ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000

ation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7E

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Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year: PBO: Balance, Jan. 1 $ 235,000 Service cost 36,000 Interest cost (5% discount rate) 11,750 Gain from changes in actuarial assumptions in 2021 (4,500 )Benefits paid to retirees (15,000 )Balance, Dec. 31 $ 263,250 Plan assets: Balance, Jan.1 $ 245,000 Actual return (expected return was $22,000) 20,000 Contributions 30,000 Benefits paid (15,000 )Balance, Dec. 31 $ 280,000 ABO, Dec. 31 $ 239,500 January 1, 2021, balances: Prior service cost–AOCI (amortization $5,075/yr.) 5,075 Net gain–AOCI (amortization, if any, over 15 years) 50,750 There were no other relevant data. Required:1. Calculate the 2021 pension expense.2. Prepare the 2021 journal entries to record pension expense and funding.3. Prepare any journal entries to record any 2021 gains or losses.
Sharp Inc. had the following balances related to their Pension trust fund as of January 1, 2022 Plan Assets Projected Benefit Obligation. Pension Liability.. Accumulated Other Comprehensive Income - Prior Service Cost. Accumulated Other Comprehensive Income - Pension Gains/Losses. 235,000 dr 243,600 cr 8,600 cr -0- 5,820 cr Sharp Inc.'s pension plan required the following adjustments for the year 2022. 55,000 43,000 7% Plan Amendment for Prior Service Cost Annual Service Cost. Settlement Rate Actual Return on Plan Assets. Expected Return on Plan Assets. Funding Contributions, Benefits Paid.. Amortization of Prior Service Cost (straight line). 17.400 25,000 L36,000 35,250 5,000 You may use a blank pension worksheet provided to help answer the following question. Sharp Inc. will report Pension Expense for the year 2022 of what amount? O a $39,052 Ob $43,902 Oc S62,560 O d. $59,102 O e $93,902

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bartleby, a Learneo, Inc. business

	December 31, 2014	December 31, 2015
Projected benefit obligation	$2,000,000	$2,200,000
Accumulated benefit obligation	1,380,000	1,440,000
Fair value of pension plan assets	1,300,000	1,480,000