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E20-5 (L03) (Application of Years-of-Service Method) Andrews Company has five employees participating in its defined benefit...
Skysong Company has five employees participating in its defined benefit pension plan. Expected years of future...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Employee Future Years of Service Jim Paul 4. Nancy Dave 6 Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $80,640. Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2018 are as follows: Employee Future Years of Service Fran 6 Frank 1 Fang 3 Franklin 6 Felix 4 On Jan. 1, 2018, the company amended its pension plan increasing its PBO by $210,000. Compute the amount of prior service cost amortization table for the years 2018 –...
Methods to Amortize Prior Service Cost Wolz Company, a small business, has had a defined benefit...
Methods to Amortize Prior Service Cost Wolz Company, a small business, has had a defined benefit pension plan for its employees for several years. At the beginning of 2016, Wolz amended the pension plan; this amendment provides for increased benefits based on services rendered by certain employees in prior periods. Wolz's actuary has determined that the related prior service cost amounts to $140,000. Wolz has four participating employees who are expected to receive increased benefits. The following is a schedule...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On J...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan on December 31, 2017, the actuary calculated...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. $ 500,000 1,250,000 15,000 210,000 960,000 Pension liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate 8% Projected benefit obligation (January 1) Service cost 1,500,000 165,000 Instructions (a) Compute pension expense and prepare the journal entry to record pension expense and...
Problem 3. Amortization of prior service cost using years-of-service method. On January 1, 2016, Solano Incorporated...
Problem 3. Amortization of prior service cost using years-of-service method. On January 1, 2016, Solano Incorporated amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined benefit pension plan. The personnel department provided the following information regarding expected employee retirements: Number of Employees Expected Retirements on December 31 40 2016 120 2017 60 2018 160 2019 2020 400 The company...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees....
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Employee Future Years of Service Jim Paul 4. Nancy Dave 6 Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $80,640. Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan on December 31, 2017, the actuary calculated...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. $ 500,000 1,250,000 15,000 210,000 960,000 Pension liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate 8% Projected benefit obligation (January 1) Service cost 1,500,000 165,000 Instructions (a) Compute pension expense and prepare the journal entry to record pension expense and...
Problem 3. Amortization of prior service cost using years-of-service method. On January 1, 2016, Solano Incorporated amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined benefit pension plan. The personnel department provided the following information regarding expected employee retirements: Number of Employees Expected Retirements on December 31 40 2016 120 2017 60 2018 160 2019 2020 400 The company...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Problem 5. Pension Worksheet. Howard Corp, sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
Problem 5. Pension Worksheet. Howard Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Plan assets (market-related value) $450,000 Projected benefit obligation 600,000 Prior service cost 100,000 OCI - Gain 65,000 Average remaining service life in years 10 As a result of the operation of the plan during 2017, the actuary provided the following additional data at December 31, 2017 Service cost for 2017 $75,000 Actual return on...
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