What is funded status of Barrel Corporation's pension plan at Dęcember 31, Year 7?
Q: The following information relates to the pension plan for the employees of Turner Co.: 1/1/20…
A: Define Benefit Obligation It is the popular method which are used to determine the retirement…
Q: Instructions (a) Determine the pension expense to be reported on the income statement for 2021. (b)…
A:
Q: The following defined pension data of Grouper Corp. apply to the year 2020. For 2020, prepare a…
A:
Q: Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for…
A: Pension expense is the amount business charged as an expense for pension payable to the employees…
Q: Crane Company received the following selected information from its pension plan trustee concerning…
A: Pension expense seems to be the sum that a company levies to expense in connection to its…
Q: Determining Funded Status, Recording Pension Expense, Preparing Worksheet Rico Corporation…
A: Pension Expense- A defined benefit pension plan is one in which the employer promises the employee a…
Q: 11. The following information relates to the defined benefit pension plan for the BBB Company for…
A: Solution:- Calculation of the net pension cost takes to profit and loss for the year 2018 as follows…
Q: Lamont Corporation has a pension plan in which the corporation makes all contributions and employees…
A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…
Q: What information about its pension plan must a publicly traded company disclose in its interim…
A: Pension is a retirement benefit which is generally provided by employers to their employees. Under a…
Q: In pension accounting, the employer's net pension liability:
A: Govermetal accounting standard Board 68 defined the Net pension liabilities. The net pension…
Q: Crane Company received the following selected information from its pension plan trustee concerning…
A: SOLUTION CALCULATION OF PENSION EXPENSE- SERVICE COST 78000 INTEREST ON PBO (1499000*10%)…
Q: At the start of the year,Boy had the following balances in its pension benefit memo records: Fair…
A: Interest costs = Accrued benefit obligations x Discount rate = 3,200,000 x 9% = 288,000
Q: The following data relate to Ramesh Company’s defined benefit pension plan:…
A: A defined benefit pension plan is a type of pension plan that gives benefits to the employee after…
Q: January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000…
A: A defined benefit plan, more commonly known as a pension plan, where you know the pension amount of…
Q: How much is the defined benefit obligation on December 31, 2019? What is the amount of overfunding…
A: Defined Benefit Plan:-This is the benefit enjoyed by the employees how much benefit they will…
Q: The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20…
A: Calculation of actual return on plan assets Fair value of plan assets on 31/12/21 = 12254000 Fair…
Q: RKR Company maintains a fund to cover its pension plan. The following data relate to the fund for…
A: Ending fair value of plan assets = Beginning fair value of plan assets + Actual return +…
Q: A pension plan paid out benefits amounting to $343,200 during the year to retired plan members.…
A: Whenever any benefit is to be paid to member in future out of pension plan,we create 2 things in…
Q: ,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI…
A: Pension expense is the annual cost to an employer of maintaining an employee's pension plan. The…
Q: Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for…
A: The ways of determining the value of company assets over time are amortization and depreciation.…
Q: Ivanhoe, Inc. received the following information from its pension plan trustee concerning the…
A: Particulars Amount($) Service cost 350,000 Add:…
Q: The following data relate to Voltaire Company's defined benefit pension plan: ($ in millions) Plan…
A: Particulars Amount Plan assets at the beginning of the year $600 million Add: Actual…
Q: Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit…
A: Plan assets means investment held for benefit of employees inrelation to defined benefit plans.
Q: Oriole, Inc. received the following information from its pension plan trustee concerning the…
A: amount of pension expense for 2021 = service cost component of pension expense for 2021 +…
Q: Determine the pension asset/liability at December 31, 2019.
A: The projected benefit obligation refers to an actuarial estimate of what the company currently needs…
Q: At December 31, 2020, Sheffield Corporation had a projected benefit obligation of $ 614,800, plan…
A: The pension liability is the amount to be paid employees at the time of retirement.
