Balanga, Inc. contributed P500,000 for its pension fund inclusive of P200,000 funding of current service cost. How much is the deductible pension expense?
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Balanga, Inc. contributed P500,000 for its pension fund inclusive of P200,000 funding of current service cost. How much is the deductible pension expense?
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- In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.During the current year, Vander Esch Industries contributed $150,000 to its defined benefit pension plan and $90,000 was distributed from the plan to retired employees. By how much is Vander Esch's cash account reduced during the year based on these transactions? Group of answer choices $90,000 $60,000 $240,000 $150,000For Stubby Corporation, year-end plan assets were P2, 000,000. At the beginning of the year, plan assets were P1, 780,000. During the year, contributions to the pension fund were P120, 000, and benefits paid were P200, 000. Compute Warren’s actual return on plan assets.
- In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million.Explain the meaning of the $5,599 million unfunded pension liability and the$434 million periodic pension cost.The Warren Group’s pension expense is $67 million. This amount includes a $70 million service cost, a $50 million interest cost, a $55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. How is the net pension liability affected when the pension expense is recorded?FS LTD. has a defined benefit pension plan. As at 31 December 2018, its plan assets had a book value of Shs. 140 million and a fair value of Shs. 160 million. The PBO at the time was Shs. 150 million. During the year, the company contributed an amount of Shs. 20 million to the fund, the fund paid out Shs. 15 million while the return on plan assets was Shs. 10 million. Service costs were Shs. 30 million, interest cost amounted to Shs. 12 million while actuarial gains were Shs. 3 million.Required:I) Fair value of plan assets as at 31 December 2019. ii) The projected plan obligation as at 31 December 2019.
- For 2017, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund. Which of the following is the journal entry that Carson Majors would make to record pension expense and funding?(a) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 55,000,000 (b) Pension Expense 77,000,000Pension Asset/Liability 22,000,000Cash 99,000,000 (c) Pension Expense 55,000,000Pension Asset/Liability 22,000,000Cash 77,000,000 (d) Pension Expense 22,000,000Pension Asset/Liability 55,000,000Cash 77,000,000Campbell Soup Company reported pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Company's journal entry to record pension expense and funding, assuming campbell has no OCI amountsFor 2020, Carson Majors Inc. had pension expense of $77 million and contributed $55 million to the pension fund. Which of the following is the journal entry that Carson Majors would make to record pension expense and funding? a. Pension Expense 77,000,000 00Pension Asset/Liability 22,000,000 00Cash 55,000,000 b. Pension Expense 77,000,000 Pension Asset/Liability 22,000,000 00Cash 99,000,000 c. Pension Expense 55,000,000 Pension Asset/Liability 22,000,000 00Cash 77,000,000 d. Pension Expense 22,000,000 Pension Asset/Liability 55,000,000 00Cash 77,000,000
- The Warren Group’s pension cost is $67 million. This amount includes a $70 million service cost, a $50 million interest cost, a $55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. How is the net pension liability affected when the pension cost is recorded?The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. The prior service cost amortization each year was $290,000. The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets was 10%. The actual return on plan assets was 9.5%. Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,335,000 $1,280,000 $1,185,000 $1,599,000The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $750,000 during 20X1 and $1,125,000 during 20X2. The contribution to the pension plan was $600,000 on December 31, 20X1 and $1,200,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets are both 10%. The actual return on plan assets was 10.5%. Retirement benefits pertaining to years of service prior to 20X1 were not granted to the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,140,000 $1,065,000 $1,200,000 $1,137,000
