The projected benefit obligation and plan assets were 200 million and 280 million, respectively, at the beginning of the year. Due primary to favorable market performance in recent years, there also was a net gain of 74 million. on average, employees remaining service life with the company is 10 years. As a result of the net gain, what was the increase or decrease in pension expense for the year? net gain corridor amount excess, if any Service period (years) amortization of net gain decreases pension expense by

The projected benefit obligation and plan assets were 200 million and 280 million, respectively, at the beginning of the year. Due primary to favorable market performance in recent years, there also was a net gain of 74 million. on average, employees remaining service life with the company is 10 years. As a result of the net gain, what was the increase or decrease in pension expense for the year? net gain corridor amount excess, if any Service period (years) amortization of net gain decreases pension expense by

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 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...

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The projected benefit obligation and plan assets were $40 million and $100 million, respectively, at the beginning of the year. Due primarily to favorable stock market performance in recent years, there also was a net gain of $26 million. On average, employees’ remaining service life with the company is 10 years. As a result of the net gain, what was the increase or decrease in pension expense for the year? ($ in millions) Net gain Corridor amount Excess, if any Service period (years) ?
The projected benefit obligation was $140 million at the beginning of the year and $145 million at the end of the year. Service cost for the year was $7 million. At the end of the year, pension benefits paid by the trustee were $3 million. The actuary’s discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in compensation levels in upcoming years. What was the amount of the gain or loss the estimate change caused?
The PBO was $100 million at the beginning of the year and $106 million at the end of the year. Service cost for the year was $12 million. At the end of year, pension benefits paid by the trustee were $8 million. The actuary's discount rate was 5%. At the end of the year, the actuary revised the estimate of the percentage rate of increase in the compensation levels in upcoming years. What was the amount of the gain or loss in the estimate change caused? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
The pension plan was amended last year, creating a prior service cost of $50 million. Service cost and interest cost for the year were $20 million and $9 million, respectively. At the end of the year, there was a negligible balance in the net gain–pensions account. The actual return on plan assets was $9 million although it was expected to be $10 million. On average, employees’ remaining service life with the company is 10 years. What was the total pension cost for the year?
The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and interest cost for the year were $10 million and $4 million, respectively. At the end of the year, there was a negligible balance in the net gain–pensions account. The actual return on plan assets was $4 million although it was expected to be $6 million. On average, employees’ remaining service life with the company is 10 years. What was the pension expense for the year?
The projected benefit obligation was $300 million at the beginning of the year. Service cost for the year was $17 million. At the end of the year, pension benefits paid by the trustee were $13 million and there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the projected benefit obligation at year-end?
The projected benefit obligation was $80 million at the beginning of the year and $85 million at the end of theyear. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related other comprehensive income accounts requiring amortization. The actuary’s discount rate was 5%. Whatwas the amount of the service cost for the year?
JDS Shipyard’s projected benefit obligation, accumulated benefit obligation, and plan assets were $40 million, $30 million, and $25 million, respectively, at the end of the year. What, if any, pension liability must be reported in the balance sheet? What would JDS report if the plan assets were $45 million instead?
The projected benefit obligation was $400 million at the beginning of the year and $429 million at the end of the year. At the end of the year, pension benefits paid by the trustee were $18 million and there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the service cost for the year?
JDS Foods’ projected benefit obligation, accumulated benefit obligation, and plan assets were $40 million, $30 million, and $25 million, respectively, at the end of the year. What, if any, pension liability must be reported in the balance sheet? What would JDS report if the plan assets were $45 million instead?
For Skysong Corporation, year-end plan assets were $ 2,000,000. At the beginning of the year, plan assets were $ 1,764,000. During the year, contributions to the pension fund were $ 113,000, and benefits paid were $ 184,000.Compute Skysong’s actual return on plan assets.
Pension plan assets were $900 million at the beginning of the year and $958 million at the end of the year. At the end of the year, retiree benefits paid by the trustee were $22 million and cash invested in the pension fund was $26 million. What was the percentage rate of return on plan assets?