Pension plan assets were $320 million at the beginning of the year. The return on plan assets was 5%. At the end of the year, retiree benefits paid by the trustee were $14 million and cash invested in the pension fund was $18 million. What was the amount of the pension plan assets at year-end? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Pension plan assets million
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- Please no written by hand solutions Pension plan assets were $80 million at the beginning of the year and $83 million at the end of the year. The return on plan assets was 5%. At the end of the year, cash invested in the pension fund was $7 million. What was the amount of the retiree benefits paid by the trustee?Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…Owe The projected benefit obligation was $460 million at the beginning of the year and $493 million at the end of the year. Service cost for the year was $31 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10).
- The projected benefit obligation was $240 million at the beginning of the year. Service cost for the year was $14 million. At the end of the year, pension benefits paid by the trustee were $10 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). End of the year PBO milliones Harrison Forklift's pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). ($ in millions) 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
- Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan). ($ in millions) 1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5. 2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5. 3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense…Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…The PBO was $100 million at the beginning of the year. Service cost for the year was $12 million. At the end of the year, pension benefits paid by the trustee were $8 million and there were no pension-related OCI account. The actuary's discount rate was 5%. What was the amount fo the PBO at the end of the year? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
- Return on plan Assets? For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan assets were $ 1,764,000. During the year, contributions to the pension fund were $ 113,000, and benefits paid were $ 184,000.For 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 77,000,000The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1? items Annual Pension expense cash Pension asset/liability Projected Benefit Obligation Plan Assets Balance, January 1, 20X1 $490,000 Cr. $490,000 Dr. service cost $40,000 Dr. $40,000 Cr. interest cost $49,700 Dr. $49,700 Cr. actual return $49,700 Cr. $49,700 Dr. contributions $30,000 Cr. $30,000 Dr. Benefits $33,400 Dr. $33,400 Cr. journal entry for 20X1 $40,000 $30,000 Cr. $10,000 Cr. Balance 20X1 $10,000 Cr. $546,300 Cr. $536,300 Dr.