ension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $410,000 January 1: PBO $ 3,010,000 ABO 2,010,000 Plan assets 3,210,000 Amortization of prior service cost 31,000 Amortization of net gain 7,100 December 31:

ension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $410,000 January 1: PBO $ 3,010,000 ABO 2,010,000 Plan assets 3,210,000 Amortization of prior service cost 31,000 Amortization of net gain 7,100 December 31:

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 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...

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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.
Pension data for Shalom Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $400,000 January 1: PBO 3,000,000 ABO 2,000,000 Plan assets 3,200,000 Amortization of prior service cost 30,000 Amortization of net gain 7,000 December 31: Cash contributions to pension fund $275,000 Benefit payments to retirees 310,000 Required: 1) Determine pension expense for the year. Show your computations. No credit if not. 2) Prepare the journal entries to record the following:a) Pension Expenseb) Contributionc) Benefit Paymentd) Any Gain or Loss 20) Broncos Co. reports pretax financial income of $
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Pension data for Carolina Consulting Company included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense
Pension data for the Jones Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO $1,400, 000 ABO $1,000,000 Plan assets $1, 500,000 Amort of prior service cost $20,000 Amort of net gaint $4,000 December 31: Cash contributions to pension funds $220,000 Benefit payments to retirees $240,000 Required: 1. Determine the pension expense for the year. 2. Prepare the journal entries to record: 1) Pension expense 2) Contribution 3) Benefit payment 4) Any gain or loss
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Asap Pension data for the Denver Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO $1,400,000 ABO 1,000,000 Plan assets 1,500,000 Amortization of prior service cost 20,000 Amortization of net gain 4,000 December 31: Cash contributions to pension fund $220,000 Benefit payments to retirees 240,000 a) Determine pension expense for the year. b) Prepare the journal entries to record pension expense and funding for the year.
Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost $126,000 720,000 770,000 5,700 1,700 Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense
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Pension data for Fahy Transportation Incorporated include the following: Discount rate, 8% Expected return on plan assets, 11% Actual return on plan assets, 12% Projected benefit obligation, January 1 Plan assets (fair value), January 1 Plan assets (fair value), December 31 Benefit payments to retirees, December 31 Answer is complete but not entirely correct. s 43 million ($ in millions) Required: Assuming cash contributions were made at the end of the year, what was the amount of those contributions? Note: Enter your answer in millions (l.e., 10,000,000 should be entered as 10). Cash contributions $ 660 650 680 75
Pension data for Fahy Transportation Inc., include the following: ($ in millions)Discount rate, 7%Expected return on plan assets, 10%Actual return on plan assets, 11%Projected benefit obligation, January 1 $730Plan assets (fair value), January 1 700Plan assets (fair value), December 31 750Benefit payments to retirees, December 31 66 Required:Assuming cash contributions were made at the end of the year, what was the amount of those contributions?