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Case 3 $ 289 Net loss (gain)-AOCI, Jan. 1 2018 loss (gain) on plan assets 2018 loss (gain) on PBO Accumulated benefit...
gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI...
gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $4,000 $ 4,501 4,400 4,791 400 290 425 400 460 395 Retirees were paid $250,000 and the employer contribution to the pension fund was $265,000 at the end of 2018. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and...
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at Janu...
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2018, are shown below: ($ in 000's) CASE 1 CASE 2 CASE 3 Net loss (gain)–AOCI, Jan. 1 $320 ($330) $260 2018 loss (gain) on plan assets (11) (8) 2 2018 loss (gain) on PBO (23) 16 (265) Accumulated benefit obligation, Jan (2,950) (2,550) (1,450) Projected benefit obligation, Jan. 1 (3,310) (2,670) (1,700) Fair value of plan assets, Jan. 1 2,800 2,700...
Hicks Cable Company has a defined benefit pension plan. Threealternative possibilities for pension-related data at...
Hicks Cable Company has a defined benefit pension plan. Three
alternative possibilities for pension-related data at January 1,
2021, are shown below:($ in thousands)Case 1Case 2Case 3Net loss (gain)—AOCI, Jan. 1$323$(343)$2632021 loss (gain) on plan assets(14)(11)52021 loss (gain) on PBO(26)19(268)Accumulated benefit obligation, Jan. 1(2,980)(2,580)(1,480)Projected benefit obligation, Jan. 1(3,340)(2,700)(1,730)Fair value of plan assets, Jan. 12,8302,7301,580Average remaining service periodof active employees (years)12149Required:1. For each independent case, calculate any
amortization of the net loss or gain that should be included as a
component...
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $2...
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $200,000, AOCI: PSC of $160,000, and AOCI: Loss of $250,00. The following additional information is available Annual service cost Settlement/Discount rate Expected earnings rate Actual return on assets Funding Benefits paid to retirees Gain or loss, if necessary, is amortized over 10 yrs. PSC is being amortized $20,000 per year Instructions: a. Prepare the journal entries to record the pension expense. It might...
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) $280 2,070 2,100 1,600 Skipped 14years eBook The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%....
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data wer...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: ($ in 000s) Net gain–AOCI $349 Accumulated benefit obligation 3,070 Projected benefit obligation 3,100 Fair value of plan assets 2,600 Average remaining service period of active employees (expected to remain constant for the next several years) 13 years The rate of return on plan assets during 2018 was 9%, although it was expected to be 10%. The actuary revised assumptions...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data we...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in 000 s) $240 1,370 1,800 1,300 12years The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%. The actuary revised assumptions...
Problem 17-7 Determining the amortization of net gain (LO17-6] Herring Wholesale Company has a defined benefit...
Problem 17-7 Determining the amortization of net gain (LO17-6] Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in 200s) $372 2,670 2,600 2,200 16years The rate of return on plan assets during 2018 was 7%, although it was...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
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 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
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...
gain-pensions, are given below. Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI ($ in 00s) 2018 2018 Beginning Ending Balances Balances $4,000 $ 4,501 4,400 4,791 400 290 425 400 460 395 Retirees were paid $250,000 and the employer contribution to the pension fund was $265,000 at the end of 2018. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and...
Hicks Cable Company has a defined benefit pension plan. Three
alternative possibilities for pension-related data at January 1,
2021, are shown below:($ in thousands)Case 1Case 2Case 3Net loss (gain)—AOCI, Jan. 1$323$(343)$2632021 loss (gain) on plan assets(14)(11)52021 loss (gain) on PBO(26)19(268)Accumulated benefit obligation, Jan. 1(2,980)(2,580)(1,480)Projected benefit obligation, Jan. 1(3,340)(2,700)(1,730)Fair value of plan assets, Jan. 12,8302,7301,580Average remaining service periodof active employees (years)12149Required:1. For each independent case, calculate any
amortization of the net loss or gain that should be included as a
component...
1 On January 1, 2018, B Company had a Projected Benefit Obligation of $375,000, Plan Assets of $200,000, AOCI: PSC of $160,000, and AOCI: Loss of $250,00. The following additional information is available Annual service cost Settlement/Discount rate Expected earnings rate Actual return on assets Funding Benefits paid to retirees Gain or loss, if necessary, is amortized over 10 yrs. PSC is being amortized $20,000 per year Instructions: a. Prepare the journal entries to record the pension expense. It might...
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) $280 2,070 2,100 1,600 Skipped 14years eBook The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%....
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in 000 s) $240 1,370 1,800 1,300 12years The rate of return on plan assets during 2018 was 8%, although it was expected to be 10%. The actuary revised assumptions...
Problem 17-7 Determining the amortization of net gain (LO17-6] Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in 200s) $372 2,670 2,600 2,200 16years The rate of return on plan assets during 2018 was 7%, although it was...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ 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...
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