The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $211,000 $318,000 $418,000 Accumulated benefit obligation 190,000 294,000 397,000 Fair value of plan assets 157,000 266,000 448,000 Accumulated OCI--gains -0- 135,000 145,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $64,000 in 2021 and benefits paid were $9,000. The actual return on plan assets in 2021 is $________________. (Use the formula: Ending Plan Assets = Beginning Plan Assets + Actual Returns + Contributions – Distributed Benefits, to figure out actual returns.)

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 3MC

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An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.
Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
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 are for the pension plan for the employees of Lockett Company. 1/1/14 12/31/14 12/31/15          Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) 2,300,000 3,000,000 3,300,000 AOCL – net loss -0 580,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett’s contribution was $420,000 in 2015 and benefits paid were $275,000. Lockett estimates that the average remaining service life is 20 years. The actual return on plan assets in 2015 was $300,000. $255,000. $200,000. $155,000.
The following information relates to the defined benefit pension plan for the employees of a company:                                                     1/1/20                         12/31/20                      12/31/21            Projected benefit obligation                        $201,000                      $321,000                       $416,000 Accumulated benefit obligation                    192,000                        287,000                           381,000 Fair value of plan assets                              156,000                        252,000                       448,000 Accumulated OCI--gains                                 -0-                           41,000                           237,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $82,000 in 2021 and benefits paid were $45,000. The amount of accumulated OCI-gains amortized in 2021 is $_________. (If there should be no…
The following information relates to the defined benefit pension plan for the employees of a company:                                                     1/1/20                         12/31/20                      12/31/21            Projected benefit obligation                        $207,000                      $300,000                       $414,000 Accumulated benefit obligation                    187,000                        298,000                           387,000 Fair value of plan assets                              153,000                        260,000                       448,000 Accumulated OCI--gains                                 -0-                           118,000                           206,000 The company estimates that the average remaining service life is 8 years. The company’s contribution was $146,000 in 2021 and benefits paid were $46,000. The corridor (used in the corridor amortization) for 2021 is $ ________________. (Note: a…
The following information relates to the defined-benefit pension plan for the employees of a company: 1/1/21 12/31/21 Fair value of plan assets $227,000 $364,000 Projected benefit obligation 211,000 408,000 Accumulated benefit obligation 195,000 377,000 Accumulated OCI – Gain/Loss 48,440Dr 163,790Dr The company estimates that the average remaining service life is 25 years. The company’s contribution was $128,000 in 2021 and benefits paid were $13,000. Settlement rate for 2021 is 7% and expected rate of return is 10%. The amount of accumulated OCI-Gain/Loss amortized in 2021 is $_________. (If there should be no corridor amortization, then enter 0. If your answer is a decimal, there is no need to round…
The following information relates to the pension plan for the employees of RR Co.: 1/1/19 12/31/19 12/31/20 Defined benefit obligation P5,580,000 P5,976,000 P8,004,000 Fair value of plan assets 5,100,000 6,240,000 6,888,000 Net (gain) or loss 0 (164,000) (96,000) Discount rate (for year) 11% 11% RR estimates that the average remaining service life is 16 years. RR's contribution was P756,000 in 2020 and benefits paid were P564,000. How much is the gain or loss on plan assets in 2020? (Note: If it is a loss, use negative sign before the number. Example: -1,000.)
The following information relates to the pension plan for the employees of RR Co.: 1/1/19 12/31/19 12/31/20 Defined benefit obligation P5,580,000 P5,976,000 P8,004,000 Fair value of plan assets 5,100,000 6,240,000 6,888,000 Net (gain) or loss 0 (164,000) (96,000) Discount rate (for year) 11% 11% RR estimates that the average remaining service life is 16 years. RR's contribution was P756,000 in 2020 and benefits paid were P564,000. The actual return on plan assets in 2020 is?

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