Answered: On January 1, 2020, McGee Co. had the…

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 6RE

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Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
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.
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2020: contributions to the plan 400,000 Benefits paid 350,000 On 1/1/2020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate 9% Expected rate of return 7% Amortized Prior Service cost…
On January 1, 2020, McGee Co. had the following balances:             Projected benefit obligation                                            $6,400,000             Fair value of plan assets              6,000,000      Other data related to the pension plan for 2019:          contributions to the plan                                                    400,000          Benefits paid                                                                        350,000         On 1/1/2020, prior service cost was granted having            a present value of                                                                 150,000          Actual return on plan assets                                                 430,000          Settlement rate                                                                          9%          Expected rate of return                                                              7%          Amortized Prior Service cost…
On January 1, 2020, McGee Co. had the following balances:          Projected benefit obligation                                          $6,400,000          Fair value of plan assets 6,000,000      Other data related to the pension plan for 2020:          contributions to the plan                                                    400,000          Benefits paid        350,000         On 1/1/20020, prior service cost was granted having            a present value of                                                                 150,000          Actual return on plan assets                                                  430,000          Settlement rate                                                                            9%          Expected rate of return                                                              7%          Amortized Prior Service cost…
On January 1, 2020, McGee Co. had the following balances:          Projected benefit obligation                                          $6,400,000          Fair value of plan assets 6,000,000      Other data related to the pension plan for 2020:          contributions to the plan                                                    400,000          Benefits paid        350,000         On 1/1/20020, prior service cost was granted having            a present value of                                                                 150,000          Actual return on plan assets                                                  430,000          Settlement rate                                                                            9%          Expected rate of return                                                              7%          Amortized Prior Service cost…
Blossom Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,600 Contribution to the plan 103,900 Prior service cost amortization 10,100 Actual and expected return on plan assets 63,100 Benefits paid 39,600 Plan assets at January 1, 2020 644,100 Projected benefit obligation at January 1, 2020 710,600 Accumulated OCI (PSC) at January 1, 2020 149,400 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020. Pension expense for 2020 $enter the Pension expense for 2020 in dollars
vanhoe Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,500 Contribution to the plan 103,300 Prior service cost amortization 10,300 Actual and expected return on plan assets 62,800 Benefits paid 39,700 Plan assets at January 1, 2020 642,100 Projected benefit obligation at January 1, 2020 712,900 Accumulated OCI (PSC) at January 1, 2020 148,800 Interest/discount (settlement) rate 9 % Compute the pension expense for the year 2020. Pension expense for 2020
On January 1, 2020, Spoon Co. had the following balances: Projected benefit obligation $7,300,000 Fair value of plan assets 7,200,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan Benefits paid 350,000 Interest rate 6% Actual return 432,000 A) Prepare a pension worksheet. You must compute pension expense and ending balances for PBO & PA. B) Prepare the journal entry to record pension expense.. Show all computations for A & B. 360,000
Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) ORIOLE COMPANYPension Worksheet—2020. General Journal Entries Memo Record Items AnnualPension Expense Cash OCI
Sandhill Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 88,400 Contribution to the plan 103,100 Prior service cost amortization 10,600 Actual and expected return on plan assets 64,800 Benefits paid 39,800 Plan assets at January 1, 2020 634,600 Projected benefit obligation at January 1, 2020 700,900 Accumulated OCI (PSC) at January 1, 2020 152,600 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020.
Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (a) Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enter all amounts as positive.) ORIOLE COMPANYPension Worksheet—2020. General Journal Entries Memo Record Items AnnualPension Expense Cash OCIPrior Service Cost Pension Asset/Liability (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

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On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2