The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. ($ in thousands ) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,300 $ 2, 501 Plan assets 2,400 2,591 Funded status 100 90 Prior service cost-AOCI 325 300 Net gain- AOCI 330 300 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: Determine the actual return on plan assets of

The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. ($ in thousands ) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,300 $ 2, 501 Plan assets 2,400 2,591 Funded status 100 90 Prior service cost-AOCI 325 300 Net gain- AOCI 330 300 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: Determine the actual return on plan assets of

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 4E

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