The Wes Trust reports $129,600 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. The entity's AMT for 2021 is $
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- The Wes Trust reports $93,600 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. The entity's AMT for 2021 is.................3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 120,000 Return on plan assets 40,000 Contributions to the retirement fund during the year 280,000 Benefits paid to retirees 160,000 Actuarial loss 60,000 How much is the fair value of the plan assets as of year-end?4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000
- Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234,000 of Fair value of plan assets, Dec 31 299,000 Contributions to the retirement fund during the 120,000 tion year Benefits paid to retirees 79,000 Actuarial loss 12,000 Discount rate 10% How much is the return on plan assets during the year? O 24,000 O 29,400 O 37,400 O 23,400PROBLEM NO. 1 Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 P26,000.00 P 19,000.00 P 16,000.00 10% 10% 10% 20,000.00 24,000.00 22,000.00 48,000.00 40,000.00 16,000.00 21,000.00 16,400.00 14,000.00 Current service cost Discount rate Actual return on plan assets Contributions to the plan Benefits paid to retiree Other information: 1. The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 2. On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00. Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the…Exercise 10-24 (Algo) Interest capitalization [LO10-7] On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,150,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $8,000,000, 14% bonds $2,000,000, 9% long-term note Construction expenditures incurred during 2021 were as follows: $ 880,000 1,480,000 1,136,000 880,000 680,000 January 1 March 31 June 30 September 30 December 31 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) X Answer is not complete. Date Expenditure Weight Average January 1 2$ 880,000 12/12 $ 880,000 March 31 1,480,000 x 9/12 O = 111,000 X June 30 1,136,000 x 6/12 O…
- The balance of the investment account at December 31,2021 is: a. P5,924,000b. P5,000,000c. P5,744,000d. P7,660,000At end of 2020 encumbrances were closed with S30.000, and following balance sheet dated 31/12/2020: Cash Liabilities Fund balance $70,000 20,000 Assigned Unassigned .. The government uses the reappropriation method for outstanding commitments 30,000 During 2021 the following transactions occurred: 1. Signing a contract of $80,000 in which 520,000 of services to be recelved in 2021 and S60,000 in 2022 2. A bill received (and paid) for services ordered in 2021 with amount of $18,000 3. A bill received (and paid) for services ordered in 2020 with amount of $31,000 4. Revenues collected for cash $90,000 Fill in the table (show calculations) Entry on 1/1/2021 to restore encumbrances Entry/ies for transaction number 2 Change in reserve for encumbrances during 2021 Change in fund balance Ending fund balance -unassignedExercise 17-10 (Algo) Determine pension expense Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: Projected Benefit Obligation Balance, January 1 Service cost ($ in millions) $125 22 Interest cost Benefits paid 15 (8) Balance, December 31 $154 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 $75 10 22 (8) $99 The expected long-term rate of return on plan assets was 12%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021. Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) fundina, and (c) pavment for 2021.
- Exercise 12-8 (Algorithmic) (LO. 7) Cherry Corporation, a calendar year C corporation, is formed and begins business on 10/1/2019. In connection with its formation, Cherry incurs organizational expenditures of $53,700. Round the per month amount to two decimal places. Round your final answer to the nearest dollar. Determine Cherry Corporation's deduction for organizational expenditures for 2019.Exercise 17-5 (Algo) Determine pension plan assets [LO17-4] The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $790 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 Pension benefits paid (end of year) Pension expense 79 63 138 16 24 110 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be c should be indicated with a minus sign.) Answer is complete but not entirely correct. Pension Plan Assets 790 Beginning of the year ALO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
