Advanced Accounting II Chapter 20 Pensions and Postretirement Benefits Problem 1. Measuring, recording, and reporting pension...
10/29/2019 Advanced Accounting II Chapter 20 Pensions and Postretirement Benefits Problem 1. Measuring, recording, and reporting pension expense and liability. Tucker, Inc. on January 1, 2017 initiated a noncontributory, defined-benefit pension plan that orants benefits to its 100 employees for services rendered in years prior to the adoption of the pension plan. The total expected service-years of the 100 employees who are expected to receive benefits under the plan is 1,200. An actuarial consulting firm has indicated that the present...
INSTRUCT (a) Determine tica (b) Prepare the journal entry (c) Prepare the income tax expense sectill 2020. 2017 Part 11: Bill Inc, began business on Jan 1, 2017. Its ences once talp fol Advanced Accounting II Chapter 20 Pensions and Postretirement Benefits Problem 1. Measuring, recording, and reporting pension expense and liability. Tucker, Inc. on January 1, 2017 Top initiated a noncontributory, defined-benefit pension plan that grants benefits to its 100 employees for services rendered in years prior to the...
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...
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 $
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The accumulated OCI-prior service cost at the...
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 $
u U lic SCELTUI 201). Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. 1 The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The...
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 20-11 (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 20-23 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,...