Plan assets at fair value, January 1 630 Expected return on plan assets 63 Actual return on plan assets Contributions to the pension fund (end of year) 50 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78
Q: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: Exercise 17-5 (Algo) Determine pension plan assets [LO17-4] The following data relate to Ramesh…
A: Formula: Pension plan Assets = Beginning plan assets at fair value + Actual return + contribution to…
Q: Pension data for Sterling Properties include the following:…
A: Interest cost = Beginning Projected benefit obligation x Interest rate = $850,000*6% = $51,000…
Q: The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit…
A: Working notes: 1 8% x $5,500 = $440 2 $5780 – 5500 – 440 + 66 + 435 = $341 3 10% x…
Q: PBO balance, January 1 Plan assets balance, January 1 Service cost S millions) $ 480 300 75 Interest…
A: Pension expense: Pension expense is the amount charged to the expenses related to its liabilities…
Q: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount…
A: Pension Expense: Pension Cost is a measure of the yearly cost to a business of maintaining a pension…
Q: Pension data for David Emerson Enterprises include the following: ($ in millions) Discount…
A: Pension plan: The pension plan is an agreement between the employer and the employee. After the…
Q: Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end…
A: Introduction: A pension plan is a retirement plan wherein a company contributes to a pool of budgets…
Q: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount…
A: Pension expense can be defined as the expenses related to the liabilities for pension payable to…
Q: 5. The following information relates to the defined benefit pension plan for the McDonald Company…
A: Given information, Present value of defined benefit obligation, Jan. 1 =4,600,000 Present value of…
Q: Exercise 17-5 (Algo) Determine pension plan assets [LO17-4] The following data relate to Ramesh…
A: Closing balance of pension plan assets at fair value = Beginning balance of pension plan assets +…
Q: The following data relate to Ramesh Company’s defined benefit pension plan:…
A: A defined benefit pension plan is a type of pension plan that gives benefits to the employee after…
Q: The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)…
A: Formula: Pension plan Assets at fair value on December 31 = Beginning Fair value of Plan assets +…
Q: TINSEL Company implemented a defined benefit plan on January 1, 2021. The following data are…
A: Pension liability on December 31, 2021 = Projected benefit obligation on December 31, 2021 - Plan…
Q: 499,000 Benefits paid 294,350 Amortization of prior service costs 111,000 In the journal entry…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: The following information is related to the defined benefit pension plan of Melissa Larson Company…
A: Pension expense = Service cost + Interest cost + Expected return on plan assets
Q: RKR Company maintains a fund to cover its pension plan. The following data relate to the fund for…
A: Ending fair value of plan assets = Beginning fair value of plan assets + Actual return +…
Q: Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021…
A: PLEASE LIKE THE ANSWER Pension Expense $ Service Cost…
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: 3. Information on an entity's plan assets is shown below: Fair value of plan assets, Jan. 1 Return…
A: The fair value of plan assets at the year-end is calculated as follows:
Q: Required: （show the computing process and precise journal entries） 1) Prepare the 2021 journal…
A: Pension Plan :— A Scheme on which Money is provided by the employer after the Retirement of…
Q: 4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1…
A: Formula: Return on plan Assets = December 31 Fair value - Jan 01 Fair value + Benefits paid -…
Q: Pension data for Goldman Company included the following for the current calendar year: Service cost…
A: Solution:- calculation of Pension expense for the year as follows:- Basic information:- Expected…
Q: Pension data for Barry Financial Services Inc., include the following:…
A: 1. Determine the pension expense for 2021: Service cost $310.00 Interest cost (2,300 x 7%)…
Q: Riko Company had the following data related to its defined benefit pension plan: 1/1 Plan Assets…
A: In this question, we have been asked to calculate the ending balance of the pension fund. For which…
Q: Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit…
A: Plan assets means investment held for benefit of employees inrelation to defined benefit plans.
