Amortized prior service cost : This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee. To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

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Answer 1

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Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

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1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.

2. Give the 2022 entries for MPS Company to record pension expense and funding. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO005): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 1,200 Service cost Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions 400 168 Pension benefits paid Ending balance 1,016 (400) P3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.

5. What is the total pension expense in 2021?6. How much from the pension expense is recognized in the 2021 profit or loss?7. How much from the pension expense is recognized in the 2021 other comprehensiveincome or loss?

Answer 2

Question

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

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Answer 3

Question

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Answer 6

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Answer 7

Chapter 17, Problem 17.13E

1.

To determine

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Answer 8

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Answer 9

2.

To determine

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Amortized prior service cost : This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee. To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Solution Summary: The author explains the amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Concept explainers

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

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Chapter 17 Solutions

Amortized prior service cost : This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee. To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Solution Summary: The author explains the amortization of the net loss or gain that should be included as a component of pension expense for 2018.

Concept explainers

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee. To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.

The net loss-AOCI or net gains-AOCI as of January 1, 2019.

Want to see the full answer?

Chapter 17 Solutions

Amortized prior service cost: This is the reduction on the change in pension plan earned in prior years is recognized over the future service of employee.

To Calculate: The amortization of the net loss or gain that should be included as a component of pension expense for 2018.