The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan...
The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:
- The service cost was $750,000 during 2018 and $1,125,000 during 2019.
- The contribution to the pension plan was $600,000 on December 31, 2018 and $1,200,000 on December 31, 2019.
- The actuarially determined discount rate and the expected return on plan assets are both 10%.
- The actual return on plan assets was 10.5%.
- Retirement benefits pertaining to years of service prior to 2018 were not granted to the employees.
What is the balance of the pension plan assets as of December 31, 2019?
Group of answer choices
$1,863,000
$1,800,000
$1,953,750
$1,860,000
Homework Answers
Add Answer to:
The Carrasco Company has provided you the following information
pertaining to its defined benefit pension plan...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: C...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: Current service cost $ 235,000 Contribution to the plan 262,500 Past service cost, effective December 31, 2018 50,000 Actual return on plan assets 160,000 Benefits paid 100,000 Net defined benefit liability at January 1, 2018 400,000 Plan assets at January 1, 2018 1,600,000 Defined benefit obligation at January 1, 2018 2,000,000 Interest/discount rate on the DBO and plan assets 10% Required: 1) Prepare...
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...
Captiva Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2016, with...
Captiva Company adopts acceptable accounting for its defined
benefit pension plan on January 1, 2016, with the following
beginning balances: plan assets $600,000; projected benefit
obligation $600,000. Other data relating to 3 years’ operation of
the plan are shown below:
Instructions
(a) Prepare a pension worksheet
presenting all 3 years’ pension balances and activities.
Use of Excel is REQUIRED.
(b) Prepare the journal entries (from
the worksheet) to reflect all pension plan transactions and events
at December 31 of each...
#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...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: C...
ABC Corporation has provided the following information regarding their defined benefit pension plan for the year 2018: Current service cost $ 235,000 Contribution to the plan 262,500 Past service cost, effective December 31, 2018 50,000 Actual return on plan assets 160,000 Benefits paid 100,000 Net defined benefit liability at January 1, 2018 400,000 Plan assets at January 1, 2018 1,600,000 Defined benefit obligation at January 1, 2018 2,000,000 Interest/discount rate on the DBO and plan assets 10% Required: 1) Calculate...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligat...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4.434,000 4,230,000 2018, the company amends its pension agreement so that prior service costs of $492,000 are created. Other data related to the pension plan are as follows The interest (settlement) rate applicable to the plan is 10%. On January 2017 2018 $150,000 cost amortization 90.000 Contributions (funding) to the plan 242,000 285,000 Benefits paid 203.000 281,000 Actual...
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2018. The provisions of the...
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2018. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the pla The actual return was also 10% in 2018 and 2019.' A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $250,000 for 2018 and $360,000 for 2019. Year-end funding is $260,000 for 2018 and $270,000 for 2019. No assumptions or...
The following information is related to the defined benefit pension plan of Simpson Company for the...
The following information is related to the defined benefit pension plan of Simpson Company for the year: Service cost $ 92,000 Contributions to pension plan 143,000 Benefits paid to retirees 119,000 Plan assets (fair value), January 1 548,000 Plan assets (fair value), December 31 661,000 Actual return on plan assets 89,000 PBO, January 1 835,000 PBO, December 31 891,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Captiva Company adopts acceptable accounting for its defined
benefit pension plan on January 1, 2016, with the following
beginning balances: plan assets $600,000; projected benefit
obligation $600,000. Other data relating to 3 years’ operation of
the plan are shown below:
Instructions
(a) Prepare a pension worksheet
presenting all 3 years’ pension balances and activities.
Use of Excel is REQUIRED.
(b) Prepare the journal entries (from
the worksheet) to reflect all pension plan transactions and events
at December 31 of each...
#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...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4.434,000 4,230,000 2018, the company amends its pension agreement so that prior service costs of $492,000 are created. Other data related to the pension plan are as follows The interest (settlement) rate applicable to the plan is 10%. On January 2017 2018 $150,000 cost amortization 90.000 Contributions (funding) to the plan 242,000 285,000 Benefits paid 203.000 281,000 Actual...
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2018. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the pla The actual return was also 10% in 2018 and 2019.' A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $250,000 for 2018 and $360,000 for 2019. Year-end funding is $260,000 for 2018 and $270,000 for 2019. No assumptions or...
The following data relates to CheeseFactory Inc's pension plan for the year 2020: Defined benefit obligation at January 1, 2020 - $627,000 Fair value of plan assets at January 1, 2020 - $600,000 Current service cost - $82,000 Cost of past service benefits granted effective December 31, 2020 - $34,000 Actual return on plan assets - $70,000 Contributions to plan - $87,000 Benefits paid - $ 45,000 Actuarial loss - $39,000 Interest (discount) rate - 8% Instructions: (a) Prepare a...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Most questions answered within 3 hours.
-
A mixture contains 5.432 g of
sand and 2.521 g of salt. What is the percentage...
asked 2 minutes ago -
A 8.62 -m ladder with a mass of 21.1 kg lies flat on the ground.
A...
asked 1 minute ago -
What problem would arise from this vanadium-based treatment over
the course of a lifetime in diabetes
asked 46 seconds ago -
Homework: Create a Class.... from scratch
Design , implement and test a class that can be...
asked 16 minutes ago -
A project has a service life of five years with the initial
investment outlay of $200,000....
asked 12 minutes ago -
Employee develop involves longer term training and opportunities
that while not immediately needed on a current...
asked 12 minutes ago -
Why is the reticulum the affected compartment of the
stomach?
Group of answer choices
It has...
asked 14 minutes ago -
(Print distinct numbers) C++
Write a program that reads in 10 numbers and displays distinct
numbers...
asked 14 minutes ago -
A 3.0275 g sample of KHP (a primary standard, 1:1 acid:base,
FM=204.23 g/mol) is titrated with...
asked 20 minutes ago -
1. You need to make an aqueous solution of
0.165 M barium acetate for an
experiment...
asked 20 minutes ago -
Let X be a discrete random variable with the following PMF.
Px(k) =
1/4 for k...
asked 24 minutes ago -
ONLY use the information provided here on the
firm's Mission Statement. Written assessment must include
(1)...
asked 33 minutes ago