Answered: the warren groups pension expense is 78…

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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Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
The Warren Group’s pension expense is $67 million. This amount includes a $70 million service cost, a $50 million interest cost, a $55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. How is the net pension liability affected when the pension expense is recorded?
The Warren Group’s pension cost is $67 million. This amount includes a $70 million service cost, a $50 million interest cost, a $55 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. How is the net pension liability affected when the pension cost is recorded?
The Warren Group’s pension cost is $39 million. This amount includes a $68 million service cost, a $36 million interest cost, a $67 million reduction for the expected return on plan assets, and a $2 million amortization of a prior service cost. 1. Choose the components of pension expense that affects the net pension liability: Service costunanswered Amortization of prior service costunanswered Interest costunanswered Expected return on plan assets 2. Prepare the journal entry to record the pension cost.
Cahal-Mitchell Company received the following reports for its defined benefit pension plan for 2022: PBO Plan assets Balance, January 1 $ 470,000 Balance, January 1 $ 259,000 Service cost 194,000 Actual return 38,000 Interest cost 36,000 Annual contribution 117,000 Benefits paid (80,000 ) Benefits paid (80,000 ) Balance, December 31 $ 620,000 Balance, December 31 $ 334,000 The long-term expected rate of return on plan assets is 10%. Assuming no other data is relevant, what is the pension expense for 2022?
JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $75 million, $65 million, and $57 million, respectively, at the end of the year. a. What, if any, pension liability or pension asset must be reported in the balance sheet?b. What, if any, pension liability or pension asset must be reported in the balance sheet if the plan assets were $89 million instead?
he Corporation has developed the following information (photo attached) for the company's defined benefit pension for 2020: Service cost $1,000,000 Actual return on plan assets 500,000 Annual contribution to the plan 1,840,000 Prior service cost from pension plan amendment in 2019: 2,500,000 Benefits paid to retirees 120,000 Average remaining service life of employees 10 years Interest rate 10% Expected rate of return on plan assets 8% Plan Asset, beginning balance $5,500,000 PBO, beginning balance $8,000,000 The accumulated benefit obligation at December 31, 2020, amounted to $6,500,000. Plan Assets, closing balance: 7,720,000 Planned Benefit obligation, beginning balance: 10,720,000 Required: 1. Calculate the pension expense in 2020 2. What's the ending balance of net gain (loss) - AOCI in 2020 3. What's the ending balance of prior service cost - AOCI in 2020 Clarification question: Is "plan assets, closing balance" the same as "ending balance of plan asset in 2020" & is…
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?
M Service Co. reported the following for its defined-benefit pension plan for 2020: Service cost $600,000 Actual return on plan assets 460,000 Benefits paid to retirees 418,000 Cash contributions made by M to the pension plan 100,000 Settlement rate 4% Expected rate of return on plan assets 7% Average…
The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2021:             Service cost                                        $2,000,000             Actual return on plan assets               1,100,000             Annual contribution to the plan            820,000             Prior service cost from pension plan amendment in 2019:                            2,500,000             Benefits paid to retirees                       550,000             Average remaining service life of             employees                                             10 years             Interest rate                                           10%             Expected rate of return on plan assets      12%             Plan Asset, beginning balance              $10,000,000             PBO, beginning balance                        $9,000,000 The accumulated benefit obligation at December 31, 2021, amounted to…
The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2021:             Service cost                                        $2,000,000             Actual return on plan assets               1,100,000             Annual contribution to the plan            820,000             Prior service cost from pension plan amendment in 2019:                            2,500,000             Benefits paid to retirees                       550,000             Average remaining service life of             employees                                             10 years             Interest rate                                           10%             Expected rate of return on plan assets      12%             Plan Asset, beginning balance              $10,000,000             PBO, beginning balance                        $9,000,000 The accumulated benefit obligation at December 31, 2021, amounted to…
The accountant for Marlin Corporation has developed the following information for the company's defined-benefit pension plan for 2018:          Service cost                                                                                     $1,000,000          Actual return on plan assets                                                                 500,000          Annual contribution to the plan                                                          1,840,000          Amortization of prior service cost                                                         250,000          Benefits paid to retirees                                                                        120,000          Settlement rate                                                                                           10%          Expected rate of return on plan assets                                                        8% The accumulated benefit obligation at December 31, 2018, amounted to $6,500,000.…

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the warren groups pension expense is 78 million. the amount includes a 46 million service cost, a 60 million interest cost, a 34 million reduction for the expected return on plan assets, and a 6 million amoritization of a prior service cost. prepare the journal entry to record the pension expense?