; benefits paid for the year, $9,000; ending PBO, $89,000; the expected return on plan assets, $10,000; and cash deposited with pension trustee, $17,000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a credit to the PBO for: A. $23,000. B. $17,000. C. $18,000. D. $13,000. .
Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…
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Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). Interest cost, $8; expected return on assets, $21; amortization of net loss, $6. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7 million. Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)