Pension data for Matta Corporation include the following for the current calendar year: ($ in millions) Discount rate, 10% PBO, January 1 $ 371 PBO, December 31 461 ABO, January 1 211 ABO, December 31 286 Cash contributions to pension fund, December
Pension data for Matta Corporation include the following for the current calendar year:
| ($ in millions) | |
|---|---|
| Discount rate, 10% | |
| PBO, January 1 | $ 371 |
| PBO, December 31 | 461 |
| ABO, January 1 | 211 |
| ABO, December 31 | 286 |
| Cash contributions to pension fund, December 31 | 111 |
| Benefit payments to retirees, December 31 | 65 |
Required:
Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the current year.
Note: Enter your answers in millions rounded to 1 decimal place.
Homework Answers
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Pension data for Matta Corporation include the following for the current calendar year: ($ in millions) Discount rate, 10% PBO, January 1 $ 371 PBO, December 31 461 ABO, January 1 211 ABO, December 31 286 Cash contributions to pension fund, December
Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $260,000 January 1: PBO $ 1,460,000 ABO 1,060,000 Pl
Pension data for the Ben Franklin Company include the following for the current calendar year:Discount rate, 8%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, $260,000January 1:PBO$ 1,460,000ABO1,060,000Plan assets1,560,000Amortization of prior service cost26,000Amortization of net gain4,600December 31:Cash contributions to pension fund$ 226,000Benefit payments to retirees246,000Required:Determine pension expense for the year.Prepare the journal entries to record pension expense and funding for the year.
Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7%...
Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2018 amortization, $40) Net gain-A0CI (2018 amortization, $8) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018...
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mage 3.jpeg Question 2: Pension data for Sam Adarne Discount rate, 8% Expected return on plans, 10 Actual return on plan asets, 99 Service cost $400,000 January 1: PBO ABO 3.200.000 Plan assets 2.000.000 Amortization of prior service cost 3,200.00 30.000 Amortization of net gain 7.000 December 31: Cash contributions to pension fund $275.000 Benefit payments to retirees 310,000 Required: 1) Determine pension expense for the year. 2) Prepare the journal entries to record pension expense...
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Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2018 $ 360 January 1, 2018: Projected benefit obligation 2,550 Accumulated benefit obligation 2,250 Plan assets (fair value) 2,650 Prior service cost–AOCI (2018 amortization, $50) 350 Net gain–AOCI (2018 amortization, $8) 380 There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018...
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Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation ($ 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...
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...
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Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2018 amortization, $40) Net gain-A0CI (2018 amortization, $8) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018...
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mage 3.jpeg Question 2: Pension data for Sam Adarne Discount rate, 8% Expected return on plans, 10 Actual return on plan asets, 99 Service cost $400,000 January 1: PBO ABO 3.200.000 Plan assets 2.000.000 Amortization of prior service cost 3,200.00 30.000 Amortization of net gain 7.000 December 31: Cash contributions to pension fund $275.000 Benefit payments to retirees 310,000 Required: 1) Determine pension expense for the year. 2) Prepare the journal entries to record pension expense...
Carolina Consulting Company has a defined benefit pension plan. The following pension-related data were available for the current calendar year: $241,000 42,000 12,050 (5,100) (21,000) $268,950 PBO: Balance, Jan. 1 Service cost Interest cost (5% discount rate) Gain from changes in actuarial assumptions in 2021 Benefits paid to retirees Balance, Dec. 31 Plan assets: Balance, Jan. 1 Actual return (expected return was $22,600) Contributions Benefits paid Balance, Dec. 31 ABO, Dec. 31 January 1, 2021, balances: Prior service cost-AOCI (amortization...
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...
Beale Management has a noncontributory, defined benefit penslon plan. On December 31, 2018 (the end of Beale's fiscal year), the following penslon-related data were avallable: Projected Benefit obligation Balance, January 1, 2818 (S in millions) $ 740 Service cost 76 Interest cost, discount rate, 5 % 37 Gain due to changes in actuarial assumptions in 2018 Pension benefits paid (21) (37) $ 795 Balance, December 31, 2018 ($ in millions) Plan Assets Balance, January 1, 2818 Actual return on plan...
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