The following information related to Company DDD’s pension plan: Plan asset, January 1, 20x8 P950,000 Defined benefit obligation, January 1, 20x8 1,000,000 Average remaining working life of employees at January 1, 20x8 10 years Service cost for 20x8 90,000 Discount rate at January 1, 20x8 10% Expected return on plan asset at January 1, 20x8 100,000 Remeasurement loss arising in 20x8 15,000 Past service cost 30,000 Vesting period for past service cost 2 years What amount of defined benefit cost should be recognized during 20x8?

The following information related to Company DDD’s pension plan: Plan asset, January 1, 20x8 P950,000 Defined benefit obligation, January 1, 20x8 1,000,000 Average remaining working life of employees at January 1, 20x8 10 years Service cost for 20x8 90,000 Discount rate at January 1, 20x8 10% Expected return on plan asset at January 1, 20x8 100,000 Remeasurement loss arising in 20x8 15,000 Past service cost 30,000 Vesting period for past service cost 2 years What amount of defined benefit cost should be recognized during 20x8?

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 9RE: Given the following information for Tyler Companys pension plan at the beginning of the year,...

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Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
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.
The following information is related to the defined benefit pension plan of Dreamworld Company for the year ended 12/31/2020: Service cost $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 11 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets Prior Service Cost 1/1 $ 700,000 Average remaining years of service Assuming no other relevant data exist. Required: 10 years 10% 9% A. Calculate the company's pension expense for 2020. B. Make journal entry (entries) related to the plan at 12/31/2020.
The following data are for the pension plan for the employees of Oriole Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5500000 $ 7100000 Projected benefit obligation 5700000 5900000 7700000 Plan assets (at fair value) 4900000 6300000 6900000 AOCL - net loss 987000 1030000 Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 7% Oriole's contribution was $870000 in 2021 and benefits paid were $780000. Oriole estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2021 was $560000. The unexpected gain on plan assets in 2021 was $70000. $77000. $119000. O $130000.
Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 S1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300
A Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the fair value of plan assets on December 31, 2021?
The following information is related to the defined benefit pension plan of Dreamworld Company for the year: Service cost $60,000 Contributions to pension plan 110,000 Benefits paid to retirees 150,000 Plan assets (fair value), January 1 640,000 Plan assets (fair value), December 31 750,000 Actual return on plan assets 150,000 PBO, January 1 900,000 PBO, December 31 960,000 Discount rate 10 Long-term expected return on plan assets 9. Assuming no other relevant data exist, what is the pension expense for the year? 1. A) $190,00O. 2. B) $92,400. 3. C) $60,000. 4. D) $170,000.
The following information related to Company DDD's pension plan: Plan asset, January 1, 20x8 Defined benefit obligation, January 1, 20x8 Average remaining working life of employees at January 1, 20x8 Service cost for 20x8 Discount rate at January 1, 20x8 Expected return on plan asset at January 1, 20x8 Remeasurement loss arising in 20x8 Past service cost Vesting period for past service cost 2. P950,000 1,000,000 10 years 90,000 10% 100,000 15,000 30,000 2 years What amount of defined benefit cost should be recognized during 20x8?
Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $
The following information is related to the defined benefit penslon plan of Melissa Larson Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 $ 90,000 140,000 110,000 540,000 650,000 80,000 800,000 870,000 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $90,000. $121,400. 13 of 39 Next > Prev Show All 7 Question no....pages 15....pdf Question no....pages MacBook Air
The following data are for the pension plan for the employees of Wildhorse Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5900000 $ 6100000 $ 7700000 Projected benefit obligation 6300000 6500000 8300000 Plan assets (at fair value) 5500000 6900000 7500000 AOCL – net loss 0 1041000 1090000 Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 7% Wildhorse’s contribution was $930000 in 2021 and benefits paid were $840000. Wildhorse estimates that the average remaining service life is 10 years.The corridor for 2021 was $690000. The amount of AOCI-net loss amortized in 2021 was $35100. $104100. $109000. $41100.
The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1? items Annual Pension expense cash Pension asset/liability Projected Benefit Obligation Plan Assets Balance, January 1, 20X1 $490,000 Cr. $490,000 Dr. service cost $40,000 Dr. $40,000 Cr. interest cost $49,700 Dr. $49,700 Cr. actual return $49,700 Cr. $49,700 Dr. contributions $30,000 Cr. $30,000 Dr. Benefits $33,400 Dr. $33,400 Cr. journal entry for 20X1 $40,000 $30,000 Cr. $10,000 Cr. Balance 20X1 $10,000 Cr. $546,300 Cr. $536,300 Dr.