Cagayan Company provided the following information for the current year: January 1 Projected benefit obligation 3,500,000 During the year Pension benefits paid to retired employees 250,000 Past service cost 500,000 Actuarial loss 200,000 December 31 Projected benefit obligation - 10% discount 5,000,000 rate What amount was reported as current service cost by Cagayan Company ?

Cagayan Company provided the following information for the current year: January 1 Projected benefit obligation 3,500,000 During the year Pension benefits paid to retired employees 250,000 Past service cost 500,000 Actuarial loss 200,000 December 31 Projected benefit obligation - 10% discount 5,000,000 rate What amount was reported as current service cost by Cagayan Company ?

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...

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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.
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.
Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
A Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year?
You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is A P250 million B P280 million C P200 million D P120 million
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
PQR Company provided the following information for the current year:· Projected Benefit Obligation, January 1: 3,500,000· Pension benefits paid to retired employees: 250,000· Past service costs: 500,000· Actuarial losses arising from remeasurement of projected benefit obligation: 200,000· Projected Benefit Obligation, December 31: 5,000,000Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year?
4 You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is Group of answer choices P200 million P250 million P280 million P120 million
ABC Company provided the following information for the current year:· Projected Benefit Obligation, January 1: 3,500,000· Pension benefits paid to retired employees: 250,000· Past service costs: 500,000· Actuarial losses arising from remeasurement of projected benefit obligation: 200,000· Projected Benefit Obligation, December 31: 5,000,000Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year?
20 Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? Group of answer choices 1,500,000 1,100,000 1,050,000 1,300,000
Use the following information for questions 1 through 3. The following information for Cooper Enterprises is given below: December 31, 2015 Assets and obligations Plan assets (at fair value)$400,000 Accumulated benefit obligation640,000 Projected benefit obligation700,000 Other Items Pension asset / liability, January 1, 201520,000 Contributions 250,000 Accumulated other comprehensive loss335,800 There were no actuarial gains or losses at January 1, 2015. The average remaining service life of employees is 12 years. 1.What is the pension expense that Cooper Enterprises should report for 2015? a. $304,200 b. $314,200 c. $250,000 d. $335,800 2.What is the amount that Cooper Enterprises should report as its pension liability on its balance sheet as of December 31, 2015? a. $60,000 b. $640,000 c. $300,000 d. $700,000 3.The amortization of Other Comprehensive Loss for 2016 is: a.$0 b.$15,580 c.$22,150 d.$33,580
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $211,000 $318,000 $418,000 Accumulated benefit obligation 190,000 294,000 397,000 Fair value of plan assets 157,000 266,000 448,000 Accumulated OCI--gains -0- 135,000 145,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $64,000 in 2021 and benefits paid were $9,000. The actual return on plan assets in 2021 is $________________. (Use the formula: Ending Plan…