If a pension plan amendment results in a 1,500,000 increase in the projected benefit obligation, the...
If a pension plan amendment results in a 1,500,000 increase in the projected benefit obligation, the pension expense will?
Homework Answers
If a pension plan amendment results in a 1,500,000 increase in the projected benefit obligation, the pension expense will also increase because pension expense consists of service Cost plus interest cost which has been calculated as a %of PBO less the expected return on plan assets Plus the amortization of prior service cost minus or plus the amortization of net gain or loss.
If the PBO increases due to amendment then interest cost will also increase resulting in an increase in pension expense
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If a pension plan amendment results in a 1,500,000 increase in the projected benefit obligation, the...
Assignment 3 – Spring 2020 Jennifer Corp's defined benefit pension plan had an amendment as of...
Assignment 3 – Spring 2020 Jennifer Corp's defined benefit pension plan had an amendment as of January 1, 2016, that retroactively included benefits of $1,500,000. The remaining service life of the employees impacted by this change is 10 years. Jennifer uses the straight-line method to amortize the prior service cost. As of January 1, 2016, Jennifer had the following information related to its pension plan, including adjustments for the plan amendment: Accrued/prepaid pension cost (credit) $3,790,000 Projected benefit obligation 5,200,000...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 -credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to retirees Prior service...
If pension plan assets (inside the trust) are greater than the projected benefit obligation the pension...
If pension plan assets (inside the trust) are greater than the projected benefit obligation the pension plan is said to be ________________.
The following pension plan information is for Pharoah Company at December 31, 2018. Projected benefit obligation...
The following pension plan information is for Pharoah Company at December 31, 2018. Projected benefit obligation $ 8600000 Accumulated benefit obligation 7550000 Plan assets (at fair value) 6128000 Accumulated OCI (PSC) 460000 Pension expense for 2018 2600000 Contribution for 2018 2008000 The amount to be reported as the liability for pensions on the December 31, 2018 balance sheet is
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $600,000...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to...
The following information is in regards to Crane Corp.’s defined benefit pension plan. Defined benefit obligation,...
The following information is in regards to Crane Corp.’s defined benefit pension plan. Defined benefit obligation, 1/1/17 (before amendment) $250,000 Plan assets, 1/1/17 168,000 Discount rate 10% Annual pension service cost 15,000 Actual return on plan assets 8,400 On January 1, 2017, the company amended its pension plan, which resulted in a reduction in prior service benefits for current employees. The present value of the reduced benefits is $34,000. 1. Calculate the pension expense that will be reported in net...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Presented below is information related to Marina Comp, Inc. pension plan for 2013. Accumulated benefit obligation...
Presented below is information related to Marina Comp, Inc. pension plan for 2013. Accumulated benefit obligation (at year-end) $600,000 Service cost 520,000 Funding contribution for 2013 480,000 Settlement rate used in actuarial computation 10% Expected return on plan assets 9% Amortization of PSC (due to benefit increase) 100,000 Amortization of net gains 48,000 Projected benefit obligation (at beginning of period) 450,000 Fair value of plan assets (at beginning of...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 5...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 -credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to retirees Prior service...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid to...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
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