INTERMEDIATE ACCOUNTING-MYLAB W/ETEXT
3rd Edition
ISBN: 9780136946601
Author: GORDON
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 19, Problem 19.24BE
To determine
The value of closing balance of PVDBO under IFRS.
Given information:
PVDBO at the beginning is $678,000.
Service Cost is $54,000.
Interest on beginning PVDBO is $56,900.
Actuarial gains are $98,543.
Benefit payment made to retirees is $29,780.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
The following data relate to Voltaire Company's defined benefit pension plan:
($ in millions)
Plan assets at fair value, January 1
Expected return on plan assets
Actual return on plan assets
Contributions to the pension fund (end of year)
Amortization of net loss
Pension benefits paid (end of year)
Pension expense
$600
60
48
100
10
11
72
Required:
Determine the amount of pension plan assets at fair value on December 31.
Hi,
Help with attached question, thank you!
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 isarrow_forwardAns in TXT formarrow_forwardplease help mearrow_forward
- The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the yeararrow_forwardThe following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%arrow_forwardAt the beginning of current year, Maximus Company hada projected benefit obligation of P10,000,000 and a pension The entity provided the following information related to the Problem 18-20 (IAA) fund with a fair value of P9,200,000. pension plan during the current year: Current service cost Actual return on the pension fund Benefits paid to retirees Contribution to the pension fund Discount rate Expected return on pension fund 1,200,000 250,000 1,100,000 1,050,000 10% 1. What is the pension expense for the current year? a. 1,272,000 b. 2,100,000 c. 1,850,000 d. 1,050,000 2. What is the remeasurement gain or loss for the current year? a. 578,000 gain b. 578,000 loss c. 250,000 gain d. 250,000 loss 3. What is the pension asset or liability at year-end? a. 1,600,000 liability b. 1,600,000 asset 800,000 liability d. c. 800,000 assetarrow_forward
- The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required:Determine the amount of pension plan assets at fair value on December 31.arrow_forwardThe following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook Airarrow_forwardCarla Vista Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, December 31, 2020 2020 Vested benefit obligation $1,620 $1,780 Accumulated benefit obligation 1,780 2,720 Projected benefit obligation 2,550 3,590 Plan assets (fair value) 1,650 2,800 Settlement rate and expected rate of return 10 % Pension asset/liability 900 ? Service cost for the year 2020 390 Contributions (funding in 2020) Benefits paid in 202- 680 180 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d)…arrow_forward
- Integrity Company provides retirement benefits to employees through defined benefit plan. The trustee administering the plan and your analysis of the plan provided the following information for the year ended December 31, 2021: *Plan assets at fair value, January 1-P1,250,000 *Benefit obligation, January 1-P1,350,000 *Contribution to the fund P2,360,000 *Service cost-P2,000,000 *Discount rate-9% *Actuarial loss on defined benefit obligation - P50,000 *Actuarial loss on plan assets - P2,000 *Past service cost because of plan amendment - P300,000 *Benefits paid - P120,000 How much is the retirement benefit cost that is taken to other comprehensive income for the year 2021? A. 52,000 B. 50,000 C. 2,000 D. 0arrow_forwardThe following information relates to Black Corporation's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) $640,000,000 54,000,000 44,000,000 94,000,000 Amortization of net loss Pension benefits paid (end of year) Pension expense 36,000,000 64,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan ($ in millions) Plan assets beginning of the year Plan assets end of the yeararrow_forwardSubject - account Please help me. Thankyou.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning