ItemsBalance, Jan. 1, 2025(a) Service Cost(b) Interest Cost(c) Actual Return(d) Contributions(e) BenefitsJournal Entry for 2025Balance, Dec. 31, 2025The service cost for 2025 isO $115000.O $6000.O $37000.O $38000.Annual PensionExpense??dr15000 drGeneral Journal Entries16000 cr$37000Pharoah CorporationPension WorksheetCash$37000 cr??Show Transcribed TextPension Asset/Liability??Memo RecordProjected BenefitObligation$115000 cr $115000 dr??PlanAssets??

The pension expenses are related to the pension liabilities. The pension plan is established for the…

Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Annual Pension Expense General Journal Entries dr 15000 dr 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets $115000 cr $115000 dr

Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Annual Pension Expense General Journal Entries dr 15000 dr 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets $115000 cr $115000 dr

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 20E

See similar textbooks

Similar questions

Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc. General Journal Entries Memo Record Annual PensionExpense Cash OCI—PriorService Cost OCI—Gain/Loss Pension Asset/Liability Projected BenefitObligation PlanAssets Balance, Jan. 1, 2020 $1,298 Cr. $3,304 $2,006 Service cost $ 590 Interest cost 330…
CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 loss
Question Description The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee…
Following information is relevant to a defined benefit pension plan of PT XYZ for the year2020: Plant AssetsBalance at January 01, 2020 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15Total 685 Plant Liabilities:Balance at January 01, 2020 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancingfigure) 42Total 715 Calculate:(i) Pension expense to be recognised in profit or loss for the year ended December 31,2020.(ii) Net liabilities to be shown in the Statement of Financial Position as of December31, 2020
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 $ 116 Projected benefit obligation, January 1, 2024 550 Plan assets (fair value), January 1, 2024 600 Prior service cost—AOCI (2024 amortization, $7) 86 Net loss—AOCI (2024 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 6%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Please need answer for all with full working please answer all with steps computation explanation formula please answer all Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025.* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $160,000 for 2024 and $210,000 for 2025. Year-end funding is $170,000 for 2024 and $180,000 for 2025. No assumptions or estimates were revised during 2024. *We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025:…
Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.
beow the defined benefit pension plan of Equinox Co Ltd for the year2019: Plant Assets $ in 000 Balance at January 01, 2019 600Expected return on plan assets 61Contribution received 49Benefits paid -40Actuarial gain (balancing figure) 15 685 Plant Liabilities: Balance at January 01, 2019 640Interest cost 52Current Service Cost 21Benefit paid -40Actuarial gain (loss) (balancing) 42 715 Calculate: i. Pension expense to be recognised in profit or loss for the year ended December 31, 2019. ii. Net liabilities to be shown in the Statement of Financial Position as of December 31, 2019
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits   2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits   2020……………………..2019 Defined Benefit Obligation(DBO): Balance, beginning of year…………………………………………$40,032…………………..42,370 Current Service Cost…………………………………………………… 864…………………. 1,126 Interest Cost…………………………………………………………… 2,344…………………... 2,255 Benefits Paid……………………………………………………………(3,198)………………….. (2,881) Actuarial Gains………………………………………………………... (3,339)………………….. (2,838) Balance, end of year………………………………………………….$36,703……………….….$40,032 Defined Benefit Plan Assets Pension Benefits 2020…………..…………2019 Balance, beginning of year…………………………………………$75,891………………….$90,828 Expected return on Plan Assets……………………………………. 5,599………………….. 6,723 Employee contributions……………………………………………….…
Case 2 Following information is relevant to a defined benefit pension plan of PT XYZ for the year 2020: Plant Assets Rp’ puluh juta Balance at January 01, 2020                                 600 Expected return on plan assets                               61 Contribution received                                             49 Benefits paid                                                         -40 Actuarial gain (balancing figure)                            15 685 Plant Liabilities: Balance at January   01, 2020                               640 Interest cost                                                             52 Current Service Cost                                              21 Benefit paid                                                           -40 Actuarial gain (loss) (balancing figure)                                                                       42 715 Calculate: (i)       Pension expense to be recognised in profit or loss for…