The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of ENN Corporation. No adjusting entry had been made yet at year end in relation the post retirement benefits related accounts. Accrued Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan #624,800 450,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Current service cost Settlement rate Actuarial loss on plan asset Actuarial loss on accumulated benefit obligation 2,650,800 3,275,600 560,000 480,000 12% 120,000 80,000 There had been no remeasurement (actuarial) gain or loss from plan asset and accumulat retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the ye was at $250,000 and $350,000, respectively.

The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of ENN Corporation. No adjusting entry had been made yet at year end in relation the post retirement benefits related accounts. Accrued Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan #624,800 450,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Current service cost Settlement rate Actuarial loss on plan asset Actuarial loss on accumulated benefit obligation 2,650,800 3,275,600 560,000 480,000 12% 120,000 80,000 There had been no remeasurement (actuarial) gain or loss from plan asset and accumulat retirement obligation in the prior years. The asset ceiling at the beginning and at the end of the ye was at $250,000 and $350,000, respectively.

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 6RE

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The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post-retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 ₱ 493,900Pension expense for 2021, amount contributed to the plan ₱ 500,000Additional information:The memorandum account balances and other off-books transactions are as follows:Plan asset at fair market value, January 1, 2021 ₱ 3,245,400Accumulated benefit obligation at present value, January 1, 2021 ₱ 2,751,500Payments to retirees at scheduled retirement in 2021 ₱ 350,000Payments to early retirees (settlement price) in 2021 ₱ 300,000Carrying value of accrued benefits of early retirees in 2021 ₱ 220,000Current service cost ₱ 535,000Past service cost recognized in the current year ₱ 275,000Settlement rate 12%Plan asset at fair market value, December 31, 2021 ₱ 3,569,900Accumulated benefit obligation at present value,…
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