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Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,60...
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,400,000 Fair value of plan assets 7,000,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Average service periods (for amortization) 8yrs (a) Determine the projected benefit obligation at December 31, 2020. There...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
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...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligat...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4.434,000 4,230,000 2018, the company amends its pension agreement so that prior service costs of $492,000 are created. Other data related to the pension plan are as follows The interest (settlement) rate applicable to the plan is 10%. On January 2017 2018 $150,000 cost amortization 90.000 Contributions (funding) to the plan 242,000 285,000 Benefits paid 203.000 281,000 Actual...
"Problem 20-1 On January 1, 2017, Pina Company has the following defined benefit pension plan balances...
"Problem 20-1 On January 1, 2017, Pina Company has the following defined benefit pension plan balances Projected benefit obligation Fair value of plan assets $4,441,000 4,230,000 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 $495,000 are created. Other data related to the pension plan are as follows. 2017 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual...
At January 1, 2017, Blue Company had plan assets of $303,400 and a projected benefit obligation...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Projected...
The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Projected Benefit Obligation.. Plan Assets.. Accumulated OCI—Prior Service Cost... Jan. 1, 2020 $75,000 Cr. 78,750 Dr. 49,500 Dr. . Activity 2020 Service cost ........ $ 49,000 Interest cost 6,000 Prior service cost amortization. 500 Actual return on plan assets (same as expected return) 4.725 Cash funding by company 37,500 Cash funding by plan participants 10,000 Pension benefits paid to retirees 5,000 Net income... 500,000 Required...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined benefit pension plan: Plan assets (market-related value) Projected benefit obligation Pension asset liability Prior service cost UEGL - Loss 520,000 660,000 140,000 60,000 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in...
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...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined-benefit pension plan: Plan assets (market-related value) Projected benefit obligation Pension assetliability Prior service cost VEGL - Loss 520,000 660,000 140,000 60,000 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in 2011 Settlement...
On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2018 are: Service cost $316000 70000 Amortization of prior service costs Contributions 356000 Benefits paid 331000 348000 Actual return on plan assets Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2018 is $5653000. $5668000 $5494000 $5984000
On January 1,...
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...
On January 1, 2017, Sarasota Company has the following defined benefit pension plan balances. Projected benefit obligation Fair value of plan assets $4.434,000 4,230,000 2018, the company amends its pension agreement so that prior service costs of $492,000 are created. Other data related to the pension plan are as follows The interest (settlement) rate applicable to the plan is 10%. On January 2017 2018 $150,000 cost amortization 90.000 Contributions (funding) to the plan 242,000 285,000 Benefits paid 203.000 281,000 Actual...
"Problem 20-1 On January 1, 2017, Pina Company has the following defined benefit pension plan balances Projected benefit obligation Fair value of plan assets $4,441,000 4,230,000 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 $495,000 are created. Other data related to the pension plan are as follows. 2017 Service cost Prior service cost amortization Contributions (funding) to the plan Benefits paid Actual...
At January 1, 2017, Blue Company had plan assets of $303,400 and
a projected benefit obligation of the same amount. During 2017,
service cost was $26,700, the settlement rate was 10%, actual and
expected return on plan assets were $24,500, contributions were
$19,700, and benefits paid were $16,900.
Prepare a pension worksheet for Blue Company for 2017.
BLUE COMPANY neral Journal Entrie Memo Record Projected Benefit Plan Assets Pension Pension Items Expense Cash Asset/Liability Obligation Service cost Interest cost Actual...
The following information relates to the contributory, defined pension plan of Klarbrun Inc. Account Balances Projected Benefit Obligation.. Plan Assets.. Accumulated OCI—Prior Service Cost... Jan. 1, 2020 $75,000 Cr. 78,750 Dr. 49,500 Dr. . Activity 2020 Service cost ........ $ 49,000 Interest cost 6,000 Prior service cost amortization. 500 Actual return on plan assets (same as expected return) 4.725 Cash funding by company 37,500 Cash funding by plan participants 10,000 Pension benefits paid to retirees 5,000 Net income... 500,000 Required...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined benefit pension plan: Plan assets (market-related value) Projected benefit obligation Pension asset liability Prior service cost UEGL - Loss 520,000 660,000 140,000 60,000 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in...
Howard Corp. sponsors a defined-benefit pension plan for its employees. On january 1, 2011, the following balances are related to its defined-benefit pension plan: Plan assets (market-related value) Projected benefit obligation Pension assetliability Prior service cost VEGL - Loss 520,000 660,000 140,000 60,000 95,000 On December 31, 2011, the actuary provides the following additional data: Service cost for 2011 Actual return on plan assets in 2011 Amortization of prior service cost Contributions in 2011 Benefits paid retirees in 2011 Settlement...
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