The following information relates to Black Corporation's defined benefit pension plan during the current reporting year:Plan assets at fair value, January 1Expected return on plan assetsActual return on plan assetsContributions to the pension fund (end of year)$640,000,00054,000,00044,000,00094,000,000Amortization of net lossPension benefits paid (end of year)Pension expense36,000,00064,000,000Required:Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deductedshould be indicated with a minus sign.)Pension Plan($ in millions)Plan assets beginning of the yearPlan assets end of the year< Prev15 of 16Next >

Pension plan refers to a plan in which employer make contribution for the employee’s future life…

The following information relates to Black Corporation's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss $640,000,000 54,000,000 44,000,000 94,000,000 Pension benefits paid (end of year) Pension expense 36,000,000 64,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan ($ in millions) Plan assets beginning of the year Plan assets end of the year

The following information relates to Black Corporation's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss $640,000,000 54,000,000 44,000,000 94,000,000 Pension benefits paid (end of year) Pension expense 36,000,000 64,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan ($ in millions) Plan assets beginning of the year Plan assets end of the year

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 5E

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The following information is related to the defined benefit pension plan of Dreamworld Company for the year ended 12/31/2020: Service cost $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 11 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets Prior Service Cost 1/1 $ 700,000 Average remaining years of service Assuming no other relevant data exist. Required: 10 years 10% 9% A. Calculate the company's pension expense for 2020. B. Make journal entry (entries) related to the plan at 12/31/2020.