Presented below is information related to Marina Comp, Inc. pension plan for 2013. Accumulated benefit obligation...
Presented below is information related to Marina Comp, Inc. pension plan for 2013.
Accumulated benefit obligation (at year-end) $600,000
Service cost 520,000
Funding contribution for 2013 480,000
Settlement rate used in actuarial computation 10%
Expected return on plan assets 9%
Amortization of PSC (due to benefit increase) 100,000
Amortization of net gains 48,000
Projected benefit obligation (at beginning of period) 450,000
Fair value of plan assets (at beginning of period) 360,000
- Compute the amount of pension expense to be reported for 2013, show work and prepare the journal entry to record pension expense and the employer's contribution for 2013.
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Presented below is information related to Marina Comp, Inc.
pension plan for 2013.
Accumulated benefit obligation...
Marina Comp. received the following information from its pension plan trustee concerning the operation of the...
Marina Comp. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2013: January 1, 2013 December 31, 2013 Projected benefit obligation $2,500,000 $2,850,000 Fair value of plan assets 1,250,000 1,600,000 Accumulated benefit obligation 1,930,000 2,620,000 Accumulated OCI – (PSC) 540,000 300,000 The service cost component for 2013 is $120,000 and the amortization of prior service cost is $240,000. The company's actual...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,570,000 1.320,000 1.937,000 547,000 December 31, 2021 $2.920,000 1,670,000 2,627.000 303,500 The service cost component for 2021 is $143.500 and the amortization of prior service cost is $243,500. The company's actual funding of the plan in...
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rendered in 2020 amounted to $56,100. 2. The company’s funding
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Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan...
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Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan...
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The following information is available for the pension plan of Riverbed company for the year 2017 Actual and expected return on plan assets..........$13,800 Benefits paid to retirees..........$36,000 Contributions (funding)..........$88,000 Interest/discount rate..........11% Prior service cost amortization..........$7,900 Projected benefit obligation, January 1, 2017..........$502,000 Service cost..........$59,000 A. Compute pension expense for the year 2017 (show work): $__________ B. Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017 (using table above) Pension expense..........__________ Cash..........__________ Pension...
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Exercise 20-10 Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $480,000 600,000 120,00D 100,000 Dr As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,570,000 1.320,000 1.937,000 547,000 December 31, 2021 $2.920,000 1,670,000 2,627.000 303,500 The service cost component for 2021 is $143.500 and the amortization of prior service cost is $243,500. The company's actual funding of the plan in...
Coronado 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 1, 2020, the company had a
projected benefit obligation...
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