The value of total pension cost for the year. Given information: Fair value of plan assets at the beginning is $8,010. Value of PBO at the beginning is $9,133. Service cost is $1,827. Settlement rate is 8%. Expected rate on plan assets is 4%. Actual return on plan assets is $570. Contribution for the year is $1,060. Benefit paid for the year is $900. AOCI related to prior service cost at the beginning is $2,020. Amortization of prior service cost is $670. Actuarial gain is $3,012. Average remaining service life of the employee base is 5 years

Question

Want to see the full answer?

Answer 1

Question

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

d.

To determine

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

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

A company manufactures custom furniture and uses a process costing system. During the month of September, the company started production on 550 units and completed 440 units. The remaining 100 units were 57% complete in terms of materials and 43% complete in terms of labor and overhead. The total cost incurred during the month for materials was $33,200, and the cost for labor and overhead was $24,800. Using the weighted-average method, what is the equivalent unit cost for materials and conversion costs (labor and overhead)?

Hi, tutor provide answer

Financial Accounting

Answer 2

Question

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

d.

To determine

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

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

d.

To determine

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

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

d.

To determine

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

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

d.

To determine

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

Answer 6

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

Answer 7

Chapter 19, Problem 19.6P

a.

To determine

The value of total pension cost for the year.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

Answer 8

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

Answer 9

b.

To determine

The value of closing balance of plan assets and PBO.

Given information:

Fair value of plan assets at the beginning is $8,010.

Value of PBO at the beginning is $9,133.

Service cost is $1,827.

Settlement rate is 8%.

Expected rate on plan assets is 4%.

Actual return on plan assets is $570.

Contribution for the year is $1,060.

Benefit paid for the year is $900.

AOCI related to prior service cost at the beginning is $2,020.

Amortization of prior service cost is $670.

Actuarial gain is $3,012.

Average remaining service life of the employee base is 5 years

Answer 10

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Answer 11

c.

To determine

The value of the closing balance in accumulated other comprehensive income of current year.

Answer 12

d.

To determine

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

Answer 13

d.

To determine

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

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

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 the total pension cost for the current year.

Concept explainers

The value of the closing balance in accumulated other comprehensive income of current year.

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

Want to see the full answer?

Chapter 19 Solutions