Can I get a step by step walk on how to work this problem out using the provided worksheet.following information relates to the current-year activity of the defined benefit pension plan of Kim Company, whose stock is publicly traded: Service cost $240,000 Expected return on plan assets 60,000 Interest cost on pension benefit obligation 80,000 Amortization of actuarial loss 20,000 Amortization of prior service cost 10,000 Kim’s pension cost for the current year is A. $240,000 B. $260,000 C. $270,000 D. $290,00
Homework Answers
Ans- Kim's Pension Cost for the Current Year:-
| Service cost | $240,000 |
| Add:Interest cost on pension benefit obligation | 80,000 |
| Add:Amortization of prior service cost | 10,000 |
| Add:Amortization of actuarial loss | 20,000 |
| Less:Expected return on plan assets | 60,000 |
| Pension Cost | $290,000 |
Hence , the correct option is D)-$290,000
Add Answer to:
Can I get a step by step walk on how to work this problem out using the provided worksheet.follow...
Can I get a step by step using the worksheet attached. Schiff Co. sponsors a defined benefit pens...
Can I get a step by step using the worksheet attached. Schiff
Co. sponsors a defined benefit pension plan. For the current year,
the expected return on plan assets was $100,000. The actual return
was $150,000. The company’s actuary estimates an increase of
$600,000 in the projected benefit obligation. The amount of the
projected benefit obligation determined at year end reflected an
increase of only $400,000. If no net gain (loss) was carried in
accumulated OCI at the beginning of...
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018....
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $64,900 35,200 30,800 56,100 29,700 25 years The pension worksheet for 2017 is presented below. CULVER COMPANY Worksheet-2017 General Journal Entries Annual Pension Expense Cash OCI-Prior OCI - Pension Service Cost Gain/Loss Asset/Liability $132,000 Cr. Memo Record Projected Benefit Obligation Plan...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees....
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018....
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries emo Record Projected Annual Pension Expense OCI-Prior Service Cost OCI Pension Benefit...
Waterway Company sponsors a defined benefit pension plan for its employees. The following data re...
Waterway Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the years 2017 and 2018.
Prepare a pension worksheet presenting both years 2017 and 2018.
(Round answers to 0 decimal places, e.g. 5,125. Enter
all amounts as positive.)
Calculate the amortization of the loss (2018) using the corridor
approach.
Amortization of the loss $ _______
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected be...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,508,000 4,250,000 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 $493,000 are created. Other data related to the pension plan are as follows. 2017 $148,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the...
Scottsdale Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets $480,000 Projected benefit obligation 625,000 Accumulated OCI (PSC) 100,000 Dr. Accumulated OCI (Gain/Loss) 85,000 Cr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary: Service cost for 2017 $90,000 Settlement rate 9% Actual return on plan assets in 2017 57,000 Expected return on plan assets...
I need assistance with the Pension Asset/Liability Balance at Jan. 1, 2017, Journal entry for 2017....
I need assistance with the Pension Asset/Liability Balance at
Jan. 1, 2017, Journal entry for 2017. Could you kindly assist me
with calculations? I figured everything else, however, I'm unsure
what I missed for that above-named sections. Could someone kindly
assist me?
Exercise 20-3 (Part Level Submission) Martinez Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,800; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost...
Can I get a step by step using the worksheet attached. Schiff
Co. sponsors a defined benefit pension plan. For the current year,
the expected return on plan assets was $100,000. The actual return
was $150,000. The company’s actuary estimates an increase of
$600,000 in the projected benefit obligation. The amount of the
projected benefit obligation determined at year end reflected an
increase of only $400,000. If no net gain (loss) was carried in
accumulated OCI at the beginning of...
Problem 20-11 The following data relate to the operation of Culver Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $64,900 35,200 30,800 56,100 29,700 25 years The pension worksheet for 2017 is presented below. CULVER COMPANY Worksheet-2017 General Journal Entries Annual Pension Expense Cash OCI-Prior OCI - Pension Service Cost Gain/Loss Asset/Liability $132,000 Cr. Memo Record Projected Benefit Obligation Plan...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
Problem 20-11 The following data relate to the operation of Vaughn Co.'s pension plan in 2018. Service cost Actual return on plan assets Amortization of prior service cost Annual contributions Benefits paid retirees Average service life of all employees $67,260 36,480 31,920 58,140 30,780 25 years The pension worksheet for 2017 is presented below The pension worksheet for 2017 is presented below VAUGHN COMPANY Worksheet-2017 General Journal Entries emo Record Projected Annual Pension Expense OCI-Prior Service Cost OCI Pension Benefit...
Waterway Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the years 2017 and 2018.
Prepare a pension worksheet presenting both years 2017 and 2018.
(Round answers to 0 decimal places, e.g. 5,125. Enter
all amounts as positive.)
Calculate the amortization of the loss (2018) using the corridor
approach.
Amortization of the loss $ _______
Prepare the journal entries (from the worksheet) to reflect all
pension plan transactions...
Problem 20-1 On January 1, 2017, Kingbird Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4,508,000 4,250,000 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 $493,000 are created. Other data related to the pension plan are as follows. 2017 $148,000 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
I need assistance with the Pension Asset/Liability Balance at
Jan. 1, 2017, Journal entry for 2017. Could you kindly assist me
with calculations? I figured everything else, however, I'm unsure
what I missed for that above-named sections. Could someone kindly
assist me?
Exercise 20-3 (Part Level Submission) Martinez Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets...
Question 8 --/5 View Policies Current Attempt in Progress Cheyenne Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,800; projected benefit obligation $252,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/20) Amortization of prior service cost...
Most questions answered within 3 hours.
-
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 25 minutes ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 1 hour ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 1 hour ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 1 hour ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 1 hour ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 1 hour ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 1 hour ago -
Complete the chapter case, "Turnover Analysis".
Chapter Case
Turnover Analysis
You recently completed your company’s new...
asked 1 hour ago -
What is the pH of solutions having the following H3O+
concentrations? Identify each as acidic, basic,...
asked 1 hour ago -
How does over-voltage of the diode usually occur?
asked 2 hours ago -
If you step on a dirty nail, your doctor will recommend you
update your Tetanus vaccination....
asked 2 hours ago -
Suppose that decreases in the price of milk lead to decrease s
in the retail prices...
asked 2 hours ago