Q: The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit…
A: Pension spreadsheet in the business is prepared for entering all balances pertaining to pension…
Q: Balances or Values at December 31, 2020 Projected benefit obligation Accumulated benefit obligation…
A: OCI stands for the Accumulated other comprehensive income, it involves the unrealized losses and…
Q: Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10%…
A: Interest cost = Projected benefit obligation at the beginning of the year x Discount rate = $360…
Q: The following information relates to Black Corporation's defined benefit pension plan during the…
A: Pension plan refers to a plan in which employer make contribution for the employee’s future life…
Q: January 1 Fair Value of plan assets 8,750,000 During the year Pension benefits paid 600,000…
A: Formula: Actual return on plan Assets = Ending fair value of plan assets - Beginning fair value of…
Q: Refer to the situation described below Assume Electronic Distribution prepares its financial…
A: Pension.is a type of income for government employees which they receive on monthly basis post or…
Q: The following information relates to Hatami Company's defined benefit pension plan during the…
A: Plan assets end of the year = Plan assets beginning of the year + Actual return on plan assets +…
Q: At the beginning of current year, Maximus Company had projected benefit obligation of P10,000,000…
A: Computation of Pension worksheet:
Q: The following information pertains to Qdobe Corporation’s defined benefit pension plan for 2020.…
A: Actuarial loss on PBO incurred during the year is not to be included in current year pension expense…
Q: Exercise Sweet Enterprises provides the following information relative to its defined benefit…
A: Accumulated other comprehensive income( OCI) is that income which includes unrealized gains and…
Q: Pension data for David Emerson Enterprises include the following:…
A: Pension plan: It refers to a plan that is formulated to provide earnings to the employees during…
Q: The following defined pension data of Doreen Corp. apply to the year 2017. Check the below image for…
A: Prepare a pension worksheet for Doreen Corp:
Q: TINSEL Company implemented a defined benefit plan on January 1, 2021. The following data are…
A: Pension liability on December 31, 2021 = Projected benefit obligation on December 31, 2021 - Plan…
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: Splish Corporation has the following balances at December 31, 2020. Projected benefit obligation…
A: Private pension plan: A fixed sum of money, receivable in future or after the age of retirement,…
Q: Jolo Company provided the following data: January 1 Fair Value of plan assets 8,750,000 During the…
A: Formula: Actual return on plan Assets = Ending fair value of Assets - Beginning fair value of plan…
Q: Pension data for Coda Corporation included the following for the current calendar year: Service cost…
A: Interest cost = PBO x discount rate = 720,000 x 10% = $72000
Q: (Pension Expense, Journal Entries for 2 Years) Gordon Company sponsors a defined benefit pension…
A: Solution:- a)Computation of pension expense for 2020 and 2021 as follows under:-
Q: Computing Pension Expense, Gain/Loss Amortization, PBO, and Plan Asset Balances The following data…
A: Defined benefit plan defines a retirement plan provided by the employer to employee. The benefits…
Q: Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in…
A: Solution:- Calculation of the elements of Warrick’s balance sheet are affected by the components of…
Q: Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses.…
A: Given that No.of employees = 400 Total service year participating employees = 4400
Q: Exercise 17-5 (Algo) Determine pension plan assets [LO17-4] The following data relate to Ramesh…
A: Closing balance of pension plan assets at fair value = Beginning balance of pension plan assets +…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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.The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.Bostonian Company provided the following information related to its defined benefit pension plan for 20X1: PBO on 1/1 $ 2,500,000 Fair value of plan assets on 1/1 2,000,000 Service cost 120,000 Actual return on plan assets 320,000 Payments made to retirees on 12/31 100,000 Amortization of prior service cost 40,000 Recognized actuarial losses 50,000 Contributions made to plan at 12/31 80,000 Interest rate for discounting pension obligations 6 % Expected return on plan assets 8 % Required: What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain).
