Homework Answers
Answer
| particulars | amount |
| service cost | 45000 |
| interest on liability 330000 * 8 % | 26400 |
| actual and expected return on plan assets | 11000 |
| total post retirement benefit | 60400 |
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E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co....
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-23 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Exercise 20-19 Cullumber Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-19
Cullumber Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$ 42,200
Contribution to the plan
10,200
Actual and expected return on plan assets
11,800
Benefits paid
20,500
Plan assets at January 1, 2017
106,700
Accumulated postretirement benefit obligation at January 1,
2017
354,700
Discount rate
10
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense
$
*P20-14 (L06,7) (Postretirement Benefit Worksheet-2 Years) Elton Co. has the following postretirement benefit plan bal ances...
*P20-14 (L06,7) (Postretirement Benefit Worksheet-2 Years) Elton Co. has the following postretirement benefit plan bal ances on January 1, 2017 Accumulated postretirement benefit obligation $2,250,000 Fair value of plan assets 2,250,000 The interest (settlement) rate applicable to the plan is 10%. Or a ry 1, 2018, the company amends the plan so that peor service costs of $175,000 are created. Other data related to the plan and 2017 $ 75,000 Service costs Prior service costs amortization Contributions (funding) to the...
Exercise 20-22 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-22
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$86,700
Prior service cost amortization
2,900
Contribution to the plan
53,100
Actual and expected return on plan assets
57,400
Benefits paid
39,800
Plan assets at January 1, 2017
707,800
Accumulated postretirement benefit obligation at January 1,
2017
771,000
Accumulated OCI (PSC) at January 1, 2017
101,000
Dr.
Discount rate
8
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800 Benefits paid 21,100 Plan assets at January 1, 2017 120,800 317,900 Accumulated postretirement benefit obligation at January 1, 2017 Discount rate 10 % Prepare a worksheet inserting January 1, 2017, balances, and showing December 31, 2017, balances. (Enter all amounts as positive.) Teal Co. Pension Worksheet-2017 General Journal Entries Memo Record Postretirement Asset/ Liability Annual Postretirement Expense Cash APBO Plan Assets Balance, Jan. 1,...
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017....
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Requirements: Using Excel prepare a pension worksheet inserting January 1, 2017, balances,...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
Headland Company provides the following information about its defined benefit pension plan for the year 2017....
Headland Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2017 632,300 Projected benefit obligation at January 1, 2017 686,100 Accumulated OCI (PSC) at January 1, 2017 147,300 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Elton Co. has the following postretirement benefit plan balances on January 1, 2017. Accumulated postretirement benefit...
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Exercise 20-19
Cullumber Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$ 42,200
Contribution to the plan
10,200
Actual and expected return on plan assets
11,800
Benefits paid
20,500
Plan assets at January 1, 2017
106,700
Accumulated postretirement benefit obligation at January 1,
2017
354,700
Discount rate
10
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense
$
*P20-14 (L06,7) (Postretirement Benefit Worksheet-2 Years) Elton Co. has the following postretirement benefit plan bal ances on January 1, 2017 Accumulated postretirement benefit obligation $2,250,000 Fair value of plan assets 2,250,000 The interest (settlement) rate applicable to the plan is 10%. Or a ry 1, 2018, the company amends the plan so that peor service costs of $175,000 are created. Other data related to the plan and 2017 $ 75,000 Service costs Prior service costs amortization Contributions (funding) to the...
Exercise 20-22
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$86,700
Prior service cost amortization
2,900
Contribution to the plan
53,100
Actual and expected return on plan assets
57,400
Benefits paid
39,800
Plan assets at January 1, 2017
707,800
Accumulated postretirement benefit obligation at January 1,
2017
771,000
Accumulated OCI (PSC) at January 1, 2017
101,000
Dr.
Discount rate
8
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800 Benefits paid 21,100 Plan assets at January 1, 2017 120,800 317,900 Accumulated postretirement benefit obligation at January 1, 2017 Discount rate 10 % Prepare a worksheet inserting January 1, 2017, balances, and showing December 31, 2017, balances. (Enter all amounts as positive.) Teal Co. Pension Worksheet-2017 General Journal Entries Memo Record Postretirement Asset/ Liability Annual Postretirement Expense Cash APBO Plan Assets Balance, Jan. 1,...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
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