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Ayayai Company provides the following selected information related to its defined benefit pension plan for 2020....
Ayayai Company received the following selected information from its pension plan trustee concerning the operation of...
Ayayai Company received the following selected information from
its pension plan trustee concerning the operation of the company’s
defined benefit pension plan for the year ended December 31,
2020.
January 1, 2020
December 31, 2020
Projected benefit obligation
$1,499,000
$1,527,000
Market-related and fair value of plan assets
802,000
1,127,200
Accumulated benefit obligation
1,622,000
1,742,500
Accumulated OCI (G/L)—Net gain
0
(199,900
)
The service cost component of pension expense for employee services
rendered in the current year amounted to $78,000 and...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan...
Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 140,000 Cr. ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated benefit obligation,...
Intermediate Accounting 303 Gordon Company sponsors a defined benefit pension plan. The following information related to...
Intermediate Accounting 303 Gordon Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2010 and 2011. 2010 2011 Plan assets (fair value), December 31 $699,000 $849,000 Projected benefit obligation, January 1 700,000 800,000 Pension asset/liability, January 1 140,000Cr ? Prior service cost, January 1 250,000 240,000 Service cost 60,000 90,000 Actual and expected return on plan assets 24,000 30,000 Amortization of prior service cost 10,000 12,000 Contributions (funding) 115,000 120,000 Accumulated...
Exercise 20-15 Pina Company provides the following selected information related to its defined be...
Exercise 20-15 Pina Company provides the following selected information related to its defined benefit pension plan for 2017 Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $26,400 Cr 396,400 9,900 149,400 799,700 10% 706,100 79,970 Compute pension expense. Pension expense for 2017 16500 Prepare the journal entry to record pension expense and...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. $ 500,000 1,250,000 15,000 210,000 960,000 Pension liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate 8% Projected benefit obligation (January 1) Service cost 1,500,000 165,000 Instructions (a) Compute pension expense and prepare the journal entry to record pension expense and...
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020....
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020. $90.600 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1.2020 Accumulated OCIEPS Manuary 1, 2020 Interesscount settimate 103.000 10.100 63.100 39.00 100 710,600 149.400 Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enteral amounts as positive PAROAH...
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017....
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Requirements: Using Excel prepare a pension worksheet inserting January 1, 2017, balances,...
* Question 2 Martinez Company received the following selected information from its pension plan trustee concerning...
* Question 2
Martinez Company received the following selected information
from its pension plan trustee concerning the operation of the
company’s defined benefit pension plan for the year ended December
31, 2020.
January 1, 2020
December 31, 2020
Projected benefit obligation
$1,488,000
$1,514,000
Market-related and fair value of plan assets
809,000
1,135,900
Accumulated benefit obligation
1,600,000
1,718,800
Accumulated OCI (G/L)—Net gain
0
(198,800
)
The service cost component of pension expense for employee services
rendered in the current year amounted...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its defined benefit pension plan for the year 2020....
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Ayayai Company received the following selected information from
its pension plan trustee concerning the operation of the company’s
defined benefit pension plan for the year ended December 31,
2020.
January 1, 2020
December 31, 2020
Projected benefit obligation
$1,499,000
$1,527,000
Market-related and fair value of plan assets
802,000
1,127,200
Accumulated benefit obligation
1,622,000
1,742,500
Accumulated OCI (G/L)—Net gain
0
(199,900
)
The service cost component of pension expense for employee services
rendered in the current year amounted to $78,000 and...
Exercise 20-15 Pina Company provides the following selected information related to its defined benefit pension plan for 2017 Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost $26,400 Cr 396,400 9,900 149,400 799,700 10% 706,100 79,970 Compute pension expense. Pension expense for 2017 16500 Prepare the journal entry to record pension expense and...
E20-15B (LO1,2,5) (Pension Expense, Journal Entries) Ultra-Home Corporation provides the following information related to its defined-benefit pension plan for 2017. $ 500,000 1,250,000 15,000 210,000 960,000 Pension liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2017 Fair value of plan assets (December 31) Settlement rate 8% Projected benefit obligation (January 1) Service cost 1,500,000 165,000 Instructions (a) Compute pension expense and prepare the journal entry to record pension expense and...
Pharoah Company provides the following information about its defined benefit pension plan for the year 2020. $90.600 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2020 Projected benefit obligation at January 1.2020 Accumulated OCIEPS Manuary 1, 2020 Interesscount settimate 103.000 10.100 63.100 39.00 100 710,600 149.400 Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020. (Enteral amounts as positive PAROAH...
* Question 2
Martinez Company received the following selected information
from its pension plan trustee concerning the operation of the
company’s defined benefit pension plan for the year ended December
31, 2020.
January 1, 2020
December 31, 2020
Projected benefit obligation
$1,488,000
$1,514,000
Market-related and fair value of plan assets
809,000
1,135,900
Accumulated benefit obligation
1,600,000
1,718,800
Accumulated OCI (G/L)—Net gain
0
(198,800
)
The service cost component of pension expense for employee services
rendered in the current year amounted...
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
Pearl Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$90,300
Contribution to the plan
106,800
Prior service cost amortization
9,600
Actual and expected return on plan assets
63,800
Benefits paid
39,700
Plan assets at January 1, 2020
629,900
Projected benefit obligation at January 1, 2020
706,100
Accumulated OCI (PSC) at January 1, 2020
150,800
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing December 31,...
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