Problem 20-1 On January 1, 2017, Pronghorn Company has the following defined benefit pension plan balances....
Problem 20-1
On January 1, 2017, Pronghorn Company has the following defined
benefit pension plan balances.
| Projected benefit obligation | $4,463,000 | |
| Fair value of plan assets | 4,190,000 |
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends its pension agreement so that
prior service costs of $505,000 are created. Other data related to
the pension plan are as follows.
|
2017 |
2018 |
|||||
| Service cost | $148,000 | $177,000 | ||||
| Prior service cost amortization | 0 | 90,000 | ||||
| Contributions (funding) to the plan | 241,000 | 287,000 | ||||
| Benefits paid | 200,000 | 285,000 | ||||
| Actual return on plan assets | 251,400 | 255,000 | ||||
| Expected rate of return on assets | 6 | % | 8 | % | ||
Homework Answers
IF YOU HAVE ANY DOUBTS COMMENT BELOW I WILL BE TTHERE TO HELP YOU..ALL THE BEST..
AS FOR GIVEN DATA..
On January 1, 2017, Pronghorn Company has the following defined benefit pension plan balances.
| Projected benefit obligation | $4,463,000 | |
| Fair value of plan assets | 4,190,000 |
The interest (settlement) rate applicable to the plan
is 10%. On January 1, 2018, the company amends its pension
agreement so that prior service costs of $505,000 are created.
Other data related to the pension plan are as
follows.
|
2017 |
2018 |
|||||
| Service cost | $148,000 | $177,000 | ||||
| Prior service cost amortization | 0 | 90,000 | ||||
| Contributions (funding) to the plan | 241,000 | 287,000 | ||||
| Benefits paid | 200,000 | 285,000 | ||||
| Actual return on plan assets | 251,400 | 255,000 | ||||
| Expected rate of return on assets | 6 | % | 8 | % | ||
I HOPE YOU UNDERSTAND..
PLS RATE THUMBS UP..ITS HELPS ME ALOT..
THANK YOU...!!
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Problem 20-1
On January 1, 2017, Pronghorn Company has the following defined
benefit pension plan balances....
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* Question 5
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* Question 5
On January 1, 2020, Cheyenne Company has the following defined
benefit pension plan balances.
Projected benefit obligation
$4,506,000
Fair value of plan assets
4,220,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $508,000 are created. Other data related to
the pension plan are as follows.
2020
2021
Service cost
$152,000
$179,000
Prior service cost amortization
0
91,000
Contributions (funding)...
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