Assume that at the beginning of the current year, a company has a net gain-AOCI of $26,300,000. At the same time, assume the PBO and the plan assets are $231,600,000 and $154,300,000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $2,055.000 $294,000 $773.000

Assume that at the beginning of the current year, a company has a net gain-AOCI of $26,300,000. At the same time, assume the PBO and the plan assets are $231,600,000 and $154,300,000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $2,055.000 $294,000 $773.000

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 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...

See similar textbooks

Similar questions

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.
Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
16 Assume that at the beginning of the current year, a company has a net gain-AOCI of $60,100,000. At the same time, assume the PBO and the plan assets are $311,000,000 and $453.100.000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $1,479,000 $6,010,000 $14,210,000 $1476.000.
Assume that at the beginning of the current year, a company has a net gain-AOCI of $25,600,000. At the same time, assume the PBO and the plan assets are $222,400,000 and $153,500,000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? $1,968,000. $344,000. $336,000. $689,000.
JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $65 million, $55 million, and $48 million, respectively, at the end of the year. a. What, if any, pension liability or pension asset must be reported in the balance sheet? b. What, if any, pension liability or pension asset must be reported in the balance sheet if the plan assets were $78 million instead? a b Net pension liability Net pension asset Answer is not complete. million million
Owe The projected benefit obligation was $460 million at the beginning of the year and $493 million at the end of the year. Service cost for the year was $31 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).
Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000 and actual return on plan assets is $269,000 in 2021. To record the unexpected gain/loss due to asset returns, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Debit Other Comprehensive Income-Gain/Loss Credit Pension Expense Debit Pension Expense Debit Plan Assets
For the current year, a company with a DB pension plan has service cost $106,000; benefits paid $74,000; and loss on PBO of $28,000. Assuming an ending PBO of $400,000 and interest rate of 5%, the beginning PBO balance was
Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…
Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…
The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of the year. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pensionrelated other comprehensive income accounts requiring amortization. The actuary’s discount rate was 5%. What was the amount of the service cost for the year?