HelpSave & ExitSubmitHall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar yearare shown below:Case 1(232,200) S 212,000(6,100)12,100(1,510,000)(1,710,000)2,010,000Саве 2Net loss (gain), Jan. 1Loss (gain) on plan assetsLoss (gain) on PB0ABO, Jan. 1PBO, Jan. 1Plan assets, Jan.1Average remaining service periodof active employees (years)2,100(221,000)(1,360,000)(1,610,000)1,460,0001210Required:1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of pensionexpense for the current year.2. Determine the net loss or gain as of December 31 of the current year.Complete this question by entering your answers in the tabs below.Required 1Required 2For each independent case, calculate amortization of the net loss or gain that should be included as a component of pensionexpense for the current year. (Input all amounts as positive values.)Case 1Case 2Net loss or gainLess 10% corridor0.%$.ExcessService period (yrs)Next >< Prev36 of 39Question no....pagesQuestion no....pages-pdfMacBook Air%24%24%24

The ways of determining the value of company assets over time are amortization and depreciation.…

Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Case 2 212,000 2,100 (221,000) (1,360,000) (1,610,000) 1,460,000 Case Net loss (gain), Jan. 1 Loss (gain) on plan assets Loss (gain) on PBO ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) (232,200) $ (6,100) 12,100 (1,510,000) (1,710,000) 2,010,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of penslon expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year.

Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Case 2 212,000 2,100 (221,000) (1,360,000) (1,610,000) 1,460,000 Case Net loss (gain), Jan. 1 Loss (gain) on plan assets Loss (gain) on PBO ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) (232,200) $ (6,100) 12,100 (1,510,000) (1,710,000) 2,010,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of penslon expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year.

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 4E

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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?
The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ 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 $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook Air
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ 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 $58 million. Net pension…
The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ 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)
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1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 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 P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 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.
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.
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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $480 350 75 45 P80 balance, January 11 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets. Contributions 2024 26 (36) 23 65 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $13 million.
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