Problem 17-7 Determining the amortization of net gain (LO17-6] Herring Wholesale Company has a defined benefit...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in 000 s) $240 1,370 1,800 1,300 12years The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%. The actuary revised assumptions...
12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: 10 points (s in 000s) Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) $280 2,070 2,100 1,600 Skipped 14years eBook The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%....
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: ($ in 000s) Net gain–AOCI $349 Accumulated benefit obligation 3,070 Projected benefit obligation 3,100 Fair value of plan assets 2,600 Average remaining service period of active employees (expected to remain constant for the next several years) 13 years The rate of return on plan assets during 2018 was 9%, although it was expected to be 10%. The actuary revised assumptions...
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2018, are shown below: ($ in 000's) CASE 1 CASE 2 CASE 3 Net loss (gain)–AOCI, Jan. 1 $320 ($330) $260 2018 loss (gain) on plan assets (11) (8) 2 2018 loss (gain) on PBO (23) 16 (265) Accumulated benefit obligation, Jan (2,950) (2,550) (1,450) Projected benefit obligation, Jan. 1 (3,310) (2,670) (1,700) Fair value of plan assets, Jan. 1 2,800 2,700...
gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $4,000 $ 4,501 4,400 4,791 400 290 425 400 460 395 Retirees were paid $250,000 and the employer contribution to the pension fund was $265,000 at the end of 2018. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and...
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: Projected benefit obligation as of December 31, 2017 = $2,000. Prior service cost from plan amendment on January 2, 2018 = $600 (straight-line amortization for 10-year average remaining service period). Service cost for 2018 = $560. Service cost for 2019 = $610. Discount rate used by actuary on projected benefit...
Hicks Cable Company has a defined benefit pension plan. Three
alternative possibilities for pension-related data at January 1,
2021, are shown below:($ in thousands)Case 1Case 2Case 3Net loss (gain)—AOCI, Jan. 1$323$(343)$2632021 loss (gain) on plan assets(14)(11)52021 loss (gain) on PBO(26)19(268)Accumulated benefit obligation, Jan. 1(2,980)(2,580)(1,480)Projected benefit obligation, Jan. 1(3,340)(2,700)(1,730)Fair value of plan assets, Jan. 12,8302,7301,580Average remaining service periodof active employees (years)12149Required:1. For each independent case, calculate any
amortization of the net loss or gain that should be included as a
component...
Problem 1: Comprehensive exercise on defined benefit pension plans (46 pts). Orpheum Productions has a defined benefit pension plan. On December 31, 2018 (the end of Orpheum's fiscal year), the following pension-related data were available: ($ in millions) $240 41 12 Projected Benefit Obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 Plan Assets Balance, January 1, 2018 Actual return on...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation ($ in millions) Balance, January 1, 2021 $ 780 Service cost 80 Interest cost, discount rate, 5% 39 Gain due to changes in actuarial assumptions in 2021 (23 ) Pension benefits paid (39 ) Balance, December 31, 2021 $ 837 Plan Assets ($ in millions) Balance, January 1, 2021 $ 820 Actual...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...