For the current year, Clark Company has the following information. Beginning plan assets was $1,000, ending plan assets was $1,100, beginning projected benefit obligation was $1,300, ending projected benefit obligation was $1,40O, beginning net gains and losses was $170 loss, and ending net gains and losses was $160 loss. The average remaining service life for Clark's employees is 20 years. What is the minimum amount of loss the company must recognize in pension expense in the current year? $3.5 $1 $2.5 $2
Q: ABC Company provided the following information for the current year: Projected Benefit Obligation,…
A: Interest costs = Projected Benefit Obligation, January 1 x discount rate = 3500000 x 10% = 350,000
Q: Vander Company provides medical care and insurance benefits to its retirees. In the current year,…
A: When a company records the compensation of its employees, such type of accounting is known as…
Q: At the end of the current period, Agler Inc. had a projected benefit obligation of $400,000 and…
A:
Q: Sandra Company provided the following information for the current year: Current service cost…
A: Net remeasurement for the retirement benefits liability includes the actuarial gain/losses, return…
Q: On January 1, 2021 STAR Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
Q: A lump sum benefit is payable on termination of service and equal to 1 per cent of final salary for…
A: Projected Unit credit method - It is the method which divide the total pension at the normal…
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A: Defined benefit obligation is a measurement of present values to determine liabilities for future…
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A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…
Q: A company gives each of its 65 employees (assume they were all employed continuously through 2020…
A: For 2020 = 65 x 12 x 8 x 25 = 156000 For 2021 = 65 * (12+(12-9) * 8 * 28 = = 65 x…
Q: ABC Company provided the following information for the current year: · Projected Benefit…
A: Interest costs = Projected Benefit Obligation, January 1 x discount rate = 3500000 x 10% = 350,000
Q: Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at…
A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…
Q: An entity has 100 employees, who are each entitled to five working days of paid sick leave for each…
A: Expected cost of accumulating paid absences at 31 December 2021 In 2022 92 employee - will take 5…
Q: On January 1, 2021 COMET Company provided the following data in connection with the defined benefit…
A: Interest costs = Projected benefit obligation x Discount rate = ₱7,600,000 x 10% = ₱760,000
Q: Sandra Company provided the following information for the current year: Current service cost…
A: Fair value = benefit which we can get in the future on the asset market price is known as fair…
Q: The following information relates to the defined benefit pension plan for the employees of a…
A: Given: Projected benefit obligation on 12/31/20 =$300000Fair value of plan assets on…
Q: Gruber Enterprises started its defined benefit pension plan on January 1, Year 1. By the beginning…
A: Fair market value It is the price, an asset would be sold in an open market when certain covenants…
Q: At January 1, 2020, Wembley Company had plan assets of $250,000 and a defined benefit obligation of…
A: Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after…
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A: Pension liability in its balance sheet as of December 31 2022, Projected Benefit obligation - Plan…
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A: Corridor rule says that losses or gains which exceed 10 % of Higher of Pension benefit obligation…
Q: A Company provided the following information for the current year: Current service cost 500,000…
A: Defined benefits plans are those plans which are maintained by the employer for the purpose of…
Q: The following information for Cooper Enterprises is given below: December 31, 2015 Assets and…
A: Pension liability refers to the kind of fund which has the projected debts that exceeds the present…
Q: During its first year of operations, a company granted its employees vacation privileges and pension…
A: The principle of expense recognition states that expenses incurred by the company with the resulting…
Q: A company gives each of its 50 employees (assume they were all employed continuously through 2020…
A: Vacation Liability is a provision which is created to write-off expenditure which arises because of…
Q: Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at…
A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…
Q: Tevez Company experienced an actuarial loss of $750 in its defined benefit plan in 2020. For 2020,…
A: A statement of Comprehensive Income depicts the adjustments on equity during the given period of…
Q: Everdeen Corporation has the following information provided below: December 31, 2022 Assets and…
A: Particulars Amount Accumulated Other Comprehensive Loss $167,900 Less: Project Benefit…
Q: Sandra Company provided the following information for the current year: Current service cost…
A: In accounting, the projected benefit obligation (PBO) is a pension concept. The present value of an…
Q: Current service cost 500,000 Interest on projected benefit obligation 600,000 Interest income on…
A: Employee benefits are the benefits that are received by compensating workers above and beyond their…
Q: During its first year of operations, a company granted employees vacation privileges and pension…
A: What is the total cost of vacation pay and pension rights to be recognized in the first year =…
Q: Sandra Company provided the following information for the current year: Current service cost…
A:
Q: A lump sum benefit is payable on termination of service and equal to 1 per cent of final salary for…
A: All values are in (P).
