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The following defined pension dates of Doreen Corporation apply to the year 20x1: Projected benefit obligation,...
Exercise 20-07 The following defined pension data of Sweet Corp. apply to the year 2020. Projected...
Exercise 20-07 The following defined pension data of Sweet Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $569,000 Plan assets, 1/1/20 556,100 Pension liability 12,900 On January 1, 2020, Sweet Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 9 % Service cost 57,300 Contributions (funding) 63,800 Actual (expected) return on plan assets 52,300 Benefits paid to retirees 37,700 Prior service cost amortization for 2020 16,200 For 2020, prepare...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ in
000s)
Jan. 1 Dec. 31
Projected benefit obligation $ 4,400 $ 4,680
Accumulated benefit obligation 3,730 3,980
Plan assets (fair value) 4,980 5,425
Interest (discount) rate, 6%
Expected return on plan assets, 10%
Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870
Net loss−AOCI 518
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions 44
Contributions to pension fund...
Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO,...
Prepare a pension spreadsheet to assist you in determining end
of 2018 balances in the PBO, plan assets, prior service cost—AOCI,
the net loss—AOCI, and the pension liability.
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018: Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $7 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 -credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to retirees Prior service...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation ($ in millions) Balance, January 1, 2021 $ 780 Service cost 80 Interest cost, discount rate, 5% 39 Gain due to changes in actuarial assumptions in 2021 (23 ) Pension benefits paid (39 ) Balance, December 31, 2021 $ 837 Plan Assets ($ in millions) Balance, January 1, 2021 $ 820 Actual...
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit...
A partially completed pension spreadsheet showing the
relationships among the elements that comprise the defined benefit
pension plan of Universal Products is given below. The actuary's
discount rate is 5%. At the end of 2019, the pension formula was
amended, creating a prior service cost of $220,000. The expected
rate of return on assets was 8%, and the average remaining service
life of the active employee group is 20 years in the current year
as well as the previous two...
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit...
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2016, the pension formula was amended, creating a prior service cost of $120,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two...
Springfield Power Plant provides the following information about its defined benefit pension plan...
Springfield Power Plant provides the following information about its defined benefit pension plan for the year 2018. Account balances as of 1/1/2018 Projected benefit obligation Plan assets Pension liability Prior Service Cost AOCI Net Loss AOC Facts for 2018 Settlement (Discount) rate and expected rate of return Service cost Contributions Actual return on plan assets Benefits paid to retirees Prior service cost amortization 290,000 234,000 56,000 18,000 33,500 10% 17,500 37,000 22,000 18,000 9,600 20 years Average service life of...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Exercise 20-7 The following defined pension data of Crane Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Crane Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $504,000 489,500 14,500 Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 109,000 10 % 63,600 61,100 49,200 39,900 18,400 For 2017, prepare...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ in
000s)
Jan. 1 Dec. 31
Projected benefit obligation $ 4,400 $ 4,680
Accumulated benefit obligation 3,730 3,980
Plan assets (fair value) 4,980 5,425
Interest (discount) rate, 6%
Expected return on plan assets, 10%
Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870
Net loss−AOCI 518
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions 44
Contributions to pension fund...
Prepare a pension spreadsheet to assist you in determining end
of 2018 balances in the PBO, plan assets, prior service cost—AOCI,
the net loss—AOCI, and the pension liability.
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018: Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $7 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 -credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to retirees Prior service...
A partially completed pension spreadsheet showing the
relationships among the elements that comprise the defined benefit
pension plan of Universal Products is given below. The actuary's
discount rate is 5%. At the end of 2019, the pension formula was
amended, creating a prior service cost of $220,000. The expected
rate of return on assets was 8%, and the average remaining service
life of the active employee group is 20 years in the current year
as well as the previous two...
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2016, the pension formula was amended, creating a prior service cost of $120,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two...
Springfield Power Plant provides the following information about its defined benefit pension plan for the year 2018. Account balances as of 1/1/2018 Projected benefit obligation Plan assets Pension liability Prior Service Cost AOCI Net Loss AOC Facts for 2018 Settlement (Discount) rate and expected rate of return Service cost Contributions Actual return on plan assets Benefits paid to retirees Prior service cost amortization 290,000 234,000 56,000 18,000 33,500 10% 17,500 37,000 22,000 18,000 9,600 20 years Average service life of...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
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