The value of total pension cost for the year. Given information: Fair value of plan assets at the beginning is $1,000,500. Value of PBO at the beginning is $945,000. Service cost is $400,000. Expected and actual return on plan assets is $82,500. Contribution for the year is $300,000. Amortization of prior service cost is $80,000.

Question

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Answer 1

Question

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

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Answer 2

Question

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

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Answer 3

Question

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

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Answer 4

Question

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

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Answer 5

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 6

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 7

Chapter 19, Problem 19.15E

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 8

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 9

b.

To determine

To prepare: The journal entry to record current year pension cost.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 10

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 11

c.

To determine

The value of closing balance of plan assets, PBO, AOCI and funded status of the plan.

Given information:

Fair value of plan assets at the beginning is $1,000,500.

Value of PBO at the beginning is $945,000.

Service cost is $400,000.

Expected and actual return on plan assets is $82,500.

Contribution for the year is $300,000.

Amortization of prior service cost is $80,000.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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. 19.5Q Ch. 19 - Prob. 19.6Q Ch. 19 - Prob. 19.7Q Ch. 19 - Prob. 19.8Q Ch. 19 - Prob. 19.9Q Ch. 19 - Prob. 19.10Q

Solution Summary: The author calculates the value of pension cost for the year ending amounts to 448,676. Journalizing is the process of recording the transactions of an organization in a chronological order.

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