Q: Buffalo Corporation had a projected benefit obligation of $3,280,000 and plan assets of $3,446,000…
A: Solution:- calculation of the Minimum amortization of the actuarial loss as follows under:-
Q: On January 1 of the current reporting year, Coda Company's projected benefit obligation was…
A: Particulars Amounts ($) PBO on January 1 $30,00,000 Add: Service cost during the year $8,75,000…
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A: Attribution period = ( 55 - 25 ) = 30 years. Calculation of…
Q: At January 1, 2020, Blossom Corporation had plan assets of $258,000 and a defined benefit obligation…
A: Solution- Effective Charging Rate = (1 + Rate of expected return)0.5 - 1 = (1 + 0.10)1/2 - 1 =…
Q: Projected benefit obligation 700,000 Other Items Pension asset / liability, January 1, 2015 20,000…
A: Given Plan assets (at fair value) $400,000 And Contributions 250,000
Q: On January 1, Year 1, a company had plan assets of $309,510 and a defined benefit obligation of the…
A: working notes : Closing balance of plan assets=$309,510 +$37,070+$24,670-$21,700=$3,49,550
Q: A company gives each of its 50 employees (assume they were all employed continuously through 2020…
A: Vacation liability is amount payable to employees for vacation taken by them.
Q: Louie Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the…
A: Service costs = Ending PBO - Interest costs + benefit paid to retirees - Beginning PBO where,…
Q: Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees.…
A: Note: As per our guidelines, only the first three subparts will be answered. 1. Prior Service Cost…
Q: A company gives each of its 60 employees (assume they were all employed continuously through 2020…
A: For the year 2020: 60 employees x 8 hours a day x 12 day a vacation x $33 per hour $190,080 For the…
Q: paid were $45,000. The amount of accumulated OCI-gains amortized in 2021 is $_________. (If there…
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Q: What amount should be reported as accrued benefit cost at year-end? a. 2,000,000 b. 1,500,000 c.…
A: Calculation of the amount should be reported as accrued benefit cost at year end :…
Q: PQR Company provided the following information for the current year: · Projected Benefit…
A: The current service cost is the employee expenses incurred for the current year. Computation of…
Q: A lump sum benefit is payable on termination of service and equal to 1 per cent of final salary for…
A: A defined benefit obligation is created for paying the employees at the time of their retirement…
Q: You gathered the following information related to Ashley Company’s the defined benefit plan for the…
A: Defined benefit cost for the year = (Ending Present value of obligation + Benefits paid - Beginning…
Q: Shamrock Corporation had a projected benefit obligation of $3,104,000 and plan assets of $3,300,000…
A: The actuarial gain or loss exist when there is increase or decrease in projection that is used to…
Q: A company gives each of its 80 employees (assume they were all employed continuously through 2020…
A: Liability is the amount due to be paid during year but not paid yet.
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- Assume that at the beginning of the current year, a company has a net gain-AOCI of $25,600,000. At the same time, assume the PBO and the plan assets are $222,400,000 and $153,500,000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? $1,968,000. $344,000. $336,000. $689,000.Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? O 1,300,000 O 1,050,000 O 1,500,000 O 1,100,00016 Assume that at the beginning of the current year, a company has a net gain-AOCI of $60,100,000. At the same time, assume the PBO and the plan assets are $311,000,000 and $453.100.000, respectively. The average remaining service period for the employees expected to receive benefits is 10 years. What is the amount of amortization to pension expense for the year? Multiple Choice $1,479,000 $6,010,000 $14,210,000 $1476.000.
- es Harrison Forklift's pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). ($ in millions) 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).20 Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the employee benefit expense for the current year? Group of answer choices 1,500,000 1,100,000 1,050,000 1,300,000Cagayan Company provided the following information for the current year: January 1 Projected benefit obligation 3,500,000 During the year Pension benefits paid to retired employees 250,000 Past service cost 500,000 Actuarial loss 200,000 December 31 Projected benefit obligation 5,000,000 10% discount rate What amount was reported as current service cost by Cagayan Company ?
- Brown Corp had a projected benefit obligation of $3,000,000 and plan assets of $2,500,000 at January 1, 2021. Brown had a net actuarial loss of $425,000 in Accumulated OCI at January 1, 2021. The average remaining service period of Brown's employees is 8 years. Calculate Brown's minimum amortization of the actuarial loss. $53,125 $18,000 $15,625 $37,500 FlyEverdeen Corporation has the following information provided below: December 31, 2022 Assets and obligations Plan assets (at fair value) $200,000 Accumulated benefit obligation 370,000 Projected benefit obligation 400,000 Other Items Pension asset / liability, January 1, 2022 10,000 Contributions 120,000 Accumulated other comprehensive loss 167,900 There were no actuarial gains or losses at January 1, 2022. The average remaining service life of employees is 10 years. What is the amount that Everdeen should report as its pension liability on its balance sheet as of December 31, 2022? Question 17 options: a) $400,000 b) $200,000 c) $370,000 d) $30,000PQR Company provided the following information for the current year:· Projected Benefit Obligation, January 1: 3,500,000· Pension benefits paid to retired employees: 250,000· Past service costs: 500,000· Actuarial losses arising from remeasurement of projected benefit obligation: 200,000· Projected Benefit Obligation, December 31: 5,000,000Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year?
- On January 1, Year 1, a company had plan assets of $309,510 and a defined benefit obligation of the same amount based on projected costs. During Year 1, the current service cost was $34,100, the discount rate on the DBO and plan assets was 10%, actual return on plan assets was $37,070, contributions by the company into the plan were $24,670, benefits paid were $21,700, and the cost of past service benefits granted effective December 31, Year 1, was $35,890. What is the pension expense for Year 1 assuming IFRS?Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…