The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary’s discount rate was 5%. The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the total pension expense for the year?

The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary’s discount rate was 5%. The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the total pension expense for the year?

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 was $80 million at the beginning of the year. Service cost for the year was $10 million. 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%. The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the pension expense for the year?
The projected benefit obligation was $180 million at the beginning of the year. Service cost for the year was $22 million. At the end of the year, pension benefits paid by the trustee were $12 million and there were no pension-related other comprehensive income (OCI) accounts requiring amortization. The actuary’s discount rate was 5%. The actual return on plan assets was $11 million although it was expected to be only $10 million. What was the total pension expense for the year?
The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. 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%. 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?
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?
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 the year. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pensionrelated other comprehensive income accounts requiring amortization. The actuary’s discount rate was 5%. What was the amount of the service cost for the year?
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 projected benefit obligation was $260 million at the beginning of the year and $278 million at the end of the year. Service cost for the year was $16 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee?
The projected benefit obligation was $180 million at the beginning of the year and $192 million at the end of the year. Service cost for the year was $10 million. At the end of the year, there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the retiree benefits paid by the trustee? Retire benefits million
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 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?