Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation $2,758,700 1,977,400 Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI–Net loss (1/1/20 balance, 0) Pension liability 2,259,100 209,600 45,300 499,600 Other pension plan data for 2020: Service cost $94,100 Prior service cost amortization 41,600 Actual return on plan assets Expected return on plan assets 130,300 175,600 254,600 Interest on January 1, 2020, projected benefit obligation Contributions to plan 93,700 Benefits paid 141,100
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- Question 21 Sage Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate 10 % Projected benefit obligation (January 1) 698,500 Service cost 79,600 (b) Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020. Sage CompanyIncome Statement (Partial) $…Question 16## Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Also please help me answer part B. (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…Question 16 Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and…
- Question 16# Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $463,200 Projected benefit obligation 578,200 Pension asset/liability 115,000 Accumulated OCI (PSC) 100,100 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $86,600 Settlement rate, 8% Actual return on plan assets 53,200 Amortization of prior service cost 18,000 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 79,600 Contributions 99,600 Benefits paid retirees 85,100 (b) Prepare the journal entry for pension expense for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…Question 9 Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % General Journal Entries Memo Record Items AnnualPension Expense Cash OCIPrior Service Cost Pension Asset/Liability Projected BenefitObligation PlanAssets (b) The parts of this question must be completed in order. This part will be available when you complete the part above.Question 9# Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % (b) Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount…
- Exercise 20-07 The following defined pension data of Teal Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $568,000 Plan assets, 1/1/20 553,400 Pension liability 14,600 On January 1, 2020, Teal Corp., through plan amendment, grants prior service benefits having a present value of 130,000 Settlement rate 10 % Service cost 58,500 Contributions (funding) 64,300 Actual (expected) return on plan assets 47,100 Benefits paid to retirees 36,300 Prior service cost amortization for 2020 17,400 For 2020, prepare a pension worksheet for Teal Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.Question 21 Sage Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $25,600 Cr. Accumulated benefit obligation (December 31) 400,600 Actual and expected return on plan assets 10,400 Contributions (funding) in 2020 148,800 Fair value of plan assets (December 31) 796,000 Settlement rate 10 % Projected benefit obligation (January 1) 698,500 Service cost 79,600 (b) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. Indicate the pension-related amounts that would be reported in the company’s income statement and balance sheet for 2020. Sage CompanyIncome Statement (Partial)…18 Fajardo Company provided the following pension plan information: Projected benefit obligation – January 1, 2021 3,500,000 Fair value of plan assets – January 1, 2021 2,800,000 Pension benefits paid during the year 250,000 Current service cost for 2021 1,750,000 Past service cost for 2021 425,000 Actual return on plan assets 180,000 Contribution to the plan 1,500,000 Actuarial loss due to change in assumption on PBO 200,000 Discount or settlement rate 10% What amount should be reported as accrued benefit cost on December 31, 2021? Group of answer choices 1,045,000 1,750,000 1,745,000 700,000
- #13On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and apension fund with a fair value of 2,300,000. The entity provided the following informationrelated to the pension plan during the current year:Current service cost 300,000Actual return on the pension fund 62,500Benefits paid to retirees 275,000Contribution to the pension fund 262,500Discount rate 9%Expected return on pension fund 10%What is the pension expense for the current year? The answer is 318,000 pls provide the correct solution for this8. P Corp. has a defined benefit pension plan. On December 31, 2021 (the end of P's fiscal year), the following pension-related data were available: Projected Benefit Obligation ($ in millions) Balance, January 1, 2021 $240 Service cost 41 Interest cost, discount rate, 5% 12 Gain due to changes in actuarial assumptions in 2021 (5) Pension benefits paid (20) Balance, December 31, 2021 $268 Plan Assets Balance, January 1, 2021 $250 Actual return on plan assets 20 (Expected return on plan assets, $22.5) Cash contributions 35 Pension benefits paid (20) Balance, December 31, 2021 $285 January 1, 2021, balances: Prior service cost (amortization $4 per year) $24 Net gain (any amortization over 15 years) 55 Required: (show the computing process and precise journal entries) 1) Prepare the 2021 journal entry to record pension expense. 2) Prepare the 2021 journal entry to record the…J The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 Benefits paid to retirees 390,000 Settlement rate 10% Service cost for the year would be Group of answer choices P94,000 P59,000 P390,000 P129,000