Pension data for Barry Financial Services Inc. include the
following:
($ in 000s) | |||
Discount rate, 7% | |||
Expected return on plan assets, 9% | |||
Actual return on plan assets, 8% | |||
Service cost, 2018 | $ | 390 | |
January 1, 2018: | |||
Projected benefit obligation | 2,700 | ||
Accumulated benefit obligation | 2,400 | ||
Plan assets (fair value) | 2,800 | ||
Prior service cost–AOCI (2018 amortization, $35) | 365 | ||
Net gain–AOCI (2018 amortization, $8) | 410 | ||
There were no changes in actuarial assumptions. | |||
December 31, 2018: | |||
Cash contributions to pension fund, December 31, 2018 | 325 | ||
Benefit payments to retirees, December 31, 2018 | 350 | ||
Required:
1. Determine pension expense for 2018.
2. Prepare the journal entries to record pension
expense, gains and losses (if any), funding, and retiree benefits
for 2018.
Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7%...
Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2018 amortization, $40) Net gain-A0CI (2018 amortization, $8) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018...
Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2018 $ 360 January 1, 2018: Projected benefit obligation 2,550 Accumulated benefit obligation 2,250 Plan assets (fair value) 2,650 Prior service cost–AOCI (2018 amortization, $50) 350 Net gain–AOCI (2018 amortization, $8) 380 There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018...
Pension data for Barry Financial Services Inc. include the following: ($ in 000) $ 340 Discount rate, 78 Expected return on plan assets, 10% Actual return on plan assets, 99 Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $40) Net gain-AOCI (2018 amortization, $6) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December...
Pension data for Barry Financial Services Inc. include the following: ($ in 0008) $ 470 Discount rate, 78 Expected return on plan assets, 116 Actual return on plan assets, 108 Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $45) Net gain-AOCI (2018 amortization, $12) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December...
Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 $ 410 January 1, 2021: Projected benefit obligation 2,800 Accumulated benefit obligation 2,500 Plan assets (fair value) 2,900 Prior service cost—AOCI (2021 amortization, $45) 375 Net gain—AOCI (2021 amortization, $10) 430 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 345 Benefit payments to retirees, December 31, 2021 370 Required: 1. Determine pension...
ok IO 1 CO Pension data for Barry Financial Services Inc. include the following: (S in 000s) Discount rate, 74 10 Expected return on plan Actual return on plan assets, 98 Service cost, 2018 sets, 10 points 340 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $40) Net gain-AOCI (2018 amortization, $6) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets Actual return on plan assets 9% 10% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net gain-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 226,800 1.959 410 2.456,710 2,926,570 281, 102 269,342 301,782 265,759 On average, employees' remaining service life with the company is 10 years When...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,400 $ 4,680 Accumulated benefit obligation 3,730 3,980 Plan assets (fair value) 4,980 5,425 Interest (discount) rate, 6% Expected return on plan assets, 10% Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870 Net loss−AOCI 518 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 44 Contributions to pension fund...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets 8% Actual return on plan assets 19% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost AOCI 1/1/16 Netloss AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 258,400 1,746,380 2,394,990 2,520,610 305,815 268.050 274.402 253.601 On average, employees' remaining service life with the company is 10 years When recording...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,800 $ 5,080 Accumulated benefit obligation 3,750 4,020 Plan assets (fair value) 5,580 6,025 Interest (discount) rate, 7% Expected return on plan assets, 10% Prior service cost?AOCI (from Dec. 31, 2017, amendment) 910 Net loss?AOCI 578 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 52 Contributions to pension fund...