Homework Answers
| Net actuarial loss | 429160 | |
| Less: 10 % of larger of PBO and Plan Assets | 307500 | =3075000*10% |
| Excess | 121660 | |
| Divide by Average remaining service life | 7.90 | |
| Minimum amortization of the actuarial loss | 15400 |
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Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of...
A B Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1,...
A
B
Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1, 2017. Cullumber also had a net actuarial loss of $528,020 in accumulated OCI at January 1, 2017. The average remaining service period of Cullumber's employees is 7.70 years. Compute Cullumber's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO:...
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...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees....
Exercise 20-10 (Part Level Submission) Novak 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) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected be...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,508,000 4,250,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $493,000 are created. Other data related to the pension plan are as follows. 2017 $148,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid...
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...
Exercise 20-10 Webb Corp. sponsors a defined benefit pension plan for its employees. On January 1,...
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...
Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the...
Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $480,000 Projected benefit obligation 625,000 Accumulated OCI (PSC) 100,000 Dr. Accumulated OCI (Gain/Loss) 85,000 Cr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary: Service cost for 2017 $90,000 Settlement rate 9% Actual return on plan assets in 2017 57,000 Expected return on plan assets...
Pension Complete the following. Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On...
Pension Complete the following. Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $480,000 Projected benefit obligation 625,000 Accumulated OCI (PSC) 100,000 Dr. Accumulated OCI (Gain/Loss) 85,000 Cr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary: Service cost for 2017 $90,000 Settlement rate 9% Actual return on plan assets in 2017 57,000 Expected...
A
B
Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1, 2017. Cullumber also had a net actuarial loss of $528,020 in accumulated OCI at January 1, 2017. The average remaining service period of Cullumber's employees is 7.70 years. Compute Cullumber's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO:...
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...
Exercise 20-10 (Part Level Submission) Novak 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) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,508,000 4,250,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $493,000 are created. Other data related to the pension plan are as follows. 2017 $148,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid...
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...
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...
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