The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5400000 $ 5410000 $ 6850000 Projected benefit obligation 5560000 5770000 7530000 Plan assets (at fair value) 4600000 6230000 6780000 AOCL – net loss 0 975000 1000000 Settlement rate (for year) 9% 10% Expected rate of return (for year) 9% 8% Cullumber’s contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was $550000. $360000. $440000. $430000.
The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5400000 $ 5410000 $ 6850000 Projected benefit obligation 5560000 5770000 7530000 Plan assets (at fair value) 4600000 6230000 6780000 AOCL – net loss 0 975000 1000000 Settlement rate (for year) 9% 10% Expected rate of return (for year) 9% 8% Cullumber’s contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was $550000. $360000. $440000. $430000.
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 4E
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Question 11
The following data are for the pension plan for the employees of Cullumber Company.
Cullumber’s contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years.
The actual return on plan assets in 2021 was
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accumulated benefit obligation | $ | 5400000 | $ | 5410000 | $ | 6850000 | ||||||
| Projected benefit obligation | 5560000 | 5770000 | 7530000 | |||||||||
| Plan assets (at fair value) | 4600000 | 6230000 | 6780000 | |||||||||
| AOCL – net loss | 0 | 975000 | 1000000 | |||||||||
| Settlement rate (for year) | 9% | 10% | ||||||||||
| Expected |
9% | 8% |
Cullumber’s contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years.
The actual return on plan assets in 2021 was
|
|
$550000. |
|
|
$360000. |
|
|
$440000. |
|
|
$430000. |
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