Homework Answers
| The correct answer is option $680 million which is calculated as below:- | |||||
| Pension expense for 2021:- | |||||
| Particulars | Amt ($ in millions) | ||||
| Service Cost | 490 | ||||
| Add:- | Interest Cost | 380 | |||
| Less:- | Expected return on plan assets | 220 | |||
| Add:- | Amortization of net loss-AOCI | 30 | |||
| Pension expense | 680 | ||||
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Information regarding the defined benefit pension plan of Amber Beverages included the following for 2021($ in...
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...
The blank company has a defined benefit pension plan. Pension information for the fiscal years of...
The blank company has a defined benefit pension plan. Pension information for the fiscal years of 2024 and 2025 are presented below ($ in millions) Info from by pension actuary Projected benefit obligation as of December 31, 2023 = $1,800 Prior service cost from plan amendment on January 2, 2024 = $400 (straight line amortization for a 10 year average remaining service period) Service cost for 2024 = $520 Service cost for 2025 = $570 Discount rate used by actuary...
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018...
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: Projected benefit obligation as of December 31, 2017 = $2,000. Prior service cost from plan amendment on January 2, 2018 = $600 (straight-line amortization for 10-year average remaining service period). Service cost for 2018 = $560. Service cost for 2019 = $610. Discount rate used by actuary on projected benefit...
Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the...
Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 800 Service cost 74 Prior service cost 26 Interest cost(5.0%) 40 Benefits paid (72 ) Balance, December 31 $ 868 Plan Assets ($ in millions) Balance, January 1 $ 370 Actual return on plan assets 42 Contributions 2021 74 Benefits paid (72 ) Balance, December 31 $ 414 The expected long-term rate...
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...
Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the...
Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 520 Service cost 76 Prior service cost 28 Interest cost(5%) 26 Benefits paid (77 ) Balance, December 31 $ 573 Plan Assets ($ in millions) Balance, January 1 $ 390 Actual return on plan assets 43 Contributions, 2021 76 Benefits paid (77 ) Balance, December 31 $ 432 The expected long-term rate...
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...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 140,000 Cr. ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation,...
Sunland Corp. sponsors a defined benefit pension plan for its employees, on January 1, 2021, the...
Sunland Corp. sponsors a defined benefit pension plan for its employees, on January 1, 2021, the following balances related to this plan. Plan assets (fair value) $630,000 Projected benefit obligation 680,000 Pension asset/liability 50,000 Gr. Prior service cost 83,000 OCI - Loss 73,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 $78,000 Actual return on plan assets in 2021 45,260 Amortization of...
The funded status of blank inc.’s defined benefit pension plan and the balances in prior service...
The funded status of blank inc.’s defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are displayed ($ = thousands) 2025 beginning balances 2025 ending balances PBO 2,300 2,501 Plan assets 2,400 2,591 *Funded status 100 90 Prior service cost-AOCI 325 300 Net gain-AOCI 330 300 The retirees were paid $2,700 and the employer contribution to the pension fund was $245,000 at the end of 2025. The expected rate of return on plan assets...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ 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...
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...
Sunland Corp. sponsors a defined benefit pension plan for its employees, on January 1, 2021, the following balances related to this plan. Plan assets (fair value) $630,000 Projected benefit obligation 680,000 Pension asset/liability 50,000 Gr. Prior service cost 83,000 OCI - Loss 73,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 $78,000 Actual return on plan assets in 2021 45,260 Amortization of...
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