Presented below is pension information for A Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is

Presented below is pension information for A Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is

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 6MC

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Presented below is pension information for Az Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is
Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000 and actual return on plan assets is $269,000 in 2021. To record the unexpected gain/loss due to asset returns, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Debit Other Comprehensive Income-Gain/Loss Credit Pension Expense Debit Pension Expense Debit Plan Assets
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,500 Interest cost on projected benefit obligation 11,390 Expected return on plan assets 11,960 Amortization of prior service cost 1,900 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $12,900. Required: 1. Compute the amount of Robey's pension expense for 2016. 2. Prepare all the journal entries related to Robey's pension plan for 2016 if it funds the pension plan in the amount of (a) $114,830, (b) $113,840, and (c) $118,870. 3. Next Level Assuming Robey's beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,480 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $5,460 at the end of 2016?
Cullumber Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2025 in which no benefits were paid. 1. 2. 3. 4. The actuarial present value of future benefits earned by employees for services rendered in 2025 amounted to $55,700. The company's funding policy requires a contribution to the pension trustee amounting to $144,323 for 2025. As of January 1, 2025, the company had a projected benefit obligation of $894,700, an accumulated benefit obligation of $792,500, and a debit balance of $402,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $601,400 at the beginning of the year. The actual and expected return on plan assets was $54,300. The settlement rate was 9%. No gains or losses occurred in 2025 and no benefits were paid. Amortization of prior service cost was $49,800 in 2025. Amortization of net gain or loss was not required in 2025.
Determination of Pension Plan Amounts Various pension plan information of Kerem Company for 2016 and 2017 is as follows: 2016 2017 Service cost $100,000 (G) Interest cost on projected benefit obligation 54,000 (g) Discount rate 9% 9% Amortization of prior service cost 4,000 4,000 Plan assets (fair value), 1/1* 500,000 615,000 Projected benefit obligation, 1/1** (a) 720,000 Expected long-term rate of return on plan assets (b) 11% Amortization of net loss (d) 700 Accrued pension cost (liability), 12/31 (f) (k) Average service life of employees 10 years 10 years Pension expense (e) 110,850 Cumulative net loss, 1/1 68,000 (i) Expected return on plan assets 50,000 (h) Corridor (c) 72,000 *1/1/2018: $762,000 **1/1/2018: $857,800
The following information is available for the pension plan of Wildhorse Company for the year 2020. Actual and expected return on plan assets $ 15,800 Benefits paid to retirees 39,500 Contributions (funding) 88,700 Interest/discount rate 11 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 548,000 Service cost 60,000 (a) Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 (a) Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars Save for Later Attempts: 0 of 1 used Submit Answer (b)
Presented below is information related to Z Company as of December 31, 2016. Net gain/loss P 90,000 Defined benefit obligation 3,600,000 Vested benefits 1,620,000 Plan assets (at fair value) 3,384,000 The amount reported as the pension liability on Zs statement of financial position at December 31, 2016 is as follows:
Foster Corporation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000 d. 760,000
Blossom Company provides the following information about its defined benefit pension plan Service cost $ 91,800 Contribution to the plan 103,500 Prior service cost amortization 9,400 Actual and expected return on plan assets Benefits paid Plan assets at anuary 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 63,200 39,700 647,900 712,300 147,400 10 % Compute the pension expense for the year 2017.
A company's pension expense is $538,000 under its defined-benefit pension plan in 2021. Other data related to the pension plan are: Amortization of accumulated OCI-gain $85,150 Increase in projected benefit obligationdue to changes in actuarial assumptions 199,000 Contributions 499,000 Benefits paid 294,350 Amortization of prior service costs 111,000 In the journal entry (from the worksheet) to reflect pension plan transactions and events on December 31, 2021, Pension Asset/Liability will be debited or credited at $__________. (Enter the amount only. DO NOT put a plus or minus sign in front of the amount.)
The following information is related to the defined-benefit pension plan of a company for 2021. Amortization of OCI-gain $87,700 Amortization of OCI-prior service cost 151,000Contributions to the plan 235,000Interest on projected benefit obligation 363,000Service cost 550,890Expected return on plan assets 258,000Actual return on plan assets is the sameas expected return 258,000Benefits distributed 148,000 Pension expense for 2021 is $__________.