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Question 1 Sandhill Corporation received the following report from its actuary at the end of the...
A B Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1,...
A
B
Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1, 2017. Cullumber also had a net actuarial loss of $528,020 in accumulated OCI at January 1, 2017. The average remaining service period of Cullumber's employees is 7.70 years. Compute Cullumber's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO:...
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...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,570,000 1.320,000 1.937,000 547,000 December 31, 2021 $2.920,000 1,670,000 2,627.000 303,500 The service cost component for 2021 is $143.500 and the amortization of prior service cost is $243,500. The company's actual funding of the plan in...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On J...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan on December 31, 2017, the actuary calculated...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees....
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated...
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...
Tingstad Inc. received the following information from its pension plan trustee concerning the operation of the...
Tingstad Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020: Projected benefit obligation Market-related asset value Accumulated benefit obligation January 1, 2020 $3,500,000 1,750,000 2,700,000 December 31, 2020 $3,990,000 2,240,000 3,670,000 The service cost component for 2020 is $310,000 and the amortization of prior service cost is $240,000. The company's actual funding of the plan in 2020 amounted to $710,000. The expected...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
A
B
Cullumber Corporation had a projected benefit obligation of $3,386,000 and plan assets of $3,617,000 at January 1, 2017. Cullumber also had a net actuarial loss of $528,020 in accumulated OCI at January 1, 2017. The average remaining service period of Cullumber's employees is 7.70 years. Compute Cullumber's minimum amortization of the actuarial loss. Minimum amortization of the actuarial loss & Click if you would like to show Work for this question: Open Show Work LINK TO TEXT VIDEO:...
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...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 1, 2017 2017 2018 Projected benefit obligation $2,810,000 $3,661,900 $4,202,852 Accumulated benefit obligation 1,880,000 2,413,000 2,901,000 Plan assets (fair value and market-related asset value) 2,898,000 1,690,000 3,799,000 Accumulated net (gain) or loss (for purposes of the corridor calculation) 198,000 (24,000) Discount rate (current settlement rate) 9 % 8% Actual and expected asset return rate 10...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
Sheridan, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2021: Projected benefit obligation Fair value of plan assets Accumulated benefit obligation Accumulated OCI-(PSC) January 1, 2021 $2,570,000 1.320,000 1.937,000 547,000 December 31, 2021 $2.920,000 1,670,000 2,627.000 303,500 The service cost component for 2021 is $143.500 and the amortization of prior service cost is $243,500. The company's actual funding of the plan in...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benefit plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan on December 31, 2017, the actuary calculated...
Problem 20-3 (Part Level Submission) Cullumber Company sponsors a defined benet plan for its 100 employees. On January 1, 2017, the company's actuary provided the following information Accumulated other comprehensive loss (PSC) $152,900 Pension plan assets (fair value and market-related asset value) 196,600 Accumulated benefit obligation 256,600 Projected benefit obligation 380,500 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2017, the actuary calculated...
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...
Tingstad Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2020: Projected benefit obligation Market-related asset value Accumulated benefit obligation January 1, 2020 $3,500,000 1,750,000 2,700,000 December 31, 2020 $3,990,000 2,240,000 3,670,000 The service cost component for 2020 is $310,000 and the amortization of prior service cost is $240,000. The company's actual funding of the plan in 2020 amounted to $710,000. The expected...
Whispering Company sponsors a defined benefit pension plan for its 600 employees. The company's actuary provided the following information about the plan. January December 31, 2017 2017 2018 $2,810,000 $3,661,900 2,413,000 $4,202,852 2,901,000 1,880,000 1,690,000 2,898,000 3,799,000 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value and market-related asset value) Accumulated net (gain) or loss (for purposes of the corridor calculation) Discount rate (current settlement rate) Actual and expected asset return rate Contributions 0 198,000 (24,000) 9% 104 1,039,000...
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