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- Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relateto the plan on January 1, 2020. (amounts in thousands). Defined benefit obligationPlan assets (market-related value)Pension asset/liabilityOCI—Loss $340,000$270,000$ 70,000 Cr$ 39,000 On December 31, 2020, the actuary provided the following additional data as a result ofthe operation of the plan during the year. Actual return on plan assetsService costBenefits paid retireesContributionsDiscount (interest) rate $27,000$45,000$41,000$65,0007% 1. Prepare the journal entry to record pension expense and the employer’s contribution tothe pension plan in 2020 2. Indicate the pension-related amounts that would be reported on the income statement andthe statement of financial position for Ridley Corporation for the year 2020Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relateto the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result ofthe operation of the plan during the year.Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognizedby the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution tothe pension plan in 2020.Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Indicate the pension-related amounts that would be reported on the income statement and the statement of financial position for Ridley Corporation for the year 2020.
- Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020.Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (d) Indicate the pension-related amounts that would be reported on the…Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…
- Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORTBlossom Corporation is a publicly traded company and follows IFRS. On December 31, 2022, Blossom's financial records indicated the following information related to the company's defined benefit pension plan: Defined Benefit Obligation Pension Plan Assets Blossom Corporation's actuary provided the following information on December 31, 2023: Discount rate Current year service cost Prior service cost, granted Jan 1, 2023 Employer contributions for the year Benefits paid to retirees Expected return on assets Actual return on assets (a) Balance, January 1, 2023 Current Service Cost $1,360,000 Prior Service Cost 1,520,000 Net Interest/Finance Cost Prepare a pension worksheet for Blossom Corporation for 2023. Asset Remeasurement Gain/Loss $80,000 Net Funding Entry 194,000 84,000 31,000 Employer Contributions to Pension Fund Balance, December 31, 2023 Defined Benefit Expense Entry - 2023 5% 6% Benefits Paid to Retirees from Pension Fund 5% Remeasurement Gain/Loss (OCI) < Annual Defined Benefit…
- Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (fair value) $2,200,000 Projected benefit obligation 2,400,000 Pension asset/liability 200,000 Cr. Prior service cost 300,000 OCI – Loss 260,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data at December 31, 2020. Service cost for 2020 $280,000 Actual return on plan assets in 2020 180,000 Amortization of prior service cost 60,000 Contributions in 2020 460,000 Benefits paid retirees in 2020 320,000 Settlement rate 7% Expected return rate 8% Average remaining service life of active…Blue Corp., provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2021:Defined benefit obligation, Dec.31, 2021 - P600,000Fair value of plan assets, Dec.31, 2021 - 825,000Service cost - 240,000Interest on defined benefit obligation - 24,000Past service cost - 60,000Expected return and interest revenue on plan assets - 33,000In its December 31, 2021 statement of financial position, Blue Corporation reported a pension asset/ liability ofBlue Corp., provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2021:Defined benefit obligation, Dec.31, 2021 - P600,000Fair value of plan assets, Dec.31, 2021 - 825,000Service cost - 240,000Interest on defined benefit obligation - 24,000Past service cost - 60,000Expected return and interest revenue on plan assets - 33,000In its December 31, 2021 statement of financial position, Blue Corporation reported a pension asset/ liability of Choices: Pension liability of P600,000 Pension asset of P824,000 Pension asset of P225,000 Pension liability of P525,000