3. Information on an entity's plan assets is shown below:Fair value of plan assets, Jan. 1120,000Return on plan assets40,000Contributions to the retirement fund during the year280,000Benefits paid to retirees160,000Actuarial loss60,000How much is the fair value of the plan assets as of year-end?

The fair value of plan assets at the year-end is calculated as follows:

3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the Benefits paid to retirees 120,000 40,000 year 280,000 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end?

3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 Return on plan assets Contributions to the retirement fund during the Benefits paid to retirees 120,000 40,000 year 280,000 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000
The following information relates to Oriole, Incorporated: Plan assets (at fair value) Pension expense Projected benefit obligation Annual contribution to plan Accumulated OCI (PSC) For the Year Ended December 31, ○ $0. O $540000. O $2460000. O $174000. 2025 $1608000 765000 1980000 810000 630000 2026 $2286000 594000 2460000 594000 540000 The amount reported as the liability for pensions on the December 31, 2026 balance sheet is
d. Prepare a reconciliation of the beginning and ending balances The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined benefit plan: Fair value of plan assets, Jan. 1 Present value of defined benefit obligation, Jan. 1 Past service cost from plan amendment during the year (the vesting period is 5 yrs.)es 2,100,000 2,400,000 300,000 Current service cost 600,000 Benefits paid to retirees during the Actuarial gain during the period Return on plan assets during the period Contributions to the fund during the year Discount rate based on high quality corporate bonds year 450,000 15,000 270,000 480,000 12% Requirements: a. Determine net defined benefit liability/asset as of Jan. 1, 20x1 and Dec. 31, 20x1, respectively. b. Compute for the defined benefit cost in 20x1, showing amoúnts recognized in P/L and OCI, respectively. c. Provide the journal entries in 20x1. Prepare a reconciliation of the beginning and ending balances с. d. of net defined benefit…
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