View Policies Current Attempt in Progress Presented below is pension information related to Sheridan, Inc. for the year 2026: Service cost Interest on projected benefit obligation Interest on vested benefits Amortization of prior service cost due to increase in benefits Actual return on plan assets $460000 O $945000. O $850000. O $660000. O $725000. 295000 125000 65000 95000 If the actual return equals the expected return on plan assets, the amount of pension expense to be reported for 2026 is

View Policies Current Attempt in Progress Presented below is pension information related to Sheridan, Inc. for the year 2026: Service cost Interest on projected benefit obligation Interest on vested benefits Amortization of prior service cost due to increase in benefits Actual return on plan assets $460000 O $945000. O $850000. O $660000. O $725000. 295000 125000 65000 95000 If the actual return equals the expected return on plan assets, the amount of pension expense to be reported for 2026 is

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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Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.
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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ 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.
Carla Vista Inc. has beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Plan Assets Obligation Value $930,000 $837,000 1,162,500 1,023,000 1,488,000 1,348,500 2027 1,953,000 1,860,000 2024 2025 2026 The average remaining service life per employee in 2024 and 2025 is 8 years and in 2026 and 2027 is 11 years. The net gain or loss that occurred during each year is as follows: 2024, $153,450 gain; 2025, $37,200 gain: 2026, $27.900 loss; and 2027. $13,950 loss. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the 4 years, setting up an appropriate schedule. (Round answers to O decimal places, eg. 22,500) Year Minimum Amortization of Loss 2024 2025 2026 2027 s S S $
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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Blossom Inc. has beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets. Projected Benefit Obligation Plan Assets Value 2024 $1,080,000 $972,000 2025 1,350,000 1,188,000 2026 1,728,000 1,566,000 2027 2,268,000 2,160,000 The average remaining service life per employee in 2024 and 2025 is 8 years and in 2026 and 2027 is 11 years. The net gain or loss that occurred during each year is as follows: 2024, $178,200 gain; 2025, $43,200 gain; 2026, $32,400 loss; and 2027, $16,200 loss. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the 4 years, setting up an appropriate schedule. (Round answers to O decimal places, e.g. 22,500.)
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The pension worksheet for Carla Vista Industries is shown below. Carla Vista Industries Pension Worksheet General Journal Entries Memo Record Annual Pension Projected Pension Items Expense Cash Asset/ Liability Benefit Obligation Plan Assets Balance, Jan. 1, 2025 $22000 dr $259000 cr $281000 dr (a) Service Cost $63000 dr 63000 cr (b) Interest Cost 34000 dr 34000 CE (c) Actual Return 35000 cr 35000 dr (d) Contributions $49000 cr 49000 dr (e) Benefits ?? dr 22 cr Journal Entry for 2025 $62000 dr $49000 cr 13000 cr Balance, Dec. 31, 2025 $9000. dr 22 $279000 What amount of benefits were paid during 2025? O $63000 O $86000 O $49000 O $62000
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Sunland 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. +A Pension expense for 2025 $ $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11%