The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. ($ in thousands) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,500 $ 2,701 Plan assets 2,600 2,811 Funded status 100 110 Prior service cost-AOCI 336 308 Net gain-AOCI 340 308 Retirees were paid $268,000, and the employer contribution to the pension fund was $247,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 9%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: Determine the actual return on plan assets of 2024. Determine the loss or gain on plan assets of 2024. Determine the service cost of 2024. Determine the pension. expense of 2024. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Solve: 1) Actual return 2) Gain/Loss on plan assets 3) Service cost 4) Pension expense 5) Average service period.
The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. ($ in thousands) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,500 $ 2,701 Plan assets 2,600 2,811 Funded status 100 110 Prior service cost-AOCI 336 308 Net gain-AOCI 340 308 Retirees were paid $268,000, and the employer contribution to the pension fund was $247,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 9%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: Determine the actual return on plan assets of 2024. Determine the loss or gain on plan assets of 2024. Determine the service cost of 2024. Determine the pension. expense of 2024. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Solve: 1) Actual return 2) Gain/Loss on plan assets 3) Service cost 4) Pension expense 5) Average service period.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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Transcribed Image Text:The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost
and the net gain-pensions, are given below. ($ in thousands) 2024 Beginning Balances 2024 Ending Balances Projected
benefit obligation $ 2,500 $ 2,701 Plan assets 2,600 2,811 Funded status 100 110 Prior service cost-AOCI 336 308 Net
gain AOCI 340 308 Retirees were paid $268,000, and the employer contribution to the pension fund was $247,000 at
the end of 2024. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 9%. There were no
changes in actuarial estimates and assumptions regarding the PBO. Required: Determine the actual return on plan assets
of 2024. Determine the loss or gain on plan assets of 2024. Determine the service cost of 2024. Determine the pension
expense of 2024. Determine the average remaining service life of active employees (used to determine amortization of
the net gain) for 2024.
Solve:
1) Actual return
2) Gain/Loss on plan assets
3) Service cost
4) Pension expense
5) Average service period.
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