B
Homework Answers
| (A) | Blossom Company | ||||
| a) | Other Comprehensive loss for 2017 | ||||
| Actuarial liability loss | $ -29,000.00 | ||||
| Unexpected assets gain | $ 19,700.00 | ||||
| Other Comprehensive Income(loss) | $ -9,300.00 | ||||
| b) | Comprehensive Income for 2017 | ||||
| Net Income | $ 25,500.00 | ||||
| Other Comprehensive Income(loss) | $ -9,300.00 | ||||
| Comprehensive Income (loss) | $ 16,200.00 | ||||
| (B) | Flint Corp. | ||||
| (A) | (B) | (A)-(B) | |||
| Pension Assets(Fair Value) | Projected benefit obligation | Pension Assets/Liability | |||
| Plan X | $ 6,58,000.00 | $ 4,95,000.00 | $ 1,63,000.00 | Assets | |
| Plan Y | $ 9,65,000.00 | $ 7,81,000.00 | $ 1,84,000.00 | Assets | |
| Plan Z | $ 5,27,000.00 | $ 6,34,000.00 | $ -1,07,000.00 | Liability | |
| Pension Assets=($163000+$184000) | $ 3,47,000.00 | ||||
| Pension Liability | $ 1,07,000.00 | ||||
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Blossom Co. had the following amounts related to its pension plan in 2017. Actuarial...
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its employees. The following data relate to the operation of the
plan for the years 2020 and 2021.
2020
2021
Projected benefit obligation, January 1
$602,200
Plan assets (fair value and market-related value), January
1
411,200
Pension asset/liability, January 1
191,000
Cr.
Prior service cost, January 1
159,200
Service cost
39,800
$58,700
Settlement rate
10
%
10
%
Expected rate of return
10
%
10
%
Actual return on plan assets...
Bonita Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1,
2017
December
31, 2017
Vested benefit
obligation
$1,390
$1,750
Accumulated benefit
obligation
1,750
2,850
Projected benefit
obligation
2,350
3,540
Plan assets (fair value)
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2,550
Settlement rate and expected
rate of return
10
%
Pension asset/liability
530
?
Service cost for the year
2017
440
Contributions (funding in
2017)
720
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