1. Compute 2022 net periodic pension expense.
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- 2. Give the 2022 entries for MPS Company to record pension expense and funding. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO005): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 1,200 Service cost Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions 400 168 Pension benefits paid Ending balance 1,016 (400) P3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook AirA partial pension worksheet for Sunland Corporation is shown below. Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 Annual Pension Expense The service cost for 2025 is ?? General Journal Entries $69000 dr 28000 dr 29000 cr Sunland Corporation Pension Worksheet Cash $69000 cr ?? Pension Asset/ Liability $- ?? Memo Record Projected Benefit Obligation $128000 cr $128000 dr ?? Plan Assets ??
- The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit(Credit) PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance 450 60 55 50 Service cost (85) Interest cost (25) Expected return on assets 55 Gain/loss on assets 3 Amortization of: Prior service cost Net gain/loss (1) Loss on PBO (65) Contributions to fund 40 Retiree benefits paid Ending balance (530) 54 122 What were the retiree benefits paid?The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual PensionExpense Cash OCI—PriorService Cost OCI—Gain/Loss Pension Asset/Liability Projected BenefitObligation PlanAssets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330…
- The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…The following refers to the pension spreadsheet (columns have missing amounts) for the current year for First Republic Corporation (FRC). Plan PSC- Net Loss (Gain)- Pension Net Pension РВО Cash Assets AOCI AOCI Exp. Status Begin Balance 450 60 55 40 Service Cost (85) Interest Cost (25) Expected Return 55 Gain/Loss on 3 assets Amo. of PSC Amo. of Loss/Gain (1) Loss on PBO (65) Contribution to 40 fund Benefit payment End Balance (530) 54 122 What was the FRC's benefit payment?Compute for the following:1. Total pension expense (2021)2. Pension Expense recognized in 2021 profit or loss3. Pension Expense recognized in 2021 other comprehensive income or loss4. Prepaid (accrued) pension expenses - 12/31/21
- Sheridan Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022: For Year Ended December 31 2020 2021 2022 Plan assets (fair value) $52,000 $86,000 $169,000 Defined benefit obligation 63,900 Net actuarial (gain) loss: DBO 8,900 (24,500 ) 84,500 Remeasurement (gain) loss: fund assets ? ? (15,120 ) Employer's funding contribution (made at end of year) 52,000 60,000 95,000 There were no balances as at January 1, 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020, 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $55,000; 2021, $86,000; and 2022, $120,000. No benefits were paid in 2020, but $31,000 was paid in 2021, and $34,000 in 2022. (All benefits were…The pension worksheet for Pharoah Company is shown below. Pharoah Company Items Balance, Jan. 1, 2025 Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets ?? $184000 cr $137000 dr (a) Service Cost $52000 dr (b) Interest Cost 32000 dr (c) Actual Return 29000 cr (d) Contributions $57000 cr 57000 dr (e) Benefits 27000 dr 27000 cr Journal Entry for 2025 $55000 dr $57000 cr Balance, Dec. 31, 2025 ?? $211000 $167000 What is the Pension Asset/Liability balance on January 1, 2025? $44000 Liability $89000 Liability O $47000 Liability O $47000 Asset1. Compute 2022 net periodic pension expense. 2. Give the 2022 entries for MPS Company to record pension expense and funding. 3.Compute the under or overfunded ABO at the beginning and end of 2022.