Crane Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions Defined benefit expense Remeasurement gain or loss (OCI) $6 Effect on company's shareholders' equity 22 10 17 Current service cost Opening balance, DBO Opening balance, plan assets $20 100 At the end of the year, Crane revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Crane applies an 12% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) 100

Crane Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for 2023: Actual return on plan assets Contributions from employer Benefits paid to retirees Actuarial loss due to change in actuarial assumptions Defined benefit expense Remeasurement gain or loss (OCI) $6 Effect on company's shareholders' equity 22 10 17 Current service cost Opening balance, DBO Opening balance, plan assets $20 100 At the end of the year, Crane revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Crane applies an 12% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.) 100

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 21E

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The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%
The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)
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The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $640 64 51 108 11 15 80 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). Prior ($ in millions) Debit(Credit) Plan Service Net Pension Net Pension PBO Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset Beginning balance Service cost (700) 28 (90) 62 Interest cost 49 Expected return on assets Gain/loss on assets 68 (2) Amortization of: Prior service cost Net gain/loss (7) Loss on PBO (8) Contributions to fund (45) Retiree benefits paid (65) 730 (81) Ending balance What was FRC's pension expense for the year? Multiple Choice $44 million. Next > < Prev 20 of 39 Show Question no....pages Question no....pagesi -pdf MacBook Air
Sunland Corporation is a private company with a defined benefit pension plan. The following information is available for Sunland for 2023: Opening balance, DBO Opening balance, plan assets Service cost Employer contributions paid evenly through 2023 Applicable interest or discount rate Actual return on plan assets Actuarial loss due to change in actuarial assumptions $188,000 179,000 eTextbook and Media 52,000 69,000 10% 22,500 12,500 Assuming that Sunland follows IFRS, determine the 2023 effect of the pension plan on defined benefit expense and the company's shareholders' equity. total defined benefit expense and a related decrease in the net income and retained earnings by $ 58400 and
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