Please put all of the necessary information and computations for better understanding. Thank you. 16. On January 1, 2019, Crowther Co.'s estimated a present value of defined benefit obligation ofP440,000 based on a settlement rate of 12 percent. Pension benefits paid to retirees totaledP60,000. Service costs for 2019 amounted to P148,000. The fair values of the plan assets wereP350,000 and P400,000 on December 31, 2018, and December 31, 2019, respectively. Theprojected benefit obligation at December 31, 2019, wasа. 528,000b. 580,800c. 630,800d. 640,80017. The following information relates to the defined benefit pension plan for the McDonaldCompany for the year ending December31, 2019.Present value of defined benefit obligation, Jan. 14,600,000Present value of defined benefit obligation, Dec. 314,729,000Fair value of plan assets, January 15,035,000Fair value of plan assets, December 315,565,000Expected return on plan assets450,000Amortization of deferred gain32,500Employer contributions425,000Benefits paid to retirees390,000Discount rate10%The return on plan assets for the year isа. 105,000b. 495,000с. 503,500d. 530,00018. Chester Company has a defined benefit plan. The fair value of plan assets on January 1, 2019,was P1,500,000. No unrecognized net loss or gain existed. On December 31, 2019, the fair valueof the plan assets was P1,860,000. Benefits paid to retirees equaled P300,000. Companycontributions to the plan totaled P360,000. The settlement rate was 8 percent, and theexpected long-term rate of return on plan assets was 10 percent. The actual return on planassets wasа. 150,000b. 180,000c. 224,000d. 300,000

Since you have asked multiple question, we will solve the first question for you. If you want any…

16. On January 1, 2019, Crowther Co.'s estimated a present value of defined benefit obligation of P440,000 based on a settlement rate of 12 percent. Pension benefits paid to retirees totaled P60,000. Service costs for 2019 amounted to P148,000. The fair values of the plan assets were P350,000 and P400,000 on December 31, 2018, and December 31, 2019, respectively. The projected benefit obligation at December 31, 2019, was a. 528,000 b. 580,800 c. 630,800 d. 640,800

16. On January 1, 2019, Crowther Co.'s estimated a present value of defined benefit obligation of P440,000 based on a settlement rate of 12 percent. Pension benefits paid to retirees totaled P60,000. Service costs for 2019 amounted to P148,000. The fair values of the plan assets were P350,000 and P400,000 on December 31, 2018, and December 31, 2019, respectively. The projected benefit obligation at December 31, 2019, was a. 528,000 b. 580,800 c. 630,800 d. 640,800

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 7RE

See similar textbooks

Similar questions

In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.
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.
At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the same amount. During 2019, service cost was €27,500, the discount rate was 10%, actual and expected return on plan assets were €25,000, contributions were €20,000, and benefits paid were €17,500. Based on this information what would be the defined benefit obligation for XYZ Company for 2019? Select one: a. €27,500 b. €285,000 c. €277,500 d. €302,500
At December 31, 2019, Bashful Corporation had a projected benefit obligation of P5,600,000, plan assets of P3,220,000, and prior service cost of P1,270,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2019.
At December 31, 2020, Metlock Corporation had a projected benefit obligation of $504,700, plan assets of $342,200, and prior service cost of $128,700 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020.
Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation $4,640,000 Accumulated benefit obligation 4,540,000 Fair value of plan assets 4,285,000 Accumulated OCI (PSC) 165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension $
The following data is available for Mustang Company's defined benefit plan for the year 2019: P 10,500,000 Benefit obligation, January 1 Fair value of plan assets, January 1 11,600,000 Current service cost 3,100,000 Discount rate Benefits paid to retirees Contribution to the plan Actual return on plan assets Decrease in benefit obligation due to remeasurements Past service cost Final settlement payments Present value of settled benefit obligation 12% 1,800,000 2,450,000 1,500,000 400,000 500,000 470,000 550,000 a. How much is the defined benefit cost to be recognized in profit or loss in 2019? b. How much is the defined benefit cost to be recognized in other the comprehensive income in 2019? c. What is the prepaid/accrued benefit cost at December 31, 2019?
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fair value of plan assets 7,800,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Instructions (a) Determine the projected benefit obligation at December 31, 2020. There are no net gains or losses. (b) Determine the fair value of plan assets at December 31, 2020. (c) Calculate pension expense for 2020. (d) Prepare the journal entry to record pension expense and the contributions for 2020.
At December 31, 2020, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2020.
On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $ 316000 Amortization of prior service costs 70000 Contributions 356000 Benefits paid 331000 Actual return on plan assets 348000 Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2021 is: $5494000. $5653000. $5984000. $5668000.
On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000
On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100