Homework Answers
| Opening projected benefit obligation (PBO) | $5,200,000 |
| Service cost | $316,000 |
| Interest cost (5200000*9%) | $468,000 |
| benefits paid | -331000 |
| Closing projected benefit obligation | $5,653,000 |
| Ans option A $5,653,000 |
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On January 1, 2018, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan...
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QUESTION 3 Field Corp has the following balances as of January 1, 2020 related to its...
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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...
Chapter 20 - Pensions On January 1, 2011, Newlin Co. has the following balances: Projected benefit obligation $1,600,000 credit balance Pension is $300,000 underfunded at Jan 1, 2011 oCI- G/L has a debit balance of $250,000 on Jan 1, 2011 Additional information: Service life of employees is 50 years The settlement rate is 8%. Other data related to the pension plan for 2011 are: $280,000 Amortization of prior service costs due to increase in benefits 75,000 105,000 300,000 237,000 245,000...
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...
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"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...
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Sunland Corp. sponsors a defined benefit pension plan for its employees, on January 1, 2021, the following balances related to this plan. Plan assets (fair value) $630,000 Projected benefit obligation 680,000 Pension asset/liability 50,000 Gr. Prior service cost 83,000 OCI - Loss 73,000 As a result of the operation of the plan during 2021, the actuary provided the following additional data at December 31, 2021. Service cost for 2021 $78,000 Actual return on plan assets in 2021 45,260 Amortization of...
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...
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