6. On January 1, 2002, Crowther Co.'s estimated a present valye of defined benefit obligation of P440,000 based on a settlement rate of 12 percent. Pension benefits paid to retirees totaled P60,000. Service costs for 2002 amounted to P148,000. The fair values of the plan assets were P350,000 and P400,000 on December 31, 2001, and December 31, 2002, respectively. The projected benefit obligation at December 31, 2002, was

6. On January 1, 2002, Crowther Co.'s estimated a present valye of defined benefit obligation of P440,000 based on a settlement rate of 12 percent. Pension benefits paid to retirees totaled P60,000. Service costs for 2002 amounted to P148,000. The fair values of the plan assets were P350,000 and P400,000 on December 31, 2001, and December 31, 2002, respectively. The projected benefit obligation at December 31, 2002, was

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 6RE

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5. You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is Group of answer choices P250 million P280 million P200 million P120 million
JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $75 million, $65 million, and $57 million, respectively, at the end of the year. a. What, if any, pension liability or pension asset must be reported in the balance sheet?b. What, if any, pension liability or pension asset must be reported in the balance sheet if the plan assets were $89 million instead?
The Shasti Corporation reported the following for the year ending December 31, 20X1: Service cost: $142,610 Plan assets, January 1, 20X1: $1,200,000 Prior service cost amortization: $21,150 Expected return on plan assets: 9% Actual return on plan assets: 8.5% Pension expense: $175,760 Actuarially determined discount rate: 8% What was the projected benefit obligation on January 1, 20X1? Multiple Choice $1,500,000 $1,425,000 $1,200,000 $1,333,333
JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $65 million, $55 million, and $48 million, respectively, at the end of the year. a. What, if any, pension liability or pension asset must be reported in the balance sheet? b. What, if any, pension liability or pension asset must be reported in the balance sheet if the plan assets were $78 million instead? a b Net pension liability Net pension asset Answer is not complete. million million
6. Baker Co. provides the following information related to its pension plan for the year 2022: Beginning Balances - January 1, 2022 Plan Assets - $434,000 Projected Benefit Obligation - $436,700 Pension Asset/Liability - $2,700 ç Accumulated OCI – Prior Service Cost - $0 Plan amendment for Prior Service Cost - $85,000 Annual Service Cost - $41,000 Settlement Rate - 10% Actual Return on Plan Assets - $55,200 Expected Return on Plan Assets - $46,000 Funding Contributions - $76,000 Benefits Paid to Retirees during the year - $61,500 Amortization of Prior Service Cost - $4,250 (Straight Line) Complete a Pension Worksheet using the above data. b. What is total Pension Expense to be reported in 2022? What is the balance of each of the following at December 31, 2022? a. C. Plan Assets Projected Benefit Obligation Pension Asset/Liability Accumulated oCi- Prior Service Cost d. Prepare the journal entry Baker Co. will make to record their pension expense for 2022
JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $90 million, $80 million, and $76 million, respectively, at the end of the year. Required: a. What, if any, pension liability or pension asset must be reported in the balance sheet? b. What, if any, pension liability or pension asset must be reported in the balance sheet if the plan assets were $100 million instead? Note: For all requirements, enter your answer in millions (i.e., 10,000,000 should be entered as 10). a. b. Net pension asset Net pension liability million million 4
the warren groups pension expense is 78 million. the amount includes a 46 million service cost, a 60 million interest cost, a 34 million reduction for the expected return on plan assets, and a 6 million amoritization of a prior service cost. prepare the journal entry to record the pension expense?
31. What is the retirement benefits expenses for the year ended December 2002? The following data were obtained from the actuarial valuation reports of Sight Company on January 1, 2002: Actuarial accrued liability Actuarial value of plan assets Current service cost for 2002 P5,000,000 4,600,000 500,000 300,000 450,000 10% Experience adjustment gain Contribution to the plan in 2002 Interest on unfunded actuarial liability Remaining working lives of employees 15 years (a) P450,000 (b) P520,000 O (c) P700,000 O (d) P480,000
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fair value of plan assets 7,800,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Instructions (a) Determine the projected benefit obligation at December 31, 2020. There are no net gains or losses. (b) Determine the fair value of plan assets at December 31, 2020. (c) Calculate pension expense for 2020. (d) Prepare the journal entry to record pension expense and the contributions for 2020.
3. Presented below is information related to the pension plan of Zimmer Inc. for the year 2018. 1. The service cost related to pension expense is $260,000 using the projected benefits approach. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $350,000 and $280,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3. The accumulated OCI – prior service cost at the beginning of the year is $140,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service- years is 1,000 and the service-years attributable to 2018 is 200. The company has decided to use the years-of-service method of amortization for these costs. At the beginning of the period, the fair value of pension plan assets was $280,000. The company had an Accumulated OCI (loss) at the beginning of the period of $90,000. Any amortization of unrecognized net loss…
6) The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000Projected benefit obligation January 1 20X1 490,000Settlement rate 8.5%Annual pension service cost 40,000Contributions (funding) 30,000Actual return on plan assets 49,700Benefits paid to retirees 33,400 What is the pension expense for 20X1?
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the pension plan for 2020: contributions to the plan 400,000 Benefits paid 350,000 On 1/1/20020, prior service cost was granted having a present value of 150,000 Actual return on plan assets 430,000 Settlement rate 9% Expected rate of return 7% Amortized Prior Service cost…