Riko Company had the following data related to its defined benefit pension plan: 1/1 Plan Assets Fair Value, $600m; Expected return on plan assets, $60m; Actual Return on Plan Assets, $48m; Contributions to the pension fund at the end of the year, $100m; Amortization of net loss, $10m; Pension Benefits paid at the end of the year, $11m; Pension Expense, $72 million. What is the balance in Pension Plan Assets at 12/31? _________

Riko Company had the following data related to its defined benefit pension plan: 1/1 Plan Assets Fair Value, $600m; Expected return on plan assets, $60m; Actual Return on Plan Assets, $48m; Contributions to the pension fund at the end of the year, $100m; Amortization of net loss, $10m; Pension Benefits paid at the end of the year, $11m; Pension Expense, $72 million. What is the balance in Pension Plan Assets at 12/31? _________

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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Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
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 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?
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?
The following information is related to the defined-benefit pension plan of a company for 2021. Amortization of OCI-gain $87,700 Amortization of OCI-prior service cost 151,000Contributions to the plan 235,000Interest on projected benefit obligation 363,000Service cost 550,890Expected return on plan assets 258,000Actual return on plan assets is the sameas expected return 258,000Benefits distributed 148,000 Pension expense for 2021 is $__________.
At the start of the year,Boy had the following balances in its pension benefit memo records: Fair value of plan assets, 3,200,000 Accrued benefit obligations, 3,200,000 During the year,the following data related to pension plan are available: current service cost, 140,000 Contribution to the plan, 204,000 Benefits paid to retirees, 200,000 Actual return on plan assets, 185,000 Discount rate, 9% The amount of retirement benefit expense to be recognized in other comprehensive income? a. 143,000 b. 236,000 c. 243,000 d. 436,000
The following information is related to the defined benefit pension plan of Stanley-Morgan Industries for the year 2021: Service cost $ 62,000 Contributions to pension plan 114,000 Benefits paid to retirees 151,000 Plan assets (fair value), January 1 649,000 Plan assets (fair value), December 31 766,000 Actual return on plan assets 154,000 PBO, January 1 945,000 PBO, December 31 950,500 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is Stanley-Morgan's pension expense for 2021?
The following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700Pension expense for 2021 is $__________.
Babcock Company received the following reports of its defined benefit pension plan for the current calendar year: PBO Plan assets Balance, January 1 $ 600,000 Balance, January 1 $ 500,000 Service cost 360,000 Actual return 50,000 Interest cost 64,000 Annual contribution 220,000 Benefits paid (90,000) Benefits paid (90,000) Balance, December 31 $ 934,000 Balance, December 31 $ 680,000 The long-term expected rate of return on plan assets is 8%. Assuming no other data are relevant, what is the pension expense for the year?
Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: Projected benefit obligation Balance, January 1 $ 150,000,000 Service cost 25,000,000 Interest cost 15,000,000 Benefits paid (12,000,000 ) Balance, December 31 $ 178,000,000 Plan assets Balance, January 1 $ 90,000,000 Actual return on plan assets 11,000,000 Contribution 23,000,000 Benefits paid (12,000,000 ) Balance, December 31 $ 112,000,000 The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required:1. Prepare the journal entries to record the pension expense and funding for the year.
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?
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.