On January 1, 2018, Tom's Transport Company's accumulated post retirement benefit obligation was $37000000. At the end of 2018, retiree benefits paid were $4200000. Service cost for 2018 is $6700000. At the end of 2018, there was no service cost or net gain or loss. Assumptions regarding the trend of future healthcare costs were revised at the end of 2018. this revision cause the actuary to revised downward the estimate of the APBO by $570,000. the appropriate discount rate was 6%.
1. determine the amount of the accumulated
postretirement benefit obligation at December 31 2018
Homework Answers
Add Answer to:
On January 1, 2018, Tom's Transport Company's accumulated post retirement benefit obligation was $37000000....
On January 1, 2021, Medical Transport Company's accumulated postretirement benefit obligation was $100 million. At the...
On January 1, 2021, Medical Transport Company's accumulated postretirement benefit obligation was $100 million. At the end of 2021, retiree benefits paid were $11 million. Service cost for 2021 is $8 million. Assumptions regarding the trend of future health care costs were revised at the end of 2021, causing the actuary to revise downward the estimate of the APBO by $5 million. The actuary's E discount rate is 8%. Determine the amount of the accumulated postretirement benefit obligation at December...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 $ 37,946 Interest cost: ($37,946 × 12%) 4,554 Service cost: ($42,500 × 1/17) 2,500 Portion of EPBO attributed to 2018 APBO at the end of 2018 $ 45,000 Required: 1. Over how many years is the expected postretirement benefit obligation...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 Interest cost: ($36,036 x 11%) Service cost: ($34,000 ~ 1/17) Portion of EPBO attributed to 2018 APBO at the end of 2018 $36,036 3,964 2,000 $42,000 Required: 1. Over how many years is the expected postretirement benefit obligation being expensed...
The projected benefit obligation was $160 million at the beginning of the year and $165 million at the end of the yea...
The projected benefit obligation was $160 million at the beginning of the year and $165 million at the end of the year. Service cost for the year was $6 million. At the end of the year, pension benefits paid by the trustee were $2 million. The actuary's discount rate was 5%.At the end of the year, the actuary revised the estimate of the percentage rate of increase in compensation levels in upcoming years. What was the amount of the gain...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 31. He was hired by Prince at age 23 years ago) and is expected to retire at age 60. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $38.000 and $43.000 at the end of 2019. Calculate...
On January 1, 2018, Burleson Corporation’s projected benefit obligation was $36 million. During 2018 pension benefits...
On January 1, 2018, Burleson Corporation’s projected benefit obligation was $36 million. During 2018 pension benefits paid by the trustee were $8 million. Service cost for 2018 is $16 million. Pension plan assets (at fair value) increased during 2018 by $10 million as expected. At the end of 2018, there was no prior service cost and a negligible balance in net loss–AOCI. The actuary’s discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31,...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ 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...
At January 1, 2018, nor.C have plan assets of $250,000, Projected benefit obligation of the same...
At January 1, 2018, nor.C have plan assets of $250,000, Projected benefit obligation of the same amount. ,During 2018 service-cost was $27,500 ,discount rate was 10% actual return on plan-assets was $25,000, contributions,were $20,000, and benefits-paid were $17,500. with this information, what would be the Projected benefit obligation at December 31, 2018???? show me all your work
Elton Co. has the following postretirement benefit plan balances on January 1, 2017. Accumulated postretirement benefit...
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following...
12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: 10 points (s in 000s) Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) $280 2,070 2,100 1,600 Skipped 14years eBook The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%....
On January 1, 2021, Medical Transport Company's accumulated postretirement benefit obligation was $100 million. At the end of 2021, retiree benefits paid were $11 million. Service cost for 2021 is $8 million. Assumptions regarding the trend of future health care costs were revised at the end of 2021, causing the actuary to revise downward the estimate of the APBO by $5 million. The actuary's E discount rate is 8%. Determine the amount of the accumulated postretirement benefit obligation at December...
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2018, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2018 Interest cost: ($36,036 x 11%) Service cost: ($34,000 ~ 1/17) Portion of EPBO attributed to 2018 APBO at the end of 2018 $36,036 3,964 2,000 $42,000 Required: 1. Over how many years is the expected postretirement benefit obligation being expensed...
The projected benefit obligation was $160 million at the beginning of the year and $165 million at the end of the year. Service cost for the year was $6 million. At the end of the year, pension benefits paid by the trustee were $2 million. The actuary's discount rate was 5%.At the end of the year, the actuary revised the estimate of the percentage rate of increase in compensation levels in upcoming years. What was the amount of the gain...
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2018, Jim Lukawitz is 31. He was hired by Prince at age 23 years ago) and is expected to retire at age 60. The expected postretirement benefit obligation for Lukawitz at the end of 2018 is $38.000 and $43.000 at the end of 2019. Calculate...
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ 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...
Elton Co. has the following postretirement benefit plan balances
on January 1, 2017.
Accumulated postretirement benefit obligation
$2,250,000
Fair value of plan assets
2,250,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2018, the company amends the plan so that prior service
costs of $175,000 are created. Other data related to the plan
are:
2017
2018
Service costs
$75,000
$85,000
Prior service costs amortization
0
12,000
Contributions (funding) to the plan
45,000
35,000
Benefits paid...
12 Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: 10 points (s in 000s) Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) $280 2,070 2,100 1,600 Skipped 14years eBook The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%....
Most questions answered within 3 hours.
-
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 28 minutes ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 5 minutes ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 9 minutes ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 20 minutes ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 13 minutes ago -
A 24.6 g sample of brass is heated in a flask to 125°C in
boiling water...
asked 21 minutes ago -
Which drug candidates are most effective at docking with COX1
and COX2 respectively?
COX1: flurbiprofen, COX2:...
asked 34 minutes ago -
You place the left end of the rod on a fulcrum, and hang the
right end...
asked 36 minutes ago -
Push an object with half the mass of the cabinet with a force of
200 N....
asked 42 minutes ago -
Differentiate the application and functions of
electronic medical records, electronic health records and
electronic personal health...
asked 43 minutes ago -
What is the height of the tsunami in a water depth of 10 m
assuming the...
asked 54 minutes ago -
A χ2 goodness-of-fit test was used to test the hypothesis that
students at a local university...
asked 57 minutes ago