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Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its...
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...
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020....
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020. $90.600 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1.2020 Accumulated OCIEPS Manuary 1, 2020 Interesscount settimate 103.000 10.100 63.100 39.00 100 710,600 149.400 Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enteral amounts as positive PAROAH...
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,...
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...
Kingbird Company provides the following information about its defined benefit pension plan for the year 2017....
Kingbird Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$90,600
Contribution to the plan
103,900
Prior service cost amortization
10,100
Actual and expected return on plan assets
63,100
Benefits paid
39,600
Plan assets at January 1, 2017
644,100
Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020....
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,900 Contribution to the plan 103,000 Prior service cost amortization 9,300 Actual and expected return on plan assets 63,200 Benefits paid 39,800 Plan assets at January 1, 2020 648,600 Projected benefit obligation at January 1, 2020 706,600 Accumulated OCI (PSC) at January 1, 2020 148,800 Interest/discount (settlement) rate 10 % Using Excel prepare a pension worksheet inserting January 1, 2020, balances, and...
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co....
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co. provides the following information about its Service cost Contribution to the plarn Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation $ 45,000 10,000 11,000 20,000 110,000 at January 1, 2017 Discount rate 30,000 8% Instructions Compute the postretirement benefit expense for 2017. *E20-20 (L06,7) (Postretirement Benefit Worksheet) Using the information in E20-19, prepare...
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...
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 20-23 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...
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020. $90.600 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1.2020 Accumulated OCIEPS Manuary 1, 2020 Interesscount settimate 103.000 10.100 63.100 39.00 100 710,600 149.400 Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enteral amounts as positive PAROAH...
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 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...
Kingbird Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$90,600
Contribution to the plan
103,900
Prior service cost amortization
10,100
Actual and expected return on plan assets
63,100
Benefits paid
39,600
Plan assets at January 1, 2017
644,100
Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
E20-19 (Lo6,7) (Postretireme postretirement benefit plan for the year 2017. nt Benefit Expense Computation) Kreter Co. provides the following information about its Service cost Contribution to the plarn Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation $ 45,000 10,000 11,000 20,000 110,000 at January 1, 2017 Discount rate 30,000 8% Instructions Compute the postretirement benefit expense for 2017. *E20-20 (L06,7) (Postretirement Benefit Worksheet) Using the information in E20-19, prepare...
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...
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...
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