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Brief Exercise 20-05 Blossom Corporation amended its pension plan on January 1, 2020, and granted $165,900...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Employee Future Years of Service Jim Paul 4. Nancy Dave 6 Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $80,640. Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate...
The following amounts are associated with Rockhill Farms Company’s pension plan for the year 2020: Plan...
The following amounts are associated with Rockhill Farms Company’s pension plan for the year 2020: Plan Assets Jan 1, 2020: $750,000 Projected benefit obligation Jan 1, 2020: 750,000 Settlement rate 5% Service Cost 56,000 Contributions 20,000 Actual and expected returns on assets 50,000 Benefits paid to retirees 62,000 What is the journal entry for the 2020 pension expense? Show your work. Debit- Pension Expense $43,500, Credit- Pension Liability $23,500, Cash $20,000 Debit- Pension Expense...
Skysong Company has five employees participating in its defined benefit pension plan. Expected years of future...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees....
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future...
Fannie’s Funnel Cakes has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2018 are as follows: Employee Future Years of Service Fran 6 Frank 1 Fang 3 Franklin 6 Felix 4 On Jan. 1, 2018, the company amended its pension plan increasing its PBO by $210,000. Compute the amount of prior service cost amortization table for the years 2018 –...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of $3,075,000 at January 1, 2017. Sheridan also had a net actuarial loss of $429,160 in accumulated OCI at January 1, 2017. The average remaining service period of Sheridan's employees is 7.90 years. Compute Sheridan'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
Exercise 20-1 The following information is available for the pension plan of Martinez Company for the...
Exercise 20-1
The following information is available for the pension plan of
Martinez Company for the year 2017.
Actual and expected return on plan assets
$ 13,800
Benefits paid to retirees
37,800
Contributions (funding)
84,900
Interest/discount rate
9
%
Prior service cost amortization
7,900
Projected benefit obligation, January 1, 2017
500,000
Service cost
63,500
Compute pension expense for the year 2017.
Pension expense for 2017
$
Prepare the journal entry to record pension expense and the
employer’s contribution to the...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees....
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik a...
On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior service cost of $1,200,000 on that date (which it did not fund). Baznik has six participating employees who are expected to receive the retroactive benefits. Following is a schedule that identifies the participating employees and their expected years of future service as of January 1, 2016: Employee Expected Years of Future...
Question 24 Tamarisk Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2017 are as follows. Employee Future Years of Service Jim Paul 4. Nancy Dave 6 Kathy On January 1, 2017, the company amended its pension plan, increasing its projected benefit obligation by $80,640. Compute the amount of prior service cost amortization for the years 2017 through 2022 using the years-of-service method, setting up appropriate...
Skysong Company has five employees participating in its defined
benefit pension plan. Expected years of future service for these
employees at the beginning of 2017 are as follows.
Employee
Future Years of Service
Jim
3
Paul
4
Nancy
5
Dave
6
Kathy
6
On January 1, 2017, the company amended its pension plan,
increasing its projected benefit obligation by $82,800.
Compute the amount of prior service cost amortization for the years
2017 through 2022 using the years-of-service method, setting up...
Exercise 20-11 (Part Level Submission) Culver Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $56,200. 2. The company's funding policy requires a contribution to the pension trustee amounting to $146,676 for 2017. 3. As of January 1, 2017, the company...
Sweet Corp. sponsors a defined benet pension plan for its employees. On January 1, 2020, the following balances related to this plan Plan assets (market-related value Prajected benefit obligation Pension asset/liability Prior service cost Nct gain or loss (dcbit) $522,000 738,000 216,000 Cr. 83,000 99,000 As a result of the aperation of the plan during 2020, the actuary provided the following additional data for 2020 $97,000 Service cost Settlement rate, 9%, expected retumrate, 10% Actual return on plan assets Amortization...
Brief Exercise 20-7 Sheridan Corporation had a projected benefit obligation of $2,875,000 and plan assets of $3,075,000 at January 1, 2017. Sheridan also had a net actuarial loss of $429,160 in accumulated OCI at January 1, 2017. The average remaining service period of Sheridan's employees is 7.90 years. Compute Sheridan'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
Exercise 20-1
The following information is available for the pension plan of
Martinez Company for the year 2017.
Actual and expected return on plan assets
$ 13,800
Benefits paid to retirees
37,800
Contributions (funding)
84,900
Interest/discount rate
9
%
Prior service cost amortization
7,900
Projected benefit obligation, January 1, 2017
500,000
Service cost
63,500
Compute pension expense for the year 2017.
Pension expense for 2017
$
Prepare the journal entry to record pension expense and the
employer’s contribution to the...
Exercise 20-10 (Part Level Submission) Novak Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $469,800 607,000 137,200 97,100 Dr. As a result of the operation of the plan during 2017, the following additional data are provided by the actuary. Service cost $91,100 Settlement rate, 8% Actual return on plan assets Amortization of prior service cost Expected return...
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