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Carolina Consulting Company has a defined benefit pension plan. The following pension-related data were available for...
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...
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the...
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available: Projected benefit obligation Balance, Jan. 1, 2020 $300,000 Service cost 80,000 Interest cost ($150,000 x 10% discount rate) 30,000 Change in actuarial assumptions on Dec. 31, 2020 (800) Pension benefits paid (84,000) Balance, Dec. 31, 2020 $325,200 Accumulated benefit obligation $240,000 Vested benefit obligation $80,000 Plan assets Balance, Jan. 1,...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
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...
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 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
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 $ 4,800 $ 5,080 Accumulated benefit obligation 3,750 4,020 Plan assets (fair value) 5,580 6,025 Interest (discount) rate, 7% Expected return on plan assets, 10% Prior service cost?AOCI (from Dec. 31, 2017, amendment) 910 Net loss?AOCI 578 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 52 Contributions to pension fund...
Hicks Cable Company has a defined benefit pension plan. Threealternative possibilities for pension-related data at...
Hicks Cable Company has a defined benefit pension plan. Three
alternative possibilities for pension-related data at January 1,
2021, are shown below:($ in thousands)Case 1Case 2Case 3Net loss (gain)—AOCI, Jan. 1$323$(343)$2632021 loss (gain) on plan assets(14)(11)52021 loss (gain) on PBO(26)19(268)Accumulated benefit obligation, Jan. 1(2,980)(2,580)(1,480)Projected benefit obligation, Jan. 1(3,340)(2,700)(1,730)Fair value of plan assets, Jan. 12,8302,7301,580Average remaining service periodof active employees (years)12149Required:1. For each independent case, calculate any
amortization of the net loss or gain that should be included as a
component...
On December 31, 2018, the following pension-related data were available for CPS Industries' noncontributory, defined benefit...
On December 31, 2018, the following pension-related data were available for CPS Industries' noncontributory, defined benefit pension plan: Projected Benefit Obligation ($ in millions) Balance, January 1, 2018 $960 Service cost 164 Interest cost, discount rate, 5% 48 Gain due to changes in actuarial assumptions in 2018 (20) Pension benefits paid (80) Balance, December 31, 2018 $1,072 Plan Assets Balance, January 1, 2018 $1,000 Actual return on plan assets 80 (Expected return on plan assets, $90) Cash contributions 140 Pension...
Problem 1: Comprehensive exercise on defined benefit pension plans (46 pts). Orpheum Productions has a defined bene...
Problem 1: Comprehensive exercise on defined benefit pension plans (46 pts). Orpheum Productions has a defined benefit pension plan. On December 31, 2018 (the end of Orpheum's fiscal year), the following pension-related data were available: ($ in millions) $240 41 12 Projected Benefit Obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 Plan Assets Balance, January 1, 2018 Actual return on...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 54 Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 (in millions) $ 540 56 (11) (27) $ 585 ($in millions) $ 560 Plan Assets Balance, January 1, 2018 retual return on plan assets (Expected...
Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees....
Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5 years. The average remaining service life of employees is 11 years at January 1, 2017, and 10 years at December 31, 2017. The AOCI—net actuarial (gain) loss was zero at December 31, 2016. Turner smooths recognition of its gains and losses when computing its market-related value to compute expected return....
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available: Projected benefit obligation Balance, Jan. 1, 2020 $300,000 Service cost 80,000 Interest cost ($150,000 x 10% discount rate) 30,000 Change in actuarial assumptions on Dec. 31, 2020 (800) Pension benefits paid (84,000) Balance, Dec. 31, 2020 $325,200 Accumulated benefit obligation $240,000 Vested benefit obligation $80,000 Plan assets Balance, Jan. 1,...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ 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...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
Hicks Cable Company has a defined benefit pension plan. Three
alternative possibilities for pension-related data at January 1,
2021, are shown below:($ in thousands)Case 1Case 2Case 3Net loss (gain)—AOCI, Jan. 1$323$(343)$2632021 loss (gain) on plan assets(14)(11)52021 loss (gain) on PBO(26)19(268)Accumulated benefit obligation, Jan. 1(2,980)(2,580)(1,480)Projected benefit obligation, Jan. 1(3,340)(2,700)(1,730)Fair value of plan assets, Jan. 12,8302,7301,580Average remaining service periodof active employees (years)12149Required:1. For each independent case, calculate any
amortization of the net loss or gain that should be included as a
component...
Problem 1: Comprehensive exercise on defined benefit pension plans (46 pts). Orpheum Productions has a defined benefit pension plan. On December 31, 2018 (the end of Orpheum's fiscal year), the following pension-related data were available: ($ in millions) $240 41 12 Projected Benefit Obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 Plan Assets Balance, January 1, 2018 Actual return on...
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit obligation Balance, January 1, 2018 Service cost Interest cost, discount rate, 54 Gain due to changes in actuarial assumptions in 2018 Pension benefits paid Balance, December 31, 2018 (in millions) $ 540 56 (11) (27) $ 585 ($in millions) $ 560 Plan Assets Balance, January 1, 2018 retual return on plan assets (Expected...
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