Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 19, Problem 7RE
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At the end of the current period, Agler Inc. had a projected benefit obligation of $400,000 and pension plan assets (at fair value) of $350,000. What are the accounts and amounts that will be reported on the company's balance sheet as pension assets or pension liabilities?
The following data relate to Voltaire Company's defined benefit pension plan:
($ in millions)
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
$600
60
48
100
10
11
72
Required:
Determine the amount of pension plan assets at fair value on December 31.
Cey Company has a defined benefit pension plan. Cey's policy is to fund net periodic pension cost annually, payment to an independent
trustee being made 2 months after the end of each year. Data relating to the pension plan for year 5 are as follows:
Net pension cost for year 5
Unrecognized prior service cost, 12/31/Y5
Accumulated benefit obligation, 12/31/Y5
Fair value of plan assets, 12/31/Y5
Projected benefit obligation 12/31/Y5
How much should appear on Cey's balance sheet at December 31, year 5, for pension liability?
Current
$190,000
$190,000
$0
Noncurrent
$150,000
$330,000
$0
$190,000
150,000
480,000
500,000
500,000
$480,000
Chapter 19 Solutions
Intermediate Accounting: Reporting And Analysis
Ch. 19 - Prob. 1GICh. 19 - Prob. 2GICh. 19 - Prob. 3GICh. 19 - Prob. 4GICh. 19 - Prob. 5GICh. 19 - Prob. 6GICh. 19 - Prob. 7GICh. 19 - Prob. 8GICh. 19 - Prob. 9GICh. 19 - Prob. 10GI
Ch. 19 - Prob. 11GICh. 19 - Prob. 12GICh. 19 - Prob. 13GICh. 19 - Prob. 14GICh. 19 - Prob. 15GICh. 19 - Prob. 16GICh. 19 - Prob. 17GICh. 19 - Prob. 18GICh. 19 - Prob. 19GICh. 19 - Prob. 20GICh. 19 - Prob. 21GICh. 19 - Prob. 22GICh. 19 - Prob. 23GICh. 19 - The actuarial present value of all the benefits...Ch. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MCCh. 19 - Prob. 6MCCh. 19 - Which of the following is not a component of...Ch. 19 - Prob. 8MCCh. 19 - Prob. 9MCCh. 19 - Prob. 10MCCh. 19 - Prob. 1RECh. 19 - Prob. 2RECh. 19 - Pinecone Company has plan assets of 500,000 at the...Ch. 19 - Prob. 4RECh. 19 - Prob. 5RECh. 19 - Prob. 6RECh. 19 - Prob. 7RECh. 19 - Prob. 8RECh. 19 - Given the following information for Tyler Companys...Ch. 19 - At the beginning of Year 1, Cactus Company has...Ch. 19 - Prob. 11RECh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - Prob. 3ECh. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Refer to the information provided in E19-13....Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 1PCh. 19 - Prob. 2PCh. 19 - Prob. 3PCh. 19 - Prob. 4PCh. 19 - Prob. 5PCh. 19 - Prob. 6PCh. 19 - Prob. 7PCh. 19 - Prob. 8PCh. 19 - Prob. 9PCh. 19 - Prob. 10PCh. 19 - Prob. 11PCh. 19 - Prob. 12PCh. 19 - Prob. 1CCh. 19 - Prob. 2CCh. 19 - Prob. 3CCh. 19 - Prob. 4CCh. 19 - Prob. 5CCh. 19 - Prob. 6CCh. 19 - Prob. 7CCh. 19 - Prob. 9C
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- Presented below is information related to the pension plan of Ivanhoe Inc. for the year 2021. 1. The service cost related to pension expense is $233,000 using the projected benefits approach. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $313,000 and $266,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3. The accumulated OCI – prior service cost at the beginning of the year is $133,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service-years is 1,000 and the service-years attributable to 2021 is 200. The company has decided to use the years-of-service method of amortization for these costs. 4. At the beginning of the period, the fair value of pension plan assets was $266,000. The company had an Accumulated OCI (loss) at the beginning of the period of $83,000. Any amortization of…arrow_forwardThe 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) $640,000,000 54,000,000 44,000,000 94,000,000 Amortization of net loss Pension benefits paid (end of year) Pension expense 36,000,000 64,000,000 Required: Determine the balance of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan ($ in millions) Plan assets beginning of the year Plan assets end of the yeararrow_forwardPresented below is information related to the pension plan of Sandhill Inc. for the year 2021. 1. The service cost related to pension expense is $250,000 using the projected benefits approach. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $330,000 and $300,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3. The accumulated OCI – prior service cost at the beginning of the year is $150,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service-years is 1,000 and the service-years attributable to 2021 is 200. The company has decided to use the years-of-service method of amortization for these costs. 4. At the beginning of the period, the fair value of pension plan assets was $300,000. The company had an Accumulated OCI (loss) at the beginning of the period of $100,000. Any amortization of…arrow_forward
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