The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was Ng's pension expense for the year? PBO (95) (35) (75) (540) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 460 70 61 65 65 50 61 5 (1) 132

The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).  ($ in millions) debit (credit) PBO   Plan assets   Prior service cost   Net (Gain) loss   Pension Expenses   Cash   Net Pension (Liability)/ Asset   Beginning Balance (540 )                     70                             Service cost                                 74                     Interest cost                                                       Expected return on assets                                 (27 )                   Gain/loss on assets                         (4 )                           Amortization of:                                                       Prior service cost                 (10 )                                   Net gain loss                                                       Loss on PBO (29 )                     29                             Contribution to funds…

Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?

The following data relate to Ramesh Company's defined benefit pension plan:                                                                                                              ($ in millions) Plan assets at fair value, January 1                                                             $720 Expected return on plan assets                                                                       72 Actual return on plan assets                                                                            58 Contributions to the pension fund (end of year)                                             124 Amortization of net loss                                                                                    14 Pension benefits paid (end of year)                                                                  17 Pension expense                                                                                              96   Required: Determine the amount of pension plan assets at fair…

The actuary for the pension plan of Buffalo Inc. calculated the following net gains and losses. Incurred during the Year   (Gain) or Loss   2020   $302,700   2021   476,700   2022   (209,000) 2023   (288,200) Other information about the company’s pension obligation and plan assets is as follows. As of January 1,   Projected BenefitObligation   Plan Assets(market-related asset value) 2020   $3,993,500   $2,394,800 2021   4,542,200   2,203,200 2022   4,952,900   2,575,400 2023   4,228,400   3,066,100 Buffalo Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,400. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market-related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization.Compute the…

Calculate the amount that J&J’s retirement fund obligations are underfunded as of each year-end. How much of the underfunding is reported on the company’s balance sheet?

The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE?     Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.

The following data relate to Ramesh Company’s defined benefit pension plan:    ($ in millions) Plan assets at fair value, January 1 $ 630   Expected return on plan assets   63   Actual return on plan assets   50   Contributions to the pension fund (end of year)   106   Amortization of net loss   11   Pension benefits paid (end of year)   14   Pension expense   78      Required:Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)

Pension data for David Emerson Enterprises include the following:    ($ in millions) Discount rate, 12%   Projected benefit obligation, January 1 $300 Projected benefit obligation, December 31 470 Accumulated benefit obligation, January 1 305 Accumulated benefit obligation, December 31 420 Cash contributions to pension fund, December 31 155 Benefit payments to retirees, December 31 55  Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.

The balance sheet below represents the pension plan of Myers IncorporationASSETS: ( in millions)Pension fund 720Future normal costs 600Unarmortized supplemental liabilities 100Losses from changes in actuarial assumptions. 150TOTAL ASSETS: 1660LIABILITIES: (in millions)Vested accrued benefits. 540Unvested accrued benefits. 220Expected future service costs 900EXPECTED BENEFITS: 1660Required:a). Explain the meaning of each of the terms highlighted in the balance sheet aboveb). Calculate:i). Unfunded vested accrued benefitsii). Unfunded accrued benefitsC). Suppose normal costs do not change, show how the balance sheet would change if:i). The value of securities in the pension fund falls by $50 millionii). The union negotiation increased pension worth $80 million