Chapter 8, Problem 3Q

Financial Accounting

Hunger Games Corporation has had a defined benefit pension plan for three decades. Two years ago, the company improved the benefits at a cost of $2,800,000. Pension plan assets were $84,000,000 while pension obligations were $76,000,000 at the beginning of the year. For the current year, Hunger Games 's pension plan incurred current service cost of $6,400,000 and interest of $8,600,000. The pension's assets earned $9,000,000, which is $400,000 below expectations. There were no actuarial gains or losses for the year.    Required  Compute the pension expense for the year.   Record the journal entries for Hunger Games's pension plan.

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In the first two years of operations, Expos company reports taxable income of $125,000 and $65,000, respectively. In the first two years, the company paid $50,000 and $13,000. It is now the end of the third year, and the company has a loss of $160,000 for tax purposes. The company carries losses to the earliest year possible. The tax rate is currently 25%.  Required  Compute the amount of income tax payable or receivable in the current (third) year.