Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years. For Year 4, current service cost was $37.000 and interest on the projected benefit obligation was S18,000, Strum's retum on plan assets, actual and estimated, was $8,000. On December 31, Year 4, Strum Corp. contributed $30,000 to its pension plan. Strum's Year 4 pension expense was: O $63,000 O SA7,000 O 555,000 O $30,000
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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.Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years. For Year 4, current service cost was $37,000 and interest on the projected benefit obligation was $18,000. Strum's return on plan assets, actual and estimated, was S8,000. On December 31, Year 4, Strum Corp. contributed $30,000 to its pension plan. Strum's Year 4 pension expense was: O S63,000 O S47,000 O S55,000 O $30,000The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: • The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. • The prior service cost amortization each year was $290,000. • The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. • The actuarially determined discount rate and the expected return on plan assets was 10%. • The actual return on plan assets was 9.5%. • Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the balance of the projected benefit obligation as of December 31, 20X2?
- The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. The prior service cost amortization each year was $290,000. The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets was 10%. The actual return on plan assets was 9.5%. Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,335,000 $1,280,000 $1,185,000 $1,599,000Gruber Enterprises started its defined benefit pension plan on January 1, Year 1. By the beginning of Year 3, the company had accumulated $300,000 in pension plan assets and was already making benefit payments to its employees. During Year 3, Gruber paid out $20,000 in benefits and contributed $70,000 to the plan. The plan assets had a fair market value of 5377.000. What was the amount of the retun on plan assets in Year 3? O S7,000 O $27,000 O 537,000 O $47,0006) 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?
- 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 millionHoward, Inc. established a defined benefit pension plan two years ago. Details related to the pension plan are as follows: Defined benefit, noncontributory plan with immediate full vesting. Benefits paid at the end of each retirement year beginning at age60. Expected11% rate of return on plan assets. December 31, 20X4 December 31, 20X5 Projected benefit obligation $840,000 $1,336,000 Fair & market-related value of plan assets $869,800 1,394,176 Accumulated benefit obligation 700,000 800,000 Additional information: Howard funded $440,000to the plan on December 31, 20X5 Howard's discount is10%. Average remaining service period of active employees is20 years. Service cost for20X5 is $432,000. Howard did not award retroactive benefits when the plan was adopted. Unrecognized prior net gain on January1, 20X5 was $4,150. Benefits paid $20,000 Calculate and record Howard's minimum required net periodic pension cost for 20X5.Debit Credit Cash $250,000 Accounts Receivable $757,800…Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). Required: Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other components of pension expense ($ in millions): 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.
- Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…he following information relates to the pension plan for the employees of Cullumber Co.: (See Image) Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $ 1213000 in 2021 and benefits paid were $ 877000.The actual return on plan assets in 2021 is a. $ 2011000. b. $ 1134000. c. $ 798000. d. $ 336000.The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $750,000 during 20X1 and $1,125,000 during 20X2. The contribution to the pension plan was $600,000 on December 31, 20X1 and $1,200,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets are both 10%. The actual return on plan assets was 10.5%. Retirement benefits pertaining to years of service prior to 20X1 were not granted to the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,140,000 $1,065,000 $1,200,000 $1,137,000