he following information for 2021 is also provided: Service cost    800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9%   How much is the retirement benefit expense taken to profit or loss for the year 2021?

Q: Oriole Company has available the following information about its defined-benefit pension plan for…

A: Pension accounting may be fairly difficult, specifically in the context of defined benefit schemes.…

Q: On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation   $…

A: The projected benefit obligation is referred to as the measurement of the present amount that a…

Q: On January 1, 2021 STAR Company provided the following data in connection with the defined benefit…

A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000

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A: Pension Expense: It is  the expenses  which is paid  to employees for their services after…

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A: Working note 1:

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A: Pension Obligation: There are three alternative methods to estimate the future spending or…

Q: Pension expense for 2021

A: Pension expense represent the actual contribution to the pension plan  by the organization in the…

Q: Skysong Inc. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: The amount charged to expenditure by a company in connection to its obligations for employee…

Q: The accountant for Lucky Corporation has developed the following information for the company's…

A: Solution Working note  Pension expense- Service cost  1000000 Add amortised prior service cost…

Q: On January 1, 2020, McGee Co. had the following balances:           Projected benefit obligation…

A: Answer -    Part 1 -  Calculation of the projected benefit obligation at December 31, 2020…

Q: (a) Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.…

A: Journal Entry  The business transactions  that recorded in the accounting books of a Business is…

Q: Indigo Company provides the following information about its defined benefit pension plan for the…

A: Solution: Items General Journal Entries   Memo Record   Annual Pension Expense   Cash   OCI…

Q: On January 1, 2019, the memorandum records of ABC Company showed the following balances related to…

A: Defined Benefit Plan:-These are plans which are provided to employees for their benefit based on…

Q: On January 1, 2021, Oriole Co. has the following balances: Projected benefit obligation…

A: Workings:

Q: At January 1, 2019, XYZ Company had plan assets of €250,000 and a defined benefit obligation of the…

A:

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Change in return on plan assets=Actual return on plan assets-Fair value of plan assets×Discount…

Q: Veldre Company provides the following information about its defined benefit pension plan for the…

A: Pension expense: A corporation charge of expense in a period for the obligations of postretirement…

Q: PUP CAF Company has the following information related to its defined benefit plan for year 2021: >…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On January 1, 2021, a company has the following balances for its defined-benefit plan:   Projected…

A: Given Information: Projected benefit obligation              $661,000 Fair value of plan assets…

Q: On January 1, 2015, Parks Co. has the following balances:  Projected benefit obligation $4,200,000…

A: projected benefit obligation:- Projected Benefit obligation add: Service cost less: Benefit…

Q: 10,800   Actual and expected return on plan assets   65,300   Benefits paid   39,700   Plan assets…

A: The pension expense as,

Q: Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: What is meant by pension? It is the retirement contribution made by the employer for the employee,…

Q: Sony, Inc.'s defined benefit pension plan reported the following information for 2021: Projected…

A: Plan assets are the fund collected from the contribution of employee and employer for discharging…

Q: Sony, Inc.'s defined benefit pension plan reported the following information for 2021: Projected…

A: Service cost: Service cost meanse the present value of retirement benefit earned by the employees…

Q: The memorandum records ofGalindezTrading at January 1, 2021 show the following data:    Define…

A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…

Q: Sweet Company provides the following information about its defined benefit pension plan for the year…

A: Pension Expenses: It is the amount of pension which is payable to employees and charged as an…

Q: Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the…

A: RECONCILITION OF PLAN ASSETS AND DEFINED BENEFIR OBLIGATION (DBO)     (AMT IN Php) PARTICULARS…

Q: Projected benefit obligation

A: Definition: Projected benefit obligation: It is a concept of measuring what a company needs now to…

Q: On January 1, 2021, Crane Co. has the following balances: Projected benefit obligation…

A: Plant assets (PPE): Plant assets are the purchase of the fixed asset for producing revenue. Its…

Q: Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the…

A: Pension worksheet is a statement showing the breakup of all the sum received by an employee entitled…

Q: Maytag Service Co. reported the following for its defined-benefit pension plan for 2021:…

A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at the…

Q: Blossom Company sponsors a defined benefit pension plan for its employees. The following data relate…

A: Pension worksheet is prepared by the companies for the recording of information related to the…

Q: Bridgeport Company provides the following information about its defined benefit pension plan for the…

A: Pension expense is the amount that a business charges to expense in relation to liabilities for…

Q: Buffalo Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: General Journal Debit Credit Pension Expense 100,656   Other comprehensive income(G/L) 76,600…

Q: 16 The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Calculation of Net prepaid/ accrued defined benefit cost: Particulars Amount Defined Benefit…

Q: On January 1, 2020, McGee Co. had the following balances:             Projected benefit obligation…

A: The question is based on the concept of Accounting Standard on employee benefits.

Q: Gingrich Importers provides the following pension plan information. Fair value of pension plan…

A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…

Q: Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the…

A: Solution- Journal: Journal is considered as a book of original entry because all the transactions…

Q: Calculate the pension asset/liability to be recorded at December 31, 2021.

A: Pension Liability: It is difference between the  amount due to employees who is retired and the…

Q: Sweet Company provides the following information about its defined benefit pension plan for the year…

A: Pension Expenses: When a company provides its employees with a defined benefit pension plan, the…

Q: Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the…

A: What is meant by pension? It is the retirement contribution made by the employer for the employee,…

Q: The memorandum records of ABC Company at January 1,2020 show the following: Defined Benefit…

A: Defined Benefit Plan:- This is the plan provided to employees by companies  for their benefit  at…

Q: What is the pension expense at the end of 2021? What is the projected benefit obligation at the end…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Bounty Company revealed the following information for the current year: Fair Value of plan assets -…

A: Actual return  = expected return  + actuarial  gain

Q: Fajardo Company provided the following pension plan information: Projected benefit obligation –…

A: Expected return on plan assets = Fair value of plan asset x Discount rate = 2,800,000 x 10% =…

Q: On January 1, 2021, Dynamax Company had the following balances in its memorandum records: Fair value…

A: SOLUTION-   COMPREHENSIVE INCOME   INCLUDES REGULAR INCOME AND OTHER COMPREHENSIVE INCOME , WHICH…

Q: he following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 Service…

A: STATEMENT SHOWING CALCULATION OF BENEFIT OBLIGATION AS ON DEC 31, 2021   PARTICULARS AMOUNT PBO…

Q: The memorandum records of Galindez Trading at January 1, 2021 show the following data: Define…

A: Plan Asset at December 31, 2021 = Beginning Fair value of plan assets + Actual return on plan assets…