Please solve part C.The following answers are incorrect: $257,200; $42,100; $254,000 (b)| Your answer is correct.Determine the amounts of other comprehensive income and comprehensive income for 2020. Net income for 2020is $34,900. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g.(45).)Other comprehensive income (loss)-3200Comprehensive income (loss)31700SHOW SOLUTIONLINK TO TEXTAttempts: 4 of 5 used(c)X Your answer is incorrect. Try again.Compute the amount of accumulated other comprehensive income reported at December 31, 2020. (Enter lossusing either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Accumulated other comprehensive income (loss)254000 Exercise 20-09 (Part Level Submission)Sweet Enterprises provides the following information relative to its defined benefit pension plan.Balances or Values at December 31, 2020Projected benefit obligation$2,763,600Accumulated benefit obligation1,991,900Fair value of plan assets2,298,100Accumulated OCI (PSC)211,900Accumulated OCI–Net loss (1/1/20 balance, 0)45,300Pension liability465,500Other pension plan data for 2020:Service cost$94,300Prior service cost amortization42,100Actual return on plan assets129,800Expected return on plan assets175,100Interest on January 1, 2020, projected benefit obligationContributions to plan252,60092,400Benefits paid139,100(a)Your answer is correct.Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reducepension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).)Components of Pension ExpenseService Cost94300Interest Cost252600Expected Return on Plan Assets v-175100Prior Service Cost Amortization42100Pension Expense213900

Accumulated other comprehensive income( OCI) is that income which includes unrealized gains and…

Exercise Sweet Enterprises provides the following information relative to its defined benefit pension p Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) $2,763,600 1,991,900 2,298,100 211,900 45,300 Pension liability 465,500 Other pension plan data for 2020: Service cost $94,300 Prior service cost amortization 42,100 Actual return on plan assets Expected return on plan assets Interest on January 1, 2020, projected benefit obligation Contributions to plan Benefits paid 129,800 175,100 252,600 92,400 139,100 (a)

Exercise Sweet Enterprises provides the following information relative to its defined benefit pension p Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/20 balance, 0) $2,763,600 1,991,900 2,298,100 211,900 45,300 Pension liability 465,500 Other pension plan data for 2020: Service cost $94,300 Prior service cost amortization 42,100 Actual return on plan assets Expected return on plan assets Interest on January 1, 2020, projected benefit obligation Contributions to plan Benefits paid 129,800 175,100 252,600 92,400 139,100 (a)

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 7E

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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…
Exercise 20-03 (Part Level Submission) Windsor Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2020 632,300 Projected benefit obligation at January 1, 2020 686,100 Accumulated OCI (PSC) at January 1, 2020 147,300 Interest/discount (settlement) rate 11 % A. Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31, 2020.
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Compute pension expense for 2020 and 2021. Pension expense for 2020 $ Pension expense for 2021 $
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Pension expense for 2020: $135,720 Pension expense for 2021: $177,840 Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years. Date Account Titles and Explanation Debit Credit Dec.…
Wildhorse Company sponsors a defined benefit pension plan. The following information related to the pension plan is available for 2020 and 2021. 2020 2021 Plan assets (fair value), December 31 $817,830 $993,330 Projected benefit obligation, January 1 819,000 936,000 Pension asset/liability, January 1 163,800 Cr. ? Prior service cost, January 1 292,500 280,800 Service cost 70,200 105,300 Actual and expected return on plan assets 28,080 35,100 Amortization of prior service cost 11,700 14,040 Contributions (funding) 134,550 140,400 Accumulated benefit obligation, December 31 585,000 643,500 Interest/settlement rate 10 % 10 % Prepare the journal entries to record the pension expense and the company’s funding of the pension plan for both years.
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
Carla Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) $23,900 Cr. Accumulated benefit obligation (December 31) 401,000 Actual and expected return on plan assets 9,700 Contributions (funding) in 2020 149,800 Fair value of plan assets (December 31) 806,800 Settlement rate 10 % Projected benefit obligation (January 1) 702,800 Service cost 80,680 Results so far that are correct: Pension Expense $141260 Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $31,600. Pension Expense $141260 Pension Asset/Liability $8540 Cash $149800 I am having problem with the Income Statement(Partial) and Balance Sheet (Partial). Indicate the pension-related amounts that…
14 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 is the fair value of plan assets on December 31, 2021? Group of answer choices 4,050,000 4,480,000 4,300,000 4,230,000 PreviousNext
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
10. Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $201,400; projected benefit obligation $245,000. Other data relating to 3 years’ operation of the plan are as follows. 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,000 22,150 24,000 Annual funding (contributions) 15,800 40,000 47,500 Benefits paid 13,700 16,500 20,800 Prior service cost (plan amended, 1/1/20) 160,000 Amortization of prior service cost 53,800 41,700 Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of: 522,200 (a) Prepare a pension worksheet presenting all 3 years’ pension balances and activities. (Enter all…