A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined...
A partially completed pension spreadsheet showing the
relationships among the elements that constitute Carney, Inc.,
defined benefit pension plan follows. Six years earlier, Carney
revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior
service cost created by the recalculation is being amortized at the
rate of $5 million per year. At the end of 2018, the pension
formula was amended again, creating an additional prior service
cost of $35 million. The expected rate of return on assets and the
actuary’s discount rate were 10%, and the average remaining service
life of the active employee group is 10 years.
Required:
1. Fill in the missing amounts.
2. to 4. Prepare all the necessary journal entries
for 2018.
|
()s indicate credits; debits otherwise |
|||||||
| ($ in millions) | PBO | Plan Assets | Prior Service Costs-AOCI | Net Loss-AOCI | Pension Expense | Cash | Net Pension (liability)/Assets |
| Balance Jan. 1 2018 | (960) | 850 | 20 | 106 | 0 | 0 | (110) |
| Service costs | 0 | 0 | 0 | 96 | 0 | ||
| interest cost | 0 | 0 | 0 | 0 | |||
| expected return on assets | 0 | 0 | 0 | 0 | |||
| adjust for: | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loss on assets | 0 | (10) | 0 | 0 | 0 | ||
| Amortization of: | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Prior Service cost | 0 | 0 | 0 | 0 | 0 | ||
| Net Loss | 0 | 0 | 0 | 0 | 0 | ||
| Loss on PBO | 0 | 0 | 0 | 0 | (26) | ||
| Prior serivce Cost | 0 | 0 | 0 | 0 | |||
| Cash Funding | 0 | 0 | 0 | 0 | 91 | ||
| Retiree Benefits | 0 | 0 | 0 | 0 | 0 | ||
| Bal., Dec 31st 2018 |
Homework Answers
| ($ in millions) | PBO | Plan Assets | Prior Service Costs-AOCI | Net Loss-AOCI | Pension Expense | Cash | Net Pension (liability)/Assets |
| Balance Jan. 1 2018 | (960.00) | 850.00 | 20.00 | 106.00 | - | - | (110.00) |
| Service costs | (96.00) | - | - | - | 96.00 | - | (74.00) |
| interest cost - $960 X 10% | (96.00) | - | - | - | 96.00 | - | (96.00) |
| expected return on assets - $850 X 10% | - | 85.00 | - | - | (85.00) | - | 85.00 |
| adjust for: | - | - | - | - | - | - | - |
| Loss on assets | - | (10.00) | - | 10.00 | - | - | (10.00) |
| Amortization of: | - | - | - | - | - | - | - |
| Prior Service cost | - | - | (5.00) | - | 5.00 | - | - |
| Net Loss | - | - | - | (1.00) | 1.00 | - | - |
| Loss on PBO | (26.00) | - | - | 26.00 | - | - | (26.00) |
| Prior serivce Cost | (35.00) | - | 35.00 | - | - | - | (35.00) |
| Cash Funding | - | 91.00 | - | - | - | (91.00) | 91.00 |
| Retiree Benefits | 50.00 | (50.00) | - | - | - | - | - |
| Bal., Dec 31st 2018 | (1,163.00) | 966.00 | 50.00 | 141.00 | 113.00 | (175.00) | |
| Amortization of Net Loss: | |||||||
| Net Loss - AOCI | 106 | ||||||
| Corridor - 10% X $960 | 96 | ||||||
| Excess | 10 | ||||||
| Average Service Life | 10 Years | ||||||
| 2018 - Amortization | 1 |
Add Answer to:
A partially completed pension spreadsheet showing the
relationships among the elements that constitute Carney, Inc.,
defined...
A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s defined...
A partially completed pension spreadsheet showing the
relationships among the elements that constitute Carney, Inc.'s
defined benefit pension plan follows. Six years earlier, Carney
revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior
service cost created by the recalculation is being amortized at the
rate of $8 million per year. At the end of 2021, the pension
formula was amended again, creating an additional prior service
cost of $65...
A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s defined...
A partially completed pension spreadsheet showing the
relationships among the elements that constitute Carney, Inc.'s
defined benefit pension plan follows. Six years earlier, Carney
revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior
service cost created by the recalculation is being amortized at the
rate of $5 million per year. At the end of 2021, the pension
formula was amended again, creating an additional prior service
cost of $35...
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...
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...
Exercise 17-15 Pension spreadsheet [LO17-8] A partially completed pension spreadsheet showing the relationships among the elements...
Exercise 17-15 Pension spreadsheet [LO17-8] 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 $280.000. 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...
Please help with this Accounting problem- this is all of the information given A partially completed...
Please help with this Accounting problem- this is all of the
information given
A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $5 million per year. At the end of 2018, the...
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 $280,000. 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...
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...
Required information Problem 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years...
Required information Problem 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8] [The following information applies to the questions displayed below.) 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: $6 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains)...
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 $280,000. 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 constitute Carney, Inc.'s
defined benefit pension plan follows. Six years earlier, Carney
revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior
service cost created by the recalculation is being amortized at the
rate of $8 million per year. At the end of 2021, the pension
formula was amended again, creating an additional prior service
cost of $65...
A partially completed pension spreadsheet showing the
relationships among the elements that constitute Carney, Inc.'s
defined benefit pension plan follows. Six years earlier, Carney
revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior
service cost created by the recalculation is being amortized at the
rate of $5 million per year. At the end of 2021, the pension
formula was amended again, creating an additional prior service
cost of $35...
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...
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...
Exercise 17-15 Pension spreadsheet [LO17-8] 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 $280.000. 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...
Please help with this Accounting problem- this is all of the
information given
A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $5 million per year. At the end of 2018, the...
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 $280,000. 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...
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...
Required information Problem 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8] [The following information applies to the questions displayed below.) 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: $6 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains)...
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 $280,000. The expected
rate of return on assets was 8%, and the average remaining service
life of the active employee group is 20 years in the current year
as well as the previous two...
Most questions answered within 3 hours.
-
What is the expression for the uncertainty in the total energy
Etot of equation?
Assume an...
asked 2 minutes ago -
In response to the increasing weight of airline passengers, the
Federal Aviation Administration told airlines to...
asked 2 minutes ago -
Events A and B are independent. Suppose event A occurs with
probability 0.63 and event B...
asked 12 minutes ago -
Rubies are essentially alumina Al2O3 with a contaminant of
chromium in the form of Cr2O3. A...
asked 20 minutes ago -
Write a full program that will accept
exactly three command line arguments
that can be interpreted as...
asked 22 minutes ago -
1.histones are proteins that make up nucleosomes. they bind to
the backbone of DNA in chromosomes....
asked 31 minutes ago -
What is the relationship between a variables value and their
probabilities as it is summarized by...
asked 39 minutes ago -
Balance Sheet
DR
CR
Cash
10000
AR
7000
Supplies
500
Equipment
5,000
Accum depreciation
...
asked 37 minutes ago -
Country
Continent
GDP (millions of US$)
Afghanistan
Asia
 
asked 40 minutes ago -
1) Use the Euclidean algorithm (write in pseudocode) to find the
greatest common divisor of 8...
asked 1 hour ago -
Based upon the corporate proposal for this week, research three
different data storage options for your...
asked 1 hour ago -
The equilibrium constant, Kp , for the following reaction is
1.04×10-2 at 548 K. NH4Cl(s) NH3(g)...
asked 1 hour ago