View Policies Current Attempt in Progress The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2020 Service cost Interest cost Actual return Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Contributions Benefits Journal entry, December 31 Balance, December 31, 2020 $501,700 501,700 $ 8 % 43,600 25,400 52,5 33,600 Annual Pension Expense > << General Journal Entries Cash Pensi > << >>

View Policies Current Attempt in Progress The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2020 Service cost Interest cost Actual return Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Contributions Benefits Journal entry, December 31 Balance, December 31, 2020 $501,700 501,700 $ 8 % 43,600 25,400 52,5 33,600 Annual Pension Expense > << General Journal Entries Cash Pensi > << >>

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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Ivanhoe Corp. provides the following information about its post-retirement health-care benefit plan for the year 2020: Current service cost Contribution to the plan Actual return on plan assets Benefits paid Plan assets at January 1, 2020 Defined post-retirement benefit obligation at January 1, 2020 Discount rate (a) $204,500 Post-retirement benefit expense $ 47,750 141,950 91,000 1,597,600 1,823,100 11% Assuming Opsco follows IFRS, calculate the post-retirement benefit expense for 2020.
The following facts apply to the pension plan of Sheridan Inc. for the year 2020. Sheridan applies ASPE. Plan assets, January 1, 2020 $528,000 Defined benefit obligation, funding basis, January 1, 2020 427,000 Defined benefit obligation, accounting basis, January 1, 2020 528,000 Discount/interest rate 8.50% Annual pension service cost 40,600 Contributions 31,700 Actual return on plan assets 53,930 Benefits paid to retirees 33,500 Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Sheridan has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Pension expense $enter Pension expense in dollars Date Account Titles and Explanation Debit Credit December 31, 2020…
The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 (a) Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars Save for Later Attempts: 0 of 1 used Submit Answer (b)
Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %
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Classified Electronics has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 2023. As of the end of 2024, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $84,000. Each of the employees will become fully eligible for benefits after 22 more years of service but aren't expected to retire for 35 more years. The interest rate is 6%. Required: 1. What is the expected postretirement benefit obligation at the end of 2024? 2. What is the accumulated postretirement benefit obligation at the end of 2024? 3. What is the expected postretirement benefit obligation at the end of 2025? 4. What is the accumulated postretirement benefit obligation at the end of 2025? 1. Expected postretirement benefit obligation 2024 2. Accumulated postretirement benefit obligation 2024 3. Expected postretirement benefit obligation 2025…
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What's AllenCo's total "pension expense" for 2020?
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