Presented below is pension information for Sandhill Company for the year 2018: Expected return on plan...
Presented below is pension information for Sandhill Company for the year 2018: Expected return on plan assets $79000 Interest on vested benefits 35000 Service cost 151000 Interest on projected benefit obligation 61000 Amortization of prior service cost due to increase in benefits 66000 The amount of pension expense to be reported for 2018 is $357000. $199000. $175000. $278000.
Homework Answers
B. $199000
Amount of pension expense = Service cost + Interest on projected benefit obligation + Amortization of prior service cost due to increase in benefits - Expected return on plan assets
Amount of pension expense = $151000 + $61000 + $66000 - $79000
Amount of pension expense = $199000
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Presented below is pension information for Sandhill Company for
the year 2018: Expected return on plan...
Question 14 Presented below is pension information for Sheridan Company for the year 2018: Expected return...
Question 14 Presented below is pension information for Sheridan Company for the year 2018: Expected return on plan assets Interest on vested benefits Service cost Interest on projected benefit obligation Amortization of prior service cost due to increase in benefits $64000 37000 143000 52000 63000 The amount of pension expense to be reported for 2018 is $322000. $258000. $153000. $194000.
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The accumulated OCI-prior service cost at the...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
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...
Question 6 The following information is related to the pension plan of Gamekeeper, Inc. for 2017:...
Question 6 The following information is related to the pension plan of Gamekeeper, Inc. for 2017: Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost $335,000 132,000 240,000 368,000 580,000 1,295,000 Pension expense for 2017 is $1,615,000. $1,927,000. $1,165,000. O $1,894,000.
Presented below is information related to Marina Comp, Inc. pension plan for 2013. Accumulated benefit obligation...
Presented below is information related to Marina Comp, Inc. pension plan for 2013. Accumulated benefit obligation (at year-end) $600,000 Service cost 520,000 Funding contribution for 2013 480,000 Settlement rate used in actuarial computation 10% Expected return on plan assets 9% Amortization of PSC (due to benefit increase) 100,000 Amortization of net gains 48,000 Projected benefit obligation (at beginning of period) 450,000 Fair value of plan assets (at beginning of...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit...
Presented below is information related to Oriole Manufacturing Company as of December 31, 2018: Projected benefit obligation $ 1850000 Accumulated OCI -net gain 630000 Accumulated OCI (PSC) 840000 The amount for the prior service cost is related to an increase in benefits. The fair value of the pension plan assets is $1347000. The pension asset / liability reported on the balance sheet at December 31, 2018 is Pension liability of $1850000. Pension liability of $503000. Pension liability of $2690000. Pension...
Question 14 Presented below is pension information for Sheridan Company for the year 2018: Expected return on plan assets Interest on vested benefits Service cost Interest on projected benefit obligation Amortization of prior service cost due to increase in benefits $64000 37000 143000 52000 63000 The amount of pension expense to be reported for 2018 is $322000. $258000. $153000. $194000.
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Problem 2. Measuring and recording pension expense. Presented below is information related to the pension plan of Zimmer Inc. for the year 2017. The service cost related to pension expense is $240,000 using the projected benefits approach. 2 The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $300,000 and $200,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3 The accumulated OCI-prior service cost at the...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
Question 6 The following information is related to the pension plan of Gamekeeper, Inc. for 2017: Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost $335,000 132,000 240,000 368,000 580,000 1,295,000 Pension expense for 2017 is $1,615,000. $1,927,000. $1,165,000. O $1,894,000.
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