Exercise 20-19
Cullumber Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost | $ 42,200 | ||
Contribution to the plan | 10,200 | ||
Actual and expected return on plan assets | 11,800 | ||
Benefits paid | 20,500 | ||
Plan assets at January 1, 2017 | 106,700 | ||
Accumulated postretirement benefit obligation at January 1, 2017 | 354,700 | ||
Discount rate | 10 | % |
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense | $
|
Service cost | $42,200 |
Interest on the liability (10% x $354,700) | $35,470 |
Actual and expected return on plan assets | ($11,800) |
Postretirement expense | $65,870 |
Exercise 20-19 Cullumber Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-22
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$86,700
Prior service cost amortization
2,900
Contribution to the plan
53,100
Actual and expected return on plan assets
57,400
Benefits paid
39,800
Plan assets at January 1, 2017
707,800
Accumulated postretirement benefit obligation at January 1,
2017
771,000
Accumulated OCI (PSC) at January 1, 2017
101,000
Dr.
Discount rate
8
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense...
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...
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...
Exercise 20-21
Flint Inc. provides the following information related to its
postretirement benefits for the year 2017.
Accumulated postretirement benefit obligation at January 1,
2017
$773,600
Actual and expected return on plan assets
32,300
Prior service cost amortization
19,600
Discount rate
11
%
Service cost
76,700
Compute postretirement benefit expense for 2017.
Postretirement benefit expense
$
Flounder Inc. provides the following information related to its
postretirement benefits for the year 2017.
Accumulated postretirement benefit obligation at January 1,
2017
$642,600
Actual and expected return on plan assets
36,100
Prior service cost amortization
20,100
Discount rate
9
%
Service cost
86,900
Compute postretirement benefit expense for 2017.
Postretirement benefit expense
$
Exercise 20-2
Vaughn Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$ 88,500
Contribution to the plan
107,100
Prior service cost amortization
10,600
Actual and expected return on plan assets
63,100
Benefits paid
40,800
Plan assets at January 1, 2017
648,000
Projected benefit obligation at January 1, 2017
688,100
Accumulated OCI (PSC) at January 1, 2017
148,600
Interest/discount (settlement) rate
11
%
Compute the pension expense for the year 2017.
Pension...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
Headland Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2017 632,300 Projected benefit obligation at January 1, 2017 686,100 Accumulated OCI (PSC) at January 1, 2017 147,300 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...