tamey-Morgan Apm etroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022.* A consulting firm, engaged as actuary, recommends 6% as the appropriate discount ate. The service cost is $150,000 for 2021 and $200,000 for 2022. Year-end funding is $160,000 for 2021 and $170,000 for 2022. N assumptions or estimates were revised during 2021. We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since he estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands i.e., 200,000 should be entered as 200).) X Answer is complete but not entirely correct. December 31, 2022 1. Projected benefit obligation 2. 3. Plan assets Pension expense main linkilit December 31, 2021 $ $ $ To 150 $ 176 x $ 143 × $ 359✔ 363 x 205

tamey-Morgan Apm etroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2021 and 2022.* A consulting firm, engaged as actuary, recommends 6% as the appropriate discount ate. The service cost is $150,000 for 2021 and $200,000 for 2022. Year-end funding is $160,000 for 2021 and $170,000 for 2022. N assumptions or estimates were revised during 2021. We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since he estimate didn't change, that also was the actual rate in 2022. Required: Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands i.e., 200,000 should be entered as 200).) X Answer is complete but not entirely correct. December 31, 2022 1. Projected benefit obligation 2. 3. Plan assets Pension expense main linkilit December 31, 2021 $ $ $ To 150 $ 176 x $ 143 × $ 359✔ 363 x 205

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 13E

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