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Brief Exercise 20-2 For Whispering Corporation, year-end plan assets were $1,999,000. At the beginning of the...
Brief Exercise 20-02 For Cheyenne Corporation, year-end plan assets were $1,994,000. At the beginning of the...
Brief Exercise 20-02 For Cheyenne Corporation, year-end plan assets were $1,994,000. At the beginning of the year, plan assets were $1,770,000. During the year, contributions to the pension fund were $128,000, and benefits paid were $189,000. Compute Cheyenne's actual return on plan assets. Actual return on plan assets
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year...
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
Pension plan assets were $200 million at the beginning of the year. The return on plan...
Pension plan assets were $200 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $8 million and cash invested in the pension fund was $12 million. What was the amount of the pension plan assets at year-end? Pension plan assets plan assets million
Exercise 20-1 The following information is available for the pension plan of Martinez Company for the...
Exercise 20-1
The following information is available for the pension plan of
Martinez Company for the year 2017.
Actual and expected return on plan assets
$ 13,800
Benefits paid to retirees
37,800
Contributions (funding)
84,900
Interest/discount rate
9
%
Prior service cost amortization
7,900
Projected benefit obligation, January 1, 2017
500,000
Service cost
63,500
Compute pension expense for the year 2017.
Pension expense for 2017
$
Prepare the journal entry to record pension expense and the
employer’s contribution to the...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of $3,075,000 at January 1, 2017. Sheridan also had a net actuarial loss of $429,160 in accumulated OCI at January 1, 2017. The average remaining service period of Sheridan's employees is 7.90 years. Compute Sheridan's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to Show Work for this question: Open Show Work
Exercise 20-4 The following facts apply to the pension plan of Metlock Inc. for the year 2017. Plan assets, January 1...
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets,...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2017 Fair value of pension plan assets, December 31, 2017 Contributions to the plan in 2017 Benefits paid retirees in 2017 $2,411,000 2,735,000 304,000 376,000 From the data above, compute the actual return on the plan assets for 2017 Actual return on plan assets for 2017 LINK TO TEXT VIDEO: SIMILAR EXERCISE
Brief Exercise 20-05 Blossom Corporation amended its pension plan on January 1, 2020, and granted $165,900...
Brief Exercise 20-05 Blossom Corporation amended its pension plan on January 1, 2020, and granted $165,900 of prior service costs to its employees. The employees are expected to provide 2,100 service years in the future, with 310 service years in 2020. Compute prior service cost amortization for 2020. Prior service cost amortization for 2020 Click if you would like to Show Work for this question: Open Show Work
The following data relate to Voltaire Company’s defined benefit pension plan: ($ in millions) Plan assets...
The following data relate to Voltaire Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 730 Expected return on plan assets 73 Actual return on plan assets 58 Contributions to the pension fund (end of year) 126 Amortization of net loss 14 Pension benefits paid (end of year) 18 Pension expense 98 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to...
Brief Exercise 20-02 For Cheyenne Corporation, year-end plan assets were $1,994,000. At the beginning of the year, plan assets were $1,770,000. During the year, contributions to the pension fund were $128,000, and benefits paid were $189,000. Compute Cheyenne's actual return on plan assets. Actual return on plan assets
Exercise 20-4 The following facts apply to the pension plan of Coronado Inc. for the year 2017. Plan assets, January 1, 2017 $511,800 Projected benefit obligation, January 1, 2017 511,800 Settlement rate 8 % Service cost 36,500 Contributions (funding) 23,500 Actual and expected return on plan assets 50,300 Benefits paid to retirees 33,400 Using the preceding data, compute pension expense for the year 2017. As part of your solution, prepare a pension worksheet that shows the journal entry for pension...
Brief Exercise 20-3 At January 1, 2017, Marin Company had plan assets of $279,700 and a projected benefit obligation of the same amount. During 2017, service cost was $28,100, the settlement rate was 10%, actual and expected return on plan assets were $25,200, contributions were $20,800, and benefits paid were $17,100 Prepare a pension worksheet for Marin Company for 2017 MARIN COMPANY General Journal Entries emo Recor Pension Expense Pension Asset/Liability Projected Benefit obligation Plan Assets Items Cash Service cost...
Pension plan assets were $200 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $8 million and cash invested in the pension fund was $12 million. What was the amount of the pension plan assets at year-end? Pension plan assets plan assets million
Exercise 20-1
The following information is available for the pension plan of
Martinez Company for the year 2017.
Actual and expected return on plan assets
$ 13,800
Benefits paid to retirees
37,800
Contributions (funding)
84,900
Interest/discount rate
9
%
Prior service cost amortization
7,900
Projected benefit obligation, January 1, 2017
500,000
Service cost
63,500
Compute pension expense for the year 2017.
Pension expense for 2017
$
Prepare the journal entry to record pension expense and the
employer’s contribution to the...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of $3,075,000 at January 1, 2017. Sheridan also had a net actuarial loss of $429,160 in accumulated OCI at January 1, 2017. The average remaining service period of Sheridan's employees is 7.90 years. Compute Sheridan's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to Show Work for this question: Open Show Work
Exercise 20-4
The following facts apply to the pension plan of Metlock Inc.
for the year 2017.
Plan assets, January 1, 2017
$515,100
Projected benefit obligation, January 1, 2017
515,100
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
26,700
Actual and expected return on plan assets
50,200
Benefits paid to retirees
36,700
Using the preceding data, compute pension expense for the year
2017. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-6 Bridgeport Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2017 Fair value of pension plan assets, December 31, 2017 Contributions to the plan in 2017 Benefits paid retirees in 2017 $2,411,000 2,735,000 304,000 376,000 From the data above, compute the actual return on the plan assets for 2017 Actual return on plan assets for 2017 LINK TO TEXT VIDEO: SIMILAR EXERCISE
Brief Exercise 20-05 Blossom Corporation amended its pension plan on January 1, 2020, and granted $165,900 of prior service costs to its employees. The employees are expected to provide 2,100 service years in the future, with 310 service years in 2020. Compute prior service cost amortization for 2020. Prior service cost amortization for 2020 Click if you would like to Show Work for this question: Open Show Work
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