Q: Sandhill Corporation received the following report from its actuary at the end of the year:…
A: Solution: Projected benefit obligation 4384000 Less: Fair value of pension plan asset -3152000…
Q: For each independent case, calculate any amortization of the net loss or gain that should be…
A: Case POB (A) Plan Asset(B) Greater of (A) and (B) 10% of greater Case 1 3,460 2,950 3,460 346…
Q: Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for…
A: Requirement 1: Particulars Case 1 ($) Case 2 ($) Case 3 ($) Net loss or gain 337,000…
Q: The following are made available for the defined benefit pension plan of ABC Company as of Dec 31,…
A: Fair value of Plan assets as of Dec 31, 20x3 = Fair value of Plan assets as of Jan 1, 20x3 + Actual…
Q: Determining Funded Status, Recording Pension Expense, Preparing Worksheet Rico Corporation…
A: a. In its December 31, 2020, balance sheet, net pension asset is $ 10,000.(85000-75000) Balance…
Q: - The following information relates to the defined benefit pension plan of the McDonald Company for…
A: Return on plan assets for the year = Fair value of plan assets at end - Fair value of plan assets at…
Q: Crane Company received the following selected information from its pension plan trustee concerning…
A: Interest cost = projected benefit obligation opening balance × discount rate
Q: The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20…
A: Formula: The corridor for 2021 amount = Fair value of plan Assets on 12 / 31 / 20 X 10 %
Q: Instruetions: (a) Determine the amounts of the components of pension expense that should be…
A: Pension expense is defined as the equivalent sum recorded by the entity for expenses associated with…
Q: 3. How much from the pension expense is recognized in the 2021 other comprehensive income or loss?…
A: Pension is a type Government Expense however it is beneficial for government retired employees.They…
Q: Crane Company received the following selected information from its pension plan trustee concerning…
A: Pension expense is the amount that will be charged by the business in relation to its liabilities…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.The following information is related to the defined benefit pension plan of Avalanche Corporation for the year: Service cost $ 62,000 Contributions to pension plan 118,000 Benefits paid to retirees 156,000 Plan assets (fair value), January 1 641,000 Plan assets (fair value), December 31 758,000 Actual return on plan assets 155,000 PBO, January 1 925,000 PBO, December 31 923,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $62,000. $89,810. $96,810. $154,500.
- Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). Required: Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other components of pension expense ($ in millions): 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan).Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense ($ in millions):1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2.2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2.3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.The following information relates to the defined-benefit pension plan for the employees of a company: 1/1/21 12/31/21 Fair value of plan assets $245,550 $371,000 Projected benefit obligation 220,000 417,000 Accumulated benefit obligation 187,000 397,000 Accumulated OCI – Gain/Loss 102,570Dr 148,230Dr The company estimates that the average remaining service life is 25 years. The company’s contribution was $79,000 in 2021 and benefits paid were $11,000. Settlement rate for 2021 is 6% and expected rate of return is 10%. The corridor for 2021 is $_________.
- The following information relates to the defined-benefit pension plan for the employees of a company: 1/1/21 12/31/21 Fair value of plan assets $227,000 $364,000 Projected benefit obligation 211,000 408,000 Accumulated benefit obligation 195,000 377,000 Accumulated OCI – Gain/Loss 48,440Dr 163,790Dr The company estimates that the average remaining service life is 25 years. The company’s contribution was $128,000 in 2021 and benefits paid were $13,000. Settlement rate for 2021 is 7% and expected rate of return is 10%. The amount of accumulated OCI-Gain/Loss amortized in 2021 is $_________. (If there should be no corridor amortization, then enter 0. If your answer is a decimal, there is no need to round…On January 1 of the current reporting year, Coda Company's projected benefit obligation was $3,000,000. During the year, pension benefits paid by the trustee were $400,000. Service cost was $875,000 . Pension plan assets earned $325,000 as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Determine the amount of the projected benefit obligation at December 31.Babcock Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Plan assets Balance, January 1 $ 600,000 Balance, January 1 $ 500,000 Service cost 360,000 Actual return 50,000 Interest cost 64,000 Annual contribution 220,000 Benefits paid (90,000) Benefits paid (90,000) Balance, December 31 $ 934,000 Balance, December 31 $ 680,000 The long-term expected rate of return on plan assets is 8%. Assuming no other data are relevant, what is the pension expense for the year?
- Gruber Enterprises started its defined benefit pension plan on January 1, Year 1. By the beginning of Year 3, the company had accumulated $300,000 in pension plan assets and was already making benefit payments to its employees. During Year 3, Gruber paid out $20,000 in benefits and contributed $70,000 to the plan. The plan assets had a fair market value of 5377.000. What was the amount of the retun on plan assets in Year 3? O S7,000 O $27,000 O 537,000 O $47,000Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 $1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…