INTERM.ACCT.:REPORTING...-CENGAGENOWV2
3rd Edition
ISBN: 9781337909358
Author: WAHLEN
Publisher: CENGAGE L
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Chapter 19, Problem 4E
To determine
Calculate the amount of pension expense of Company V for 2019 and prepare necessary
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At January 1, 2019, Jolly Company had plan assets of P2, 800,000 and a projected benefit obligation of the same amount. During 2019, service cost was P275,000, the settlement rate was 10%, actual and expected return on plan assets were P250,000, contributions were P200,000, and benefits paid were P175,000. Prepare a pension worksheet for Jolly Company for 2019.
The following facts for Storm plc apply to the pension plan for 2019.1. Annual service cost is 18,0002. Discount Rate is 10%3. Actual return on plan assets is $22,0004. Annual funding contributions are $34,0005. Benefits paid to retirees during the year are $20,5006. Changes in actuarial assumptions establish the end of year defined benefit obligation at $285,000
Required:a. Prepare a pension worksheet using the following table and given the following opening balances.
b. Prepare the necessary pension journal entries in accordance with IAS 19 pension Benefits for Storm plc for year ending 2019.
Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning
balances: plan assets $199,200; projected benefit obligation $248,000. Other data relating to 3 years' operation of the plan are as
follows.
Annual service cost
Settlement rate and expected rate of return
Actual return on plan assets
Annual funding (contributions)
Benefits paid
Prior service cost (plan amended, 1/1/20)
Amortization of prior service cost
Change in actuarial assumptions establishes
a December 31, 2021, projected benefit obligation of:
2019
$16,200
10 %
18,200
16,200
13,700
2020
$19,000
10 %
21,990
40,200
16,100
161,100
54,000
2021
$26,200
10 %
23,900
48,300
20,700
42,300
511,800
Chapter 19 Solutions
INTERM.ACCT.:REPORTING...-CENGAGENOWV2
Ch. 19 - Prob. 1GICh. 19 - Prob. 2GICh. 19 - Prob. 3GICh. 19 - Prob. 4GICh. 19 - Prob. 5GICh. 19 - Prob. 6GICh. 19 - Prob. 7GICh. 19 - Prob. 8GICh. 19 - Prob. 9GICh. 19 - Prob. 10GI
Ch. 19 - Prob. 11GICh. 19 - Prob. 12GICh. 19 - Prob. 13GICh. 19 - Prob. 14GICh. 19 - Prob. 15GICh. 19 - Prob. 16GICh. 19 - Prob. 17GICh. 19 - Prob. 18GICh. 19 - Prob. 19GICh. 19 - Prob. 20GICh. 19 - Prob. 21GICh. 19 - Prob. 22GICh. 19 - Prob. 23GICh. 19 - The actuarial present value of all the benefits...Ch. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MCCh. 19 - Prob. 6MCCh. 19 - Which of the following is not a component of...Ch. 19 - Prob. 8MCCh. 19 - Prob. 9MCCh. 19 - Prob. 10MCCh. 19 - Prob. 1RECh. 19 - Prob. 2RECh. 19 - Pinecone Company has plan assets of 500,000 at the...Ch. 19 - Prob. 4RECh. 19 - Prob. 5RECh. 19 - Prob. 6RECh. 19 - Prob. 7RECh. 19 - Prob. 8RECh. 19 - Given the following information for Tyler Companys...Ch. 19 - At the beginning of Year 1, Cactus Company has...Ch. 19 - Prob. 11RECh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - Prob. 3ECh. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Refer to the information provided in E19-13....Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Prob. 11PCh. 19 - Prob. 12PCh. 19 - Prob. 1CCh. 19 - Prob. 2CCh. 19 - Prob. 3CCh. 19 - Prob. 4CCh. 19 - Prob. 5CCh. 19 - Prob. 6CCh. 19 - Prob. 7CCh. 19 - Prob. 9C
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