ata pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following...
ata pertaining to the postretirement health care benefit plan of
Danielson Delivery Service include the following for the current
calendar year:
| Service cost | $ | 156,000 | |
| APBO, January 1 | $ | 860,000 | |
| Plan assets (fair value), January 1 | $ | 86,000 | |
| Prior service cost (current year amortization,$2,000) | $ | 96,000 | |
| Retiree benefits paid (end of year) | $ | 96,000 | |
| Net gain (current year amortization, $1,000) | $ | 98,000 | |
| Contribution to health care fund (end of year) | $ | 91,000 | |
| Return on plan assets (actual and expected) | 10 | % | |
| Discount rate | 8 | % | |
Required:
1. Determine Danielson's postretirement benefit
expense for the current year.
2. Prepare the journal entries to record the
benefit expense and funding for the current year.
- Record the benefit expense for the current year.
Note: Enter debits before credits.
|
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Homework Answers
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ata pertaining to the postretirement health care benefit plan of
Danielson Delivery Service include the following...
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for...
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018: ($ in 0008) $ 136 700 Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2018 amortization, $2) Retiree benefits paid end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% none 100 200 Required: 1. Determine the postretirement benefit...
Exercise 17-27 Postretirement benefits; components of postretirement benefit expense (LO17-11] Data pertaining to the postretirement health...
Exercise 17-27 Postretirement benefits; components of postretirement benefit expense (LO17-11] Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018: ($ in wees) $ 142 1.es 50 Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2018 amortization, $1) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 6% Return on plan assets (actual and...
Brown Industries provides postretirement health care benefits to employees. On January 1 of the current calendar...
Brown Industries provides postretirement health care benefits to employees. On January 1 of the current calendar year, the following data were available. Prior service cost APBO Fair value of plan assets Average remaining service period to retirement Average remaining service period to full eligibility $ 57,000 $550,000 none 25 years 20 years Management amortizes prior service cost on a straight-line basis. The interest rate is 10%. Service cost for the current year is $102,000. Required: 1. Calculate the prior service...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $ 550 $ 575 75 (550) (500) 190 156 (64) (63) Thompson began funding the plan in 2018 with a contribution of $141,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary's discount rate is 4%. There were...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021:...
The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 3 Years employed as of January 1, 2021 2 [each] Attribution period 25 years Expected postretirement benefit obligation, Jan. 1 $ 61,000 Expected postretirement benefit obligation, Dec. 31 $ 64,050 Interest rate 5 % Funding none Required: 1. What is the accumulated postretirement benefit obligation at the beginning of 2021? 2. What is interest cost to be included in 2021...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: Prior service cost-originated in 2016 Accumulated postretirement benefit obligation Fair value of plan assets Average remaining service period to retirement Average remaining service period to fall eligibility (Sin thousands) $ 53 560 hone 20 years (same in previous 10 years) 15 years in previous 10 years) On January 1, 2021, Southeast amends the plan in response to spiraling health care costs....
The information below pertains to the retiree health care plan of Thompson Technologies: ($ in 000s)...
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Exercise 20-23 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
P17-20 Shown below is the retiree health care plan for Waleska Industries 2018 Beginning Balances 460...
P17-20 Shown below is the retiree health care plan for Waleska Industries 2018 Beginning Balances 460 2018 Ending Balances 485 ($ in thousands) Accumulated post retirement BO Plan assets Funded status 75 (460) (410) 110 Prior service cost - AOCI Net gain - AOIC 120 (50) (49) Waleska began funding the plan in 2018 with a contribution of $127,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuaries discount rate is 5%, There...
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018: ($ in 0008) $ 136 700 Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2018 amortization, $2) Retiree benefits paid end of year) Contribution to health care benefit fund (end of year) Discount rate, 8% Return on plan assets (actual and expected), 10% none 100 200 Required: 1. Determine the postretirement benefit...
Exercise 17-27 Postretirement benefits; components of postretirement benefit expense (LO17-11] Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018: ($ in wees) $ 142 1.es 50 Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2018 amortization, $1) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 6% Return on plan assets (actual and...
Brown Industries provides postretirement health care benefits to employees. On January 1 of the current calendar year, the following data were available. Prior service cost APBO Fair value of plan assets Average remaining service period to retirement Average remaining service period to full eligibility $ 57,000 $550,000 none 25 years 20 years Management amortizes prior service cost on a straight-line basis. The interest rate is 10%. Service cost for the current year is $102,000. Required: 1. Calculate the prior service...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $ 550 $ 575 75 (550) (500) 190 156 (64) (63) Thompson began funding the plan in 2018 with a contribution of $141,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary's discount rate is 4%. There were...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: Prior service cost-originated in 2016 Accumulated postretirement benefit obligation Fair value of plan assets Average remaining service period to retirement Average remaining service period to fall eligibility (Sin thousands) $ 53 560 hone 20 years (same in previous 10 years) 15 years in previous 10 years) On January 1, 2021, Southeast amends the plan in response to spiraling health care costs....
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
P17-20 Shown below is the retiree health care plan for Waleska Industries 2018 Beginning Balances 460 2018 Ending Balances 485 ($ in thousands) Accumulated post retirement BO Plan assets Funded status 75 (460) (410) 110 Prior service cost - AOCI Net gain - AOIC 120 (50) (49) Waleska began funding the plan in 2018 with a contribution of $127,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuaries discount rate is 5%, There...
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