Homework Answers
| Calculation of pension expenses 2020 | |||
| service cost | 88500 | ||
| interest cost (686300*9%) | 61767 | ||
| expected return on plant assets | -64000 | ||
| prior service cost amortization | 10300 | ||
| pension expense 2020 | 96567 | ||
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ICAL Question 1 --/1 View Policies Current Attempt in Progress Marin Company provides the following information...
Question 2 --/1 View Policies Current Attempt in Progress Sarasota Company sponsors a defined benefit pension...
Question 2 --/1 View Policies Current Attempt in Progress Sarasota Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2020 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2020 amounted to $56,100. 2. The company's funding policy requires a contribution to the pension trustee amounting to $136,572 for 2020. 3. As of January...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,800; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost...
Question 3 --/1 View Policies Current Attempt in Progress Sheridan Company received the following selected information...
Question 3 --/1 View Policies Current Attempt in Progress Sheridan Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020. Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2020 December 31, 2020 $1,508,000 $1,537,000 807,000 1,138,700 1,581,000 1,702,800 (200,800) The service cost component of pension expense for employee services rendered in...
Exercise 20-2 Vaughn Company provides the following information about its defined benefit pension plan for the...
Exercise 20-2
Vaughn Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$ 88,500
Contribution to the plan
107,100
Prior service cost amortization
10,600
Actual and expected return on plan assets
63,100
Benefits paid
40,800
Plan assets at January 1, 2017
648,000
Projected benefit obligation at January 1, 2017
688,100
Accumulated OCI (PSC) at January 1, 2017
148,600
Interest/discount (settlement) rate
11
%
Compute the pension expense for the year 2017.
Pension...
Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020....
Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane Corporation had plan assets of $256.500 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28.550, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,500, contributions by Crane were $21,050, benefits paid were $17.500, and the cost of past service benefits granted effective December...
Bonita Company provides the following information about its defined benefit pension plan for the ...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Question 2 --/1 View Policies Current Attempt in Progress Sarasota Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2020 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2020 amounted to $56,100. 2. The company's funding policy requires a contribution to the pension trustee amounting to $136,572 for 2020. 3. As of January...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,800; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost...
Question 3 --/1 View Policies Current Attempt in Progress Sheridan Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020. Projected benefit obligation Market-related and fair value of plan assets Accumulated benefit obligation Accumulated OCI (G/L)-Net gain January 1, 2020 December 31, 2020 $1,508,000 $1,537,000 807,000 1,138,700 1,581,000 1,702,800 (200,800) The service cost component of pension expense for employee services rendered in...
Exercise 20-2
Vaughn Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$ 88,500
Contribution to the plan
107,100
Prior service cost amortization
10,600
Actual and expected return on plan assets
63,100
Benefits paid
40,800
Plan assets at January 1, 2017
648,000
Projected benefit obligation at January 1, 2017
688,100
Accumulated OCI (PSC) at January 1, 2017
148,600
Interest/discount (settlement) rate
11
%
Compute the pension expense for the year 2017.
Pension...
Question 4 of 10 -/5 View Policies Current Attempt in Progress At January 1, 2020. Crane Corporation had plan assets of $256.500 and a defined benefit obligation of the same amount based on projected costs. During 2020, the current service cost was $28.550, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $31,500, contributions by Crane were $21,050, benefits paid were $17.500, and the cost of past service benefits granted effective December...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
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