Homework Answers
Answer to Question 3
The Balance of Projected Benefit Obligation as on December 31, 2020 will be
$34,12,000
Calculated as follows:
Projected Benefit Obligation as on 1st January 2020 $36,00,000
Less:
Projected Benefit Obligation as on 1st January 2020 $36,00,000
Less: Fair value of Plan Assets (Opening) as on 1st January 2020 $37,00,000
Add; Service Cost Less Amortization of Past Service Cost $1,66,000
($2,20,000-$54,000)
Less: Contributions during 2020 $1,70,000
Add : Benefits Paid during 2020 $2,92,000
$1,88,000
Projected Benefit Obligation as on December 31, 2020 $34,12,000
($36,00,000- $1,88,000)
Answer to Question 4
Fair Value of the Plan Assets at December 31, 2020 will be:
$38,42,000
Calculated as follows:
Fair value of Plan Assets (Opening) as on 1st January 2020 $37,00,000
Add: Contributions during 2020 $1,70,000
Less : Benefits Paid during 2020 $2,92,000
Add: Actual return on Plan Assets $2,64,000
Fair Value of the Plan Assets at December 31, 2020
$38,42,000
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QUESTION 3 Field Corp has the following balances as of January 1, 2020 related to its...
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,400,000 Fair value of plan assets 7,000,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Average service periods (for amortization) 8yrs (a) Determine the projected benefit obligation at December 31, 2020. There...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise indicated a. December 31, 2020, projected benefit h. Interest cost on PBO obligation balance i. Amortization of prior service cost b. December 31, 2020, plan asset balance January 1, 2020, pension plan asset balance c. Loss (gain) related to changes in actuarial k. Pension benefits paid to retirees assumptions 1. January 1, 2020, projected benefit obligation d. Cash funding by the employer balance e....
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020....
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $26,800 Cr. Accumulated benefit obligation (December 31) 397,500 Actual and expected return on plan assets 10,900 Contributions (funding) in 2020 150,200 Fair value of plan assets (December 31) 793,000 Settlement rate 10% Projected benefit obligation (January 1) 699,000 Service cost 79,300 Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Ayayal...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise indicated a. December 31, 2020, projected benefit h. Interest cost on PBO obligation balance i. Amortization of prior service cost b. December 31, 2020. plan asset balance 1. January 1, 2020, pension plan asset balance c. Loss (gain) related to changes in actuarial k. Pension benefits paid to retirees assumptions 1. January 1, 2020, projected benefit obligation d. Cash funding by the employer balance...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees to amend its pension benefits as of January 1, 2020. As a result, the projected benefit obligation increased by $2,475,000. Bathworks projects that 20% of its current employees will turnover each of the next five years (i.e., Bathworks expects to have all 75 of its current employees for 2020, but only 60 remaining for 2021, 45 for 2022, 30 for 2023, and 15 for...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Pearl Enterprises provides the following information relative to its defined benefit pension plan. Balances or Value...
Pearl Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation $2,743,700 Accumulated benefit obligation 1,980,300 Fair value of plan assets 2,290,800 Accumulated OCI (PSC) 212,000 Accumulated OCI—Net loss (1/1/20 balance, 0) 45,800 Pension liability 452,900 Other pension plan data for 2020: Service cost $94,300 Prior service cost amortization 42,200 Actual return on plan assets 129,800 Expected return on plan assets 175,600 Interest on January 1, 2020, projected...
Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,60...
Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,600,000 credit balance Pension is $300,000 underfunded at Jan 1, 2011 oCI- G/L has a debit balance of $250,000 on Jan 1, 2011 Additional information: Service life of employees is 50 years The settlement rate is 8%. Other data related to the pension plan for 2011 are: $280,000 Amortization of prior service costs due to increase in benefits 75,000 105,000 300,000 237,000 245,000...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise indicated a. December 31, 2020, projected benefit h. Interest cost on PBO obligation balance i. Amortization of prior service cost b. December 31, 2020, plan asset balance January 1, 2020, pension plan asset balance c. Loss (gain) related to changes in actuarial k. Pension benefits paid to retirees assumptions 1. January 1, 2020, projected benefit obligation d. Cash funding by the employer balance e....
Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $26,800 Cr. Accumulated benefit obligation (December 31) 397,500 Actual and expected return on plan assets 10,900 Contributions (funding) in 2020 150,200 Fair value of plan assets (December 31) 793,000 Settlement rate 10% Projected benefit obligation (January 1) 699,000 Service cost 79,300 Indicate the pension-related amounts that would be reported in the company's income statement and balance sheet for 2020. Ayayal...
The following items are related to a defined pension plan: Items relate to 2020 unless otherwise indicated a. December 31, 2020, projected benefit h. Interest cost on PBO obligation balance i. Amortization of prior service cost b. December 31, 2020. plan asset balance 1. January 1, 2020, pension plan asset balance c. Loss (gain) related to changes in actuarial k. Pension benefits paid to retirees assumptions 1. January 1, 2020, projected benefit obligation d. Cash funding by the employer balance...
QUESTION 5 Bathworks Corp. has a defined benefit pension plan covering its 75 employees. Bathworks agrees to amend its pension benefits as of January 1, 2020. As a result, the projected benefit obligation increased by $2,475,000. Bathworks projects that 20% of its current employees will turnover each of the next five years (i.e., Bathworks expects to have all 75 of its current employees for 2020, but only 60 remaining for 2021, 45 for 2022, 30 for 2023, and 15 for...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,600,000 credit balance Pension is $300,000 underfunded at Jan 1, 2011 oCI- G/L has a debit balance of $250,000 on Jan 1, 2011 Additional information: Service life of employees is 50 years The settlement rate is 8%. Other data related to the pension plan for 2011 are: $280,000 Amortization of prior service costs due to increase in benefits 75,000 105,000 300,000 237,000 245,000...
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