INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
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Question
Chapter 19, Problem 19.13E
a.
To determine
The value of total pension cost for the year.
b.
To determine
The value of closing balance of plan assets and PBO and indicate the funded status of the plan.
c.
To determine
The reconciliation of the closing balance in accumulated other comprehensive income of current year.
d.
To determine
To prepare: The
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Use the following Data:
Brunson Corporation Pension Plan
Information for Current Fiscal Year
Beginning balance of plan assets at market value $1,560,000
Actual return on plan assets
Employer's contribution
Distributions to beneficiaries
Service cost
Interest cost
Changes in benefits and assumptions
Beginning balance of the PBO
At the beginning of the year, the pension plan is:
a. overfunded by $20,000.
b. overfunded by $35,000.
c. underfunded by $20,000.
d. underfunded by $35,000.
$210,000
$150,000
$75,000
$125,000
$156,000
$35,000
$1,580,000
Pension data for Barry Financial Services Incorporated include the following:
Discount rate, 7%
Expected return on plan assets, 12%
Actual return on plan assets, 11%
Service cost, 2024
January 1, 2024:
Projected benefit obligation
Accumulated benefit obligation
Plan assets (fair value)
Prior service cost- AOCI (2024 amortization, $50)
Net gain- AOCI (2024 amortization, $12)
There were no changes in actuarial assumptions.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
December 31, 2024:
Cash contributions to pension fund, December 31, 2024
Benefit payments to retirees, December 31, 2024
Required:
1. Determine pension expense for 2024.
2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.
Pension expense
($ in thousands)
$
$ 480
0.0
3,150
2,850
3,250
410
500
Determine pension expense for 2024.
Note: Amounts to be deducted should be indicated with a minus sign.…
At the beginning of current year, Maximus Company hada
projected benefit obligation of P10,000,000 and a pension
The entity provided the following information related to the
Problem 18-20 (IAA)
fund with a fair value of P9,200,000.
pension plan during the current year:
Current service cost
Actual return on the pension fund
Benefits paid to retirees
Contribution to the pension fund
Discount rate
Expected return on pension fund
1,200,000
250,000
1,100,000
1,050,000
10%
1. What is the pension expense for the current year?
a. 1,272,000
b. 2,100,000
c. 1,850,000
d. 1,050,000
2. What is the remeasurement gain or loss for the current
year?
a. 578,000 gain
b. 578,000 loss
c. 250,000 gain
d. 250,000 loss
3. What is the pension asset or liability at year-end?
a. 1,600,000 liability
b. 1,600,000 asset
800,000 liability
d.
c.
800,000 asset
Chapter 19 Solutions
INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
Ch. 19 - What is the allocation period used to expense...Ch. 19 - How do companies account for stock-based...Ch. 19 - Do companies with equity-based compensation plans...Ch. 19 - When accounting for employee stock options, will a...Ch. 19 - Prob. 19.5QCh. 19 - Prob. 19.6QCh. 19 - Prob. 19.7QCh. 19 - Prob. 19.8QCh. 19 - Prob. 19.9QCh. 19 - Prob. 19.10Q
Ch. 19 - Prob. 19.1MCCh. 19 - Prob. 19.2MCCh. 19 - Prob. 19.3MCCh. 19 - Prob. 19.4MCCh. 19 - Prob. 19.5MCCh. 19 - Prob. 19.6MCCh. 19 - Prob. 19.7MCCh. 19 - Prob. 19.8MCCh. 19 - Prob. 19.1BECh. 19 - Prob. 19.2BECh. 19 - Prob. 19.3BECh. 19 - Prob. 19.4BECh. 19 - Prob. 19.5BECh. 19 - Prob. 19.6BECh. 19 - Employee Stock Options, Liability-Classified...Ch. 19 - Prob. 19.8BECh. 19 - Prob. 19.9BECh. 19 - Prob. 19.10BECh. 19 - Prob. 19.11BECh. 19 - Prob. 19.12BECh. 19 - Prob. 19.13BECh. 19 - Prob. 19.14BECh. 19 - Prob. 19.15BECh. 19 - Prob. 19.16BECh. 19 - Prob. 19.17BECh. 19 - Prob. 19.18BECh. 19 - Prob. 19.19BECh. 19 - Prob. 19.20BECh. 19 - Prob. 19.21BECh. 19 - Prob. 19.22BECh. 19 - Prob. 19.23BECh. 19 - Prob. 19.24BECh. 19 - Prob. 19.25BECh. 19 - Prob. 19.26BECh. 19 - Prob. 19.27BECh. 19 - Prob. 19.28BECh. 19 - Prob. 19.1ECh. 19 - Prob. 19.2ECh. 19 - Employee Stock Options. Equity-Classified Awards....Ch. 19 - Prob. 19.4ECh. 19 - Prob. 19.5ECh. 19 - Prob. 19.6ECh. 19 - Prob. 19.7ECh. 19 - Prob. 19.8ECh. 19 - Prob. 19.9ECh. 19 - Prob. 19.10ECh. 19 - Prob. 19.11ECh. 19 - Prob. 19.12ECh. 19 - Prob. 19.13ECh. 19 - Prob. 19.14ECh. 19 - Prob. 19.15ECh. 19 - Prob. 19.16ECh. 19 - Prob. 19.1PCh. 19 - Prob. 19.2PCh. 19 - Prob. 19.3PCh. 19 - Prob. 19.4PCh. 19 - Prob. 19.5PCh. 19 - Prob. 19.6PCh. 19 - Prob. 19.7PCh. 19 - Prob. 19.8PCh. 19 - Prob. 19.9PCh. 19 - Prob. 19.10PCh. 19 - Prob. 19.11PCh. 19 - Prob. 19.12PCh. 19 - Prob. 1JCCh. 19 - Prob. 2FSCCh. 19 - Prob. 1SSCCh. 19 - Prob. 2SSCCh. 19 - Basis for Conclusions Case 1: Are Employee Stock...Ch. 19 - Prob. 2BCC
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