Balance, 01/01/2020 Service cost Past service cost Net interest/finance cost Contributions Annual Pension Expense Oriole Corporation Pension Work Sheet-2020 General Journal Entries Cash Net Def. Benefit Liab/Asset Defined Benefit Obligation Memo Record Plan Assets
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- 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…Cullumber Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $91,100 103,300 9,400 65,100 40,500 650,700 694,300 151,900 10%View Policies Current Attempt in Progress The following facts apply to the pension plan of Cullumber Inc. for the year 2020. Plan assets, January 1, 2020 Projected benefit obligation, January 1, 2020 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2020 Using the preceding data, compute pension expense for the year 2020. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2020 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) Service cost Interest cost Actual return Contributions Benefits Journal entry, December 31 $ Balance, December 31, 2020 $ eTextbook and Media $501,700 501,700 8 % 43,600 25,400 52,100 33,600 Annual Pension Expense > > $ $ General Journal Entries Cash C Pensi >
- Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%Computing Pension Expense, Gain/Loss Amortization, PBO, and Plan Asset Balances The following data relate to a defined benefit pension plan for Hollistir Co. Fair value of plan assets, Jan. 1, 2020 $9,600 PBO Jan. 1, 2020, not including any items below 12,000 PSC from amendment dated Jan. 1, 2020, (10 years is the amortization period) 6,000 Gain from change in actuarial assumptions, computed as of Jan. 1, 2020 1,800 Actual return on plan assets, 2020 1,200 Contributions to plan assets in 2020 2,400 Benefits paid to retirees in 2020 3,000 Service cost for 2020 5,400 Discount rate 8% Expected rate of return on plan assets 10% Required a. Compute pension expense for 2020. Hollistir amortizes the full pension gain/loss over average service life of 15 years, using the straight-line method. Pension expense, 2020 b. Compute PBO at December 31, 2020. PBO, Dec. 31, 2020 c. Compute fair value of plan assets at December 31, 2020. Fair…Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…
- Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020: Plant Assets Balance at January 01, 2020 Expected return on plan assets 600 61 Contribution received 49 Benefits paid Actuarial gain (balancing figure) -40 15 685 Plant Liabilities: Balance at January 01, 2020 640 Interest cost 52 Current Service Cost 21 Benefit paid Actuarial gain (loss) (balancing figure) -40 42 715 Calculate: (i) Pension expense to be recognised in profit or loss for the year ended December 31, 2020. (ii) Net liabilities to be shown in the Statement of Financial Position as of December 31, 2020Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $ $91,600 104,400 10,800 64,600 40,300 650,000 692,000 150,000 11%Wildhorse Company provides the following information about its defined benefit pension plan for the year 2020. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate Items Pension Experse Balance, January 1, 2020 91200 Service cost 61801 Interest cost T 62800 Actual return 9800 Amortization of PSC Contributions Benefits Journal entry for 2020 Accumulated OCI, Dec 31, 2019 Balance, Dec 31, 2020 eTextbook and Media List of Accounts $91,200 104,700 9,800 62,800 40,500 632,600 686,700 152,100 9% eTextbook and Media 100003 Dr. Dr. cr. Cash Debit 104700 Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do na indent manually. If no entry is required, select "No Entry" for the account titles and…
- Following information is relevant to a defined benefit pension plan of PT XYZ for the year2020: Plant AssetsBalance at January 01, 2020 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15Total 685 Plant Liabilities:Balance at January 01, 2020 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancingfigure) 42Total 715 Calculate:(i) Pension expense to be recognised in profit or loss for the year ended December 31,2020.(ii) Net liabilities to be shown in the Statement of Financial Position as of December31, 2020Sheridan 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 following facts apply to the pension plan of Cullumber Inc. for the year 2025. Plan assets, January 1, 2025 Projected benefit obligation, January 1, 2025 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees Items Balance, January 1, 2025 $490,400 490,400 Using this data, compute pension expense for the year 2025. As part of your solution, prepare a perision worksheet that shows the journal entry for pension expense for 2025 and the year-end balances in the related pension accounts. (Enter all amounts as positive) Service cost 8% 38,500 27,300 48.000 32.500 Annual Pension Expense General Journal Entries Cash CULLUMBE Pension Works!