plan Generous Company has established a defined benefit p The employee's final salary at retirement is expeçted to be expected to retire on December 31, 2044. The employee's An employee was hired by the entity on January 1, 2000 and the final year's salary. The annual benefit is payable at the indicating a plan formula for annual benefit equal to 2% multiplied by the number of years in service multiplied b by end of each year. expected to retire on December 31, 2044 The retirement is expected to span 21 years. ate is 8%
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- expected to retire on December 31, 2044. The employee's An employee was hired by the entity on January 1, 2000 and 2. -What is the projected benefit obligation after amendment 3. What is the past service cost for 2020 as a result of the Problem 17-13 (IAA) a end of each year. retirement is expected to span 21 years. The employee's final salary at retirement is expected to be P800,000 and the appropriate discount rate is 8%. On January 1, 2020, the plan formula was amended by increasing the percentage from 2% to 3%. The amendment was made retroactive to consider past service years. The present value of an ordinary annuity of 1 at 8% for 21 periods is 10.02 and the present value of 1 at 8% for 25 periods is 0.15. 1. What is the projected benefit obligation before amendment on January 1, 2020? a. 480,960 b. 320,000 c. 160,000 d. 400,000 2. -What is the projected benefit obligation after amendment on January 1, 2020? a. 480,000 b. 721,440 c. 240,000 d. 320,640 amendment? 160,000 b. 120,240…a. Compute pension expense for 2020. Amortize the full pension gain/loss over the average service life of 15 years using the straight-line method. b. Compute PBO at December 31st, 2020. c. Compute the fair value of plan assets at December 31st, 2020. Please don't provide solution in an image based thankuStanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2024 and $200,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025, No assumptions or estimates were revised during 2024. "We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025; Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.
- How much is the balance of the defined benefit obligation at December 31,2020? How much is the surplus or deficit related to retirement benefits that will be shown on December 31,2020 statement of financial position? How much is the defined benefit cost taken to other comprehensive income for the year 2020?Presented below is information related to Sandhill Inc. pension plan for 2021. Service cost $ 1160000 Actual return on plan assets 248000 Interest on projected benefit obligation 480000 Amortization of net loss 100000 Amortization of prior service cost due to increase in benefits 200000 Expected return on plan assets 220000 What amount should be reported for pension expense in 2021?1. What is the fair value of plan assets at December 31,2020? 2. How much is total defined benefit cost for the year 2020? 3. What is the balance of prepaid (accrued) retirement benefit cost at December 31,2020? if prepaid --> positive amount accrued --> negative amount
- How much is the annual retirement benefit expense for the year ended December 31, 2021? a. ₱ 312,902 b. ₱ 1,390,675 c. ₱ 104,301 d. ₱ 417,203The following information is available for the pension pan of Ivanhoe Company for the year 2020. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2020 Service cost (a) Your answer is correct. Compute pension expense for the year 2020. Pension expense for 2020 eTextbook and Medial List of Accounts $ $13.800 36,600 88,000 11 % 7,900 502,000 59,000 108320NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: Fair value of plan assets at beginning of period Actual return (loss) on plan assets* Employer contribution Benefits paid Fair value of plan assets at end of period Net liability recognized at end of period *Expected return $20 and $19 in 2020 and 2019, respectively Req 1 to 3 Pension Benefits 2020 Req 4 $ 608 1 21 44 (40) $634 Complete this question by entering your answers in the tabs below. $ 486 50 14 (40) 510 $ (124) View transaction list 2019 $ 597 1 24 Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI…
- The following facts apply to the pension plan of Teal Inc. for the year 2020. Plan assets, January 1, 2020 $534,900 Projected benefit obligation, January 1, 2020 534,900 Settlement rate 8 % Service cost 40,500 Contributions (funding) 23,800 Actual and expected return on plan assets 53,000 Benefits paid to retirees 31,900 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.)Sunland 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. +A Pension expense for 2025 $ $91,400 102,900 9,600 64,900 40,600 632,300 686,100 147,300 11%#9 Kaley Company has had a defined benefit pension plan for several vears. At the end of 2020, Kaley s actuary proviec the following information for 2020 regarding the pension plan: (1) service cost, $225,000; (2) expected returm on plan assets, $15,000; (3) amortization of net loss, $4,000: (4) interest cost on projected benefit obligation, $18,500, ana (5 amortization of prior service cost, $14,000. Kalev decides to fund an amount at the end of 2020 equal to its pension expense. Compute the amount of Kaley's pension expense for 2020 and prepare the related journal entry. #10 Dunbar Ltd. has cash flow from operations of $120,000, average current assets of $250,000, average current liabilities of $150,000 and total liabilities of $400,000. What is their operating cash flow ratio? What is their operating cash flow to total liabilities ratio?