- Bostonian Company provided the following information related to its defined benefit pension plan for 20X1: PBO on 1/1 $ 2,500,000 Fair value of plan assets on 1/1 2,000,000 Service cost 120,000 Actual return on plan assets 320,000 Payments made to retirees on 12/31 100,000 Amortization of prior service cost 40,000 Recognized actuarial losses 50,000 Contributions made to plan at 12/31 80,000 Interest rate for discounting pension obligations 6 % Expected return on plan assets 8 % What amount of pension expense should Bostonian report for 20X1? What is the fair value of plan assets at December 31, 20X1? What amount was recognized in OCI in 20X1? Be sure to indicate whether OCI amount represented a loss or a (gain).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.Tesla, Inc. sponsors a defined-benefit pension plan. The following data relates to theoperation of the plan for the year 2021.Service cost $ 545,000Contributions to the plan 330,000Actual return on plan assets 270,000Projected benefit obligation (beginning of year) 3,600,000Fair value of plan assets (beginning of year) 2,400,000The expected return on plan assets and the settlement rate were both 10%. The amountof pension expense reported for 2021 isa. $545,000.b. $635,000.c. $665,000.d. $905,000.
- The following information is related to the defined-benefit pension plan of a company for 2021. Amortization of OCI-gain $87,700 Amortization of OCI-prior service cost 151,000Contributions to the plan 235,000Interest on projected benefit obligation 363,000Service cost 550,890Expected return on plan assets 258,000Actual return on plan assets is the sameas expected return 258,000Benefits distributed 148,000 Pension expense for 2021 is $__________.Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,520 $1,930 Accumulated benefit obligation 1,930 2,700 Projected benefit obligation 2,510 3,360 Plan assets (fair value) 1,730 2,670 Settlement rate and expected rate of return 10% Pension asset/liability 780 ? Service cost for the year 2020 400 Contributions (funding in 2020) 690 Benefits paid in 2020 200 (a1) Partially correct answer icon Your answer is partially correct. Prepare a 2020 pension worksheet. (Enter all amounts as positive.) BONITA COMPANYPension Worksheet—2020 General Journal Entries Memo Record Entries Items Annual PensionExpense Cash OCI— Gain/Loss Pension Asset/Liability Projected BenefitObligation PlanAssetsBonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,520 $1,930 Accumulated benefit obligation 1,930 2,700 Projected benefit obligation 2,510 3,360 Plan assets (fair value) 1,730 2,670 Settlement rate and expected rate of return 10% Pension asset/liability 780 ? Service cost for the year 2020 400 Contributions (funding in 2020) 690 Benefits paid in 2020 200 (a1) Prepare a 2020 pension worksheet. (Enter all amounts as positive.) BONITA COMPANYPension Worksheet—2020 General Journal Entries Memo Record Entries Items Annual PensionExpense
- Bonita Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,520 $1,930 Accumulated benefit obligation 1,930 2,700 Projected benefit obligation 2,510 3,360 Plan assets (fair value) 1,730 2,670 Settlement rate and expected rate of return 10% Pension asset/liability 780 ? Service cost for the year 2020 400 Contributions (funding in 2020) 690 Benefits paid in 2020 200 (a2) Prepare the journal entries at December 31, 2020, to record pension expense and related pension transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020The following information pertains to Havana Corporation's defined benefit pension plan: ($ in thousands) 2021Beginning balances 2022Beginning balances Projected benefit obligation $ (6,700 ) $ (7,204 ) Plan assets 6,400 7,036 Prior service cost–AOCI 670 640 Net loss–AOCI $ 790 $ 850 At the end of 2021, Havana contributed $730 thousand to the pension fund and benefit payments of $664 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO.What is Havana’s 2021 gain or loss on plan assets?#13On January 1, 2020, Shaina company had a projected benefit obligation of 2,500,000 and apension fund with a fair value of 2,300,000. The entity provided the following informationrelated to the pension plan during the current year:Current service cost 300,000Actual return on the pension fund 62,500Benefits paid to retirees 275,000Contribution to the pension fund 262,500Discount rate 9%Expected return on pension fund 10%What is the pension expense for the current year? The answer is 318,000 pls provide the correct solution for this
