Problem 17-9 (Static) Determine pension expense; PBO; plan assets; net pension asset or liability; ournal entries [LO17-3, 17-4, 17-5, 17-6 ,17-7 ,17-8] J.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020. Plan assets $400,000 320,000 Projected benefit obligation J.S.M's actuary determined that 2021 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The nterest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 2021? 7 What is the plan assets balance at the end of 2021? u nonsion liability at the end of 2021? ninn arsets, and (c) retiree benefit payments.
Problem 17-9 (Static) Determine pension expense; PBO; plan assets; net pension asset or liability; ournal entries [LO17-3, 17-4, 17-5, 17-6 ,17-7 ,17-8] J.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2020. Plan assets $400,000 320,000 Projected benefit obligation J.S.M's actuary determined that 2021 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The nterest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the end of 2021, and retirees were paid $44,000 from plan assets. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: 1. What is the pension expense at the end of 2021? 2. What is the projected benefit obligation at the end of 2021? 7 What is the plan assets balance at the end of 2021? u nonsion liability at the end of 2021? ninn arsets, and (c) retiree benefit payments.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes
Section: Chapter Questions
Problem 20E
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