Concept explainers
a.
The value of total pension cost for the year.
Given information:
Fair value of plan assets at the beginning is $954,500.
Value of PBO at the beginning is $1,020,340.
Service cost is $81,500.
Settlement rate is 10%.
Expected rate on plan assets is 16%.
Actual return on plan assets is $123,400.
Contribution for the year is $67,480.
Benefit paid for the year is $47,440.
AOCI related to prior service cost at the beginning is $65,840.
Amortization of prior service cost is $15,500.
Actuarial loss is $78,625.
Average remaining service life of the employee base is 10 years.
b.
The value of closing balance of plan assets and PBO and indicate the funded status of the plan.
Given information:
Fair value of plan assets at the beginning is $954,500.
Value of PBO at the beginning is $1,020,340.
Service cost is $81,500.
Settlement rate is 10%.
Expected rate on plan assets is 16%.
Actual return on plan assets is $123,400.
Contribution for the year is $67,480.
Benefit paid for the year is $47,440.
AOCI related to prior service cost at the beginning is $65,840.
Amortization of prior service cost is $15,500.
Actuarial loss is $78,625.
Average remaining service life of the employee base is 10 years.
c.
The value of closing balance for accumulated other comprehensive income.
Given information:
Fair value of plan assets at the beginning is $954,500.
Value of PBO at the beginning is $1,020,340.
Service cost is $81,500.
Settlement rate is 10%.
Expected rate on plan assets is 16%.
Actual return on plan assets is $123,400.
Contribution for the year is $67,480.
Benefit paid for the year is $47,440.
AOCI related to prior service cost at the beginning is $65,840.
Amortization of prior service cost is $15,500.
Actuarial loss is $78,625.
Average remaining service life of the employee base is 10 years.
d.
To prepare: The
Given information:
Fair value of plan assets at the beginning is $954,500.
Value of PBO at the beginning is $1,020,340.
Service cost is $81,500.
Settlement rate is 10%.
Expected rate on plan assets is 16%.
Actual return on plan assets is $123,400.
Contribution for the year is $67,480.
Benefit paid for the year is $47,440.
AOCI related to prior service cost at the beginning is $65,840.
Amortization of prior service cost is $15,500.
Actuarial loss is $78,625.
Average remaining service life of the employee base is 10 years.
e.
The reconciliation of the closing balance in accumulated other comprehensive income.
Given information:
Fair value of plan assets at the beginning is $954,500.
Value of PBO at the beginning is $1,020,340.
Service cost is $81,500.
Settlement rate is 10%.
Expected rate on plan assets is 16%.
Actual return on plan assets is $123,400.
Contribution for the year is $67,480.
Benefit paid for the year is $47,440.
AOCI related to prior service cost at the beginning is $65,840.
Amortization of prior service cost is $15,500.
Actuarial loss is $78,625.
Average remaining service life of the employee base is 10 years.
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Chapter 19 Solutions
Intermediate Accounting
- Kindly help me with accounting questionsarrow_forwardFOOD BLON NVASIONTH a) b) A-27 Give journal entries, ledger accounts and Balance Sheets under the following methods of treatment of goodwill:- If goodwill is raised and written off. If goodwill is brought in cash and withdrawn from the business. (B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment 85,000) 16. C and D carrying on business in partnership and sharing profits 5/8 & 3/8th require a partner when their Balance Sheet stood as follows. Balance Sheet Liabilities Assets Creditors 10,000 Cash Reserve Fund 20,000 Debtors Capitals: Stock C 40,000 Investment D 20,000 60,000 Plant 90,000 2,400 20,000 10,000 7,600 50,000 90,000 They admit E into partnership giving him 1/8th share on the following terms: Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is to be made for doubtful debts, investments are to be brought in the new firm at an agreed value of 6,000 and Plant to be appreciated by 20 per cent. E brings in 16,000 as his share of…arrow_forwardGeneral Accounting Question solution please fastarrow_forward
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning