Answer
Springfield Power Plant provides the following information about its defined benefit pension plan...
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...
Puhlman Inc. provides a defined benefit pension plan to its employees. It smooths recognition of its gains and losses when computing its market-related value to compute expected return. Additional information follows: December 31, Description 2017 2016 PBO ? $ 2,500,000 ABO $ 2,335,000 2,150,000 Fair value of plan assets ? 2,100,000 Market-related value of plan assets (smoothed recognition) 2,342,800 2,100,000 Benefit payments made 272,000 231,000 AOCI—net actuarial (gain) loss 114,000 -0- AOCI—prior service cost ? 400,000 Balance sheet pension asset...
Puhlman Inc. provides a defined benefit pension plan to its employees. It smooths recognition of its gains and losses when computing its market-related value to compute expected return. Additional information follows: December 31, Description 2017 2016 PBO ? $ 2,500,000 ABO $ 2,335,000 2,150,000 Fair value of plan assets ? 2,100,000 Market-related value of plan assets (smoothed recognition) 2,342,800 2,100,000 Benefit payments made 272,000 231,000 AOCI—net actuarial (gain) loss 114,000 -0- AOCI—prior service cost ? 400,000 Balance sheet pension asset...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of Haan Company Balances at January 1. 2013: PBO $3.500 Prior service cost C $150 Fair value of pension assets $3.000 ABO $2,800 Expected return on plan assets 7% Obligation discount rate 10% Activity for 2013 Service cost $400 Benefit payments to retirees 170 Contributions to pension fund 230 Actual return on plan assets 130 Prior service cost amortization 40 rt Draw Design Layout References...
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ 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 = $610. Discount rate used by actuary on projected benefit...
The blank company has a defined benefit pension plan. Pension information for the fiscal years of 2024 and 2025 are presented below ($ in millions) Info from by pension actuary Projected benefit obligation as of December 31, 2023 = $1,800 Prior service cost from plan amendment on January 2, 2024 = $400 (straight line amortization for a 10 year average remaining service period) Service cost for 2024 = $520 Service cost for 2025 = $570 Discount rate used by actuary...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5 years. The average remaining service life of employees is 11 years at January 1, 2017, and 10 years at December 31, 2017. The AOCI—net actuarial (gain) loss was zero at December 31, 2016. Turner smooths recognition of its gains and losses when computing its market-related value to compute expected return....
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ in
000s)
Jan. 1 Dec. 31
Projected benefit obligation $ 4,400 $ 4,680
Accumulated benefit obligation 3,730 3,980
Plan assets (fair value) 4,980 5,425
Interest (discount) rate, 6%
Expected return on plan assets, 10%
Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870
Net loss−AOCI 518
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions 44
Contributions to pension fund...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...