Can i get help with the last 3? Required:Fill in the blanks lettered (a) through (k). Enter amounts as positive numbers.(a) $600,000 v(b)10 v %(c) $60,000(d) $800(e) $108,800(f) $105,000 V(g) $64,800 V(h) $67,650(i) $(j) $(k) $ Determination of Pension Plan AmountsVarious pension plan information of Kerem Company for 2016 and 2017 is as follows:20162017Service cost$100,000(G)Interest cost on projected benefit obligation54,000(g)Discount rate9%9%Amortization of prior service cost4,0004,000Plan assets (fair value), 1/1*500,000 615,000Projected benefit obligation, 1/1**(a) 720,000Expected long-term rate of return on plan assets(b)11%Amortization of net loss(d)700Accrued pension cost (liability), 12/31(f)(k)Average service life of employees10 years 10 yearsPension expense(e) 110,850Cumulative net loss, 1/168,000(i)Expected return on plan assets50,000(h)Corridor(c) 72,000*1/1/2018: $762,000**1/1/2018: $857,800

Service cost refers to the cost that is set aside through employer for meeting up the pension…

Answered: 600,000 10 60,000 80 108,800 105,000…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
E20-3 (Preparation of pension Worksheet) Verde Company provides the following information about its defined benefit pension plan for the year 2017. Service Cost $90,000 Contribution to the plan $105,000 Prior service cost amortization $10,000 Actual and expected return on plan assets $64,000 Benefits paid $40,000 Plan assets at January 1, 2017 $640,000 Projected benefit obligation at Jaunary 1, 2017 $700,000 Accumulated OCI (PSC) at January 1, 2017 $150,000 Interest/discount(settlement) rate 10% Instructions: Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording pension expense.
Presented below is pension information for A Company for the year 2016: Interest on plan assets P24,000 Interest on vested benefits 10,000 Service cost 35,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2016 is
On January 1, 2016, Burleson Corporation’s projected benefit obligation was $30 million. During 2016 pension benefits paid by the trustee were $4 million. Service cost for 2016 is $12 million. Pension plan assets (at fair value) increased during 2016 by $6 million as expected. At the end of 2016, there was no prior service cost and a negligible balance in net loss–AOCI. The actuary’s discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31, 2016.
On January 1, 2017, Makoto Co. has the following balances: Projected benefit obligation $2,730,000 Fair value of plan assets 2,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $234,000 Amortization of unrecognized prior service costs 77,600 Contributions 390,400 Benefits paid 140,500 Actual return on plan assets 304,500 Amortization of unrecognized net gain 27, 800
On January 1, 2017, Makoto Co. has the following balances: Projected benefit obligation $2,730,000 Fair value of plan assets 2,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $234,000 Amortization of unrecognized prior service costs 77,600 Contributions 390,400 Benefits paid 140,500 Actual return on plan assets 304,500 Amortization of unrecognized net gain 27, 800 The balance of the projected benefit obligation at December 31, 2017 is
On January 1, 2017, Roca Co. has the following balances: Projected benefit obligation $3,730,000 Fair value of plan assets 3,340,000 The settlement rate is 10%. Other data related to the pension plan for 2017 are: Service cost $334,000 Amortization of unrecognized prior service costs 78,000 Contributions 390,000 Benefits paid 150,500 Actual return on plan assets 338,100 Amortization of unrecognized net gain 33,400 The balance of the projected benefit obligation for Roca at December 31, 2017 is
Determining Pension Expense The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020. Service cost $512,000 Actual and expected gain on plan assets 112,000 Actuarial loss on PBO incurred during 2020 128,000 Amortization of unrecognized prior service cost 16,000 Annual interest on pension obligation 160,000 What amount should Qdobe report as pension expense in its 2020 income statement? Assume no beginning balance in Accumulated OCI—Pension Gain/Loss. Pension expense, 2020
The following data pertains to a defined benefit (DB) pension plan: defined benefit obligation, December 31, 2015 25,000 long-term interest rate on corporate bonds 10% past service cost, December 31, 2016, benefits and liability reduced (1,200) actuarial revaluation, December 31, 2016, change in mortality assumptions, increased liability 600 actual return on plan assets - 2016 2,100 fair value of plan assets, December 31, 2015 16,000 funding payment at December 31, 2016 4,000 benefits paid to retirees - 2016 2,000 current service cost - 2016 1,900 Required: Calculate the net defined benefit pension asset/liability at December 31, 2015. For December 31, 2016, calculate the defined benefit…
Foster Corporation received the following report from its actuary at the end of the year: December 31, 2014 December 31, 2015 Projected benefit obligation $2,000,000 $2,200,000 Accumulated benefit obligation 1,380,000 1,440,000 Fair value of pension plan assets 1,300,000 1,480,000 The amount reported as the pension liability at December 31, 2014 is a. 0 b. 80,000 c. 620,000 d. 700,000 The amount reported at the pension liability at December 31, 2015 is a. 2,200,000 b. 1,480,000 c. 720,000 d. 760,000
On December 31, 2016, Robey Company accumulated the following information for 2016 in regard to its defined benefit pension plan: Service cost $113,390 Interest cost on projected benefit obligation 11,810 Expected return on plan assets 11,250 Amortization of prior service cost 2,130 On its December 31, 2015, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,100. Required: 1. Compute the amount of Robey’s pension expense for 2016. 2. Prepare all the journal entries related to Robey’s pension plan for 2016 if it funds the pension plan in the amount of (a) $116,080, (b) $115,170, and (c) $119,920. 3. Next Level Assuming Robey’s beginning 2016 Accumulated Other Comprehensive Income: Prior Service Cost balance was $55,640 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2016 in order to report an accrued/ prepaid pension cost asset of $4,870 at the end of 2016?
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2017.Plan assets $400,000Projected benefit obligation 320,000U.S.M.’s actuary determined that 2018 service cost is $60,000. Both the expected and actual rate of return onplan assets are 9%. The interest (discount) rate is 5%. U.S.M. contributed $120,000 to the pension fund at the endof 2018, and retirees were paid $44,000 from plan assets.Required:1. What is the pension expense at the end of 2018?2. What is the projected benefit obligation at the end of 2018?3. What is the plan assets balance at the end of 2018?4. What is the net pension asset or net pension liability at the end of 2018?5. Prepare journal entries to record the pension expense, funding of plan assets, and retiree benefit payments

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600,000 10 60,000 80 108,800 105,000 64,800 67,650