Homework Answers
| a.) | Account Titles | Debit $ | Credit $ | |
| Postretirement benefit expense | 29,500 | |||
| Postretirement benefit liability | 29,500 | |||
| (25,000 + (100,000 x 12%) - 7,500 | ||||
| b.) | APBO Dec.31,2020 | $ 127,000 | =100000+25000+12000-10000 |
| Plan Assets ,Dec.31,2020 | $ 107,500 | =75000+35000+7500-10000 | |
| Fund Status on Dec.31,2020 | $19,500 | Underfunded | |
| (127000-107500) | |||
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The following information pertains to YNCA Inc. APBO: Jan 1, 2020 Plan Assets: Jan 1, 2020...
The information below pertains to the retiree health care plan of Thompson Technologies: ($ in 000s)...
The information below pertains to the retiree health care plan of Thompson Technologies: ($ in 000s) 2018 Beginning Balances 2018 Ending Balances Accumulated postretirement benefit obligation $ 560 $ 585 Plan assets 0 75 Funded status (560 ) (510 ) Prior service cost–AOCI 195 158 Net gain–AOCI (65 ) (64 ) Thompson began funding the plan in 2018 with a contribution of $142,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary’s discount...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800 Benefits paid 21,100 Plan assets at January 1, 2017 120,800 317,900 Accumulated postretirement benefit obligation at January 1, 2017 Discount rate 10 % Prepare a worksheet inserting January 1, 2017, balances, and showing December 31, 2017, balances. (Enter all amounts as positive.) Teal Co. Pension Worksheet-2017 General Journal Entries Memo Record Postretirement Asset/ Liability Annual Postretirement Expense Cash APBO Plan Assets Balance, Jan. 1,...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $ 550 $ 575 75 (550) (500) 190 156 (64) (63) Thompson began funding the plan in 2018 with a contribution of $141,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary's discount rate is 4%. There were...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year...
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,...
Balance Activity 2020 Fair value of plan assets, Jan. 1. 202). $5,000 Dr. Actual return on...
Balance Activity 2020 Fair value of plan assets, Jan. 1. 202). $5,000 Dr. Actual return on plan assets. $300 Fair value of plan assets, Dec. 31, 2020 5.625 Dr. Contributions to plan assets 450 Projected benefit obligation, Jan. 1, 2020 5,000 Cr. Service cost 500 Net pension asset (liability), Dec. 31, 2020 200 Cr. Other Discount rate 8% Expected rate of return on plan assets.. 7% Required Calculate benefits paid to retirees in 2020, b. Calculate any actuarial gain or...
Exercise 20-23 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
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...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
ata pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following...
ata pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following for the current calendar year: Service cost $ 156,000 APBO, January 1 $ 860,000 Plan assets (fair value), January 1 $ 86,000 Prior service cost (current year amortization,$2,000) $ 96,000 Retiree benefits paid (end of year) $ 96,000 Net gain (current year amortization, $1,000) $ 98,000 Contribution to health care fund (end of year) $ 91,000 Return on plan assets (actual and expected) 10...
Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains...
Baron Company adopted a defined benefit pension plan on January 1, 2015. The following information pertains to the pension plan for 2016 and 2017: 2016 2017 Service cost $120,000 $130,000 Projected benefit obligation (1/1) 90,000 219,000 Plan assets (1/1) 90,000 223,000 Company contribution (funded 12/31) 124,000 140,000 Discount rate 10% 10% Expected long-term (and actual) rate of return on plan assets 10% 10% There are no other components of Baron’s pension expense. Required: 1. Compute the amount of Baron’s pension...
The following information pertains to Rembrandt Inc.'s pension plan for calendar 2017: Defined benefit obligation...
The following information pertains to Rembrandt Inc.'s pension plan for calendar 2017: Defined benefit obligation at Jan 1/17................. $96,000 Interest (discount) rate...................................... 10% Current service costs......................................... $24,000 Pension benefits paid retirees............................ $20,000 The corporation uses IFRS. If no change in actuarial estimates occurred during 2017, Rembrandt's defined benefit obligation at December 31, 2017 would be (show your work) a) $85,600. b) $100,000. c) $105,600. d) $109,600. Presented below is information related to...
Service cost $46,900 10,500 Contribution to the plan Actual and expected return on plan assets 11,800 Benefits paid 21,100 Plan assets at January 1, 2017 120,800 317,900 Accumulated postretirement benefit obligation at January 1, 2017 Discount rate 10 % Prepare a worksheet inserting January 1, 2017, balances, and showing December 31, 2017, balances. (Enter all amounts as positive.) Teal Co. Pension Worksheet-2017 General Journal Entries Memo Record Postretirement Asset/ Liability Annual Postretirement Expense Cash APBO Plan Assets Balance, Jan. 1,...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $ 550 $ 575 75 (550) (500) 190 156 (64) (63) Thompson began funding the plan in 2018 with a contribution of $141,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary's discount rate is 4%. There were...
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,...
Balance Activity 2020 Fair value of plan assets, Jan. 1. 202). $5,000 Dr. Actual return on plan assets. $300 Fair value of plan assets, Dec. 31, 2020 5.625 Dr. Contributions to plan assets 450 Projected benefit obligation, Jan. 1, 2020 5,000 Cr. Service cost 500 Net pension asset (liability), Dec. 31, 2020 200 Cr. Other Discount rate 8% Expected rate of return on plan assets.. 7% Required Calculate benefits paid to retirees in 2020, b. Calculate any actuarial gain or...
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...
Question 7 View Policies Current Attempt in Progress Vaughn Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $49,200 Contribution to the plan 10,600 Actual and expected return on plan assets 12,100 Benefits paid 21,100 Plan assets at January 1, 2020 107,000 Accumulated postretirement benefit obligation at January 1, 2020 332,500 Discount rate 10% Prepare a worksheet inserting January 1, 2020, balances, and showing December 31, 2020, balances. (Enter all amounts as positive.)...
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