Question 2 of 4 (c) $ 2025 2026 < eTextbook and Media > 2810000 $ 1700000 $ 281000 $ 3659900 Your answer is incorrect. 2903000 365990 Attempts: 1 of 4 used Determine the total amount of pension expense to be recognized by Wildhorse Company in 2025 and 2026. Pension expense for 2025 $ Pension expense for 2026 $
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- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…R S4 OH2 Required Information Nevertheless The FASB requires that income statement recognition of gains and losses from cither source be delayed Politically acceptable approach 0:00 /6:56 720p 1x CC Knowledge Check 01 Calder Company has a defined benefit pension plan. Pension-related data for the current calendar year are shown below: 12 years Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 009 1,930,000 What is the amount of the amortization of the net loss or gain that should be included as a component of pension expense for the current year? Amortization of net gain Next > %24 F6 F4 F5 F3 F2 %23 8. 9 L 1. H.Help *CMOU CD A1D 17 nz inn 1IDid =ın in PBO balance, January 1 Plan assets balance, January 1 Service Cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 $480 300 75 45 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Required: 1. Calculate the pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the pension expense for 2021. (Enter your answer in…
- Page < 2 of 6 ZOOM DaBree, Inc. received the following information form its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2020. The service cost component of pension expense for 2020 is $625,000, and the amortization of prior service due to an increase in benefits is $163,000. The settlement rate is 10% and the expected rate of return is 8%. What is the amount of pension expense for 2020? 1/1/20 12/31/20 Projected benefit obligation $874,000 $89,000 Pension assets (at fair value) 451,000 465,000 Accumulated benefit obligation 223,000 250,000 Net (gains) and losses 150,000 Pension Expense ENG ASA INTLQuestion 11 The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5400000 $ 5410000 $ 6850000 Projected benefit obligation 5560000 5770000 7530000 Plan assets (at fair value) 4600000 6230000 6780000 AOCL – net loss 0 975000 1000000 Settlement rate (for year) 9% 10% Expected rate of return (for year) 9% 8% Cullumber’s contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years.The actual return on plan assets in 2021 was $550000. $360000. $440000. $430000.2025 The actuary for the pension plan of Oriole Company calculated the following net gains and losses: 2026 Incurred during the Year 2027 2028 2025 2026 2027 As of January 1 2028 Other information about the company's pension obligation and plan assets is as follows: 2025 2026 $ 2027 $ 2028 $ $ Year Minimum Amortization of (Gain) Loss (Gain) or Loss $(634,000) 256,000 974,000 393,000 Projected Benefit Obligation $4,151,000 Oriole Company has a stable labor force of 250 employees who are expected to receive benefits under the plan. The total service-years for all participating employees are 2,750. The beginning balance of Accumulated OCI (G/L) is zero on January 1, 2025. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. 4,361,000 Compute the minimum amount of Accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years…
- Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…What amount will be presented on the balance sheet for fiscal 2020? Fiscal 2019 Fiscal 2020 Fair value of pension plan assets Accrued pension obligation Contributions Benefits O A. $8,000,000 B. $3,000,000 deficit OC. $5,000,000 O D. $3,000,000 surplus $50,000,000 60,000,000 7,000,000 8,000,000 $45,000,000 42,000,000 10,000,000 8,000,000
- Question 16## Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Also please help me answer part B. (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 (Gain) or Loss $298,200 2023 478,800 (211,400) (291,400) Projected Benefit Obligation $3,984,000 4,499,500 5,040,000 4,221,900 Plan Assets (market-related asset value) $2,394,800 2,202,100 2,591,900 3,067,600 Cheyenne Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 6,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021, 2022, and 2023. Apply the "corridor" approach in…What amount should be recorded as pension liability on December 31, 2021? a. ₱ 45,000 b. ₱ 25,000 c. ₱ -0- d. ₱ 20,000