The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years

The following information relates to Company K's pension plan: Plan asset, January 1, 2018 P 950,000 Defined benefit obligation, January 1, 2018 1,000,000 Average remaining working life of employees at January 1, 2018 10 years Service cost for 2018 90,000 Discount rate at January 1, 2018 10% Expected return on plan asset at January 1. 2018 100,000 Remeasurement loss arising in 2018 15,000 Past service cost 30,000 Vesting period for past service cost 3 years

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 9RE: Given the following information for Tyler Companys pension plan at the beginning of the year,...

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Similar questions

Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
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.
A company had the following information about the company's defined-benefit pension plan: January 1, 2021 December 31, 2021Projected benefit obligation $80,000 $93,000Fair value of pension plan assets 41,000 51,000Actual return on plan assets is $13,000. The service cost component of pension expense for 2021 is $17,200. The expected rate of return is 11% and the settlement rate is 6%. Given the information provided, what is the amount of pension expense for 2021?
The following information related to Company DDD’s pension plan: Plan asset, January 1, 20x8 P950,000 Defined benefit obligation, January 1, 20x8 1,000,000 Average remaining working life of employees at January 1, 20x8 10 years Service cost for 20x8 90,000 Discount rate at January 1, 20x8 10% Expected return on plan asset at January 1, 20x8 100,000 Remeasurement loss arising in 20x8 15,000 Past service cost 30,000 Vesting period for past service cost 2 years What amount of defined benefit cost should be recognized during 20x8?
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $90,100 104,900 Prior service cost amortization 10,800 Actual and expected return on plan assets 63,000 Benefits paid 40,700 Plan assets at January 1, 2025 643,200 Projected benefit obligation at January 1, 2025 690,100 Accumulated OCI (PSC) at January 1, 2025 150,500 Interest/discount (settlement) rate 10% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)
Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
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.
A Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What is the fair value of plan assets on December 31, 2021?
Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 S1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300
A company had the following information concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. January 1, 2021 December 31, 2021Fair value of pension plan assets $33,000 $69,000Projected benefit obligation 77,000 98,000 The service cost component of pension expense for 2021 is $8,500 and the amortization of prior service cost is $400. The settlement rate is 12% and the expected rate of return is 6%. What is the amount of pension expense for 2021?