New Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before 1/1/20 after amendment amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is O P600,000 O P950,000 O P475,000 O P125,000
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- The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9440000 $ 9860000 $ 12800000 Projected benefit obligation 9965000 10658000 14207000 Fair value of plan assets 9125000 11120000 12254000 AOCI – net (gain) or loss -0- (1532000 ) (1700000 ) Settlement rate (for year) 11% 11% Expected rate of return (for year) 8% 7% Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.The actual return on plan assets in 2021 is $2141000. $1134000. $336000. $798000.6. New Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before amendment 1/1/20 after amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is Group of answer choices P475,000 P600,000 P125,000 P950,000Corporation amends its pension plan on 1/1/20. The following information is available: 1/1/20 before amendment 1/1/20 after amendment Accumulated benefit obligation P 950,000 P1,425,000 Projected benefit obligation 1,300,000 1,900,000 The past service cost as a result of this amendment is A P125,000 B P475,000 C P950,000 D P600,000
- The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.The following are made available for the defined benefit pension plan of ABC Company as of Dec 31, 20X3: Fair Value of plan asset, Jan 1, 20x3 The actual return of plan assets Payment made to retirees Payment for pension benefits settled on active employees Contribution during the year Discount Rate What is the fair value of plan assets as of Dec 31, 20x3? 1,500,000 225,000 300,000 200,000 250,000 6%The following are made available for the defined benefit pension plan of Pores Corporation as of December 31, 2019: Fair value of Plan asset, Jan 1 Total actual return on plan asset Payment made to retirees Payment of pension benefit settled on active employees Contribution during the year P3,000,000 ? 600,000 400,000 500,000 6% Discount rate a. What is the fair value of plan asset as of December 31, 2019? b. What amount of the total actual return on plan asset should be included in profit or loss? c. What amount of the total actual return on plan asset should be reported in other comprehensive income?
- The following information relates to the pension plan for the employees of Blossom Company: 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) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 isThe following data are for the pension plan for the employees of Cullumber Company. 1/1/21 12/31/21 12/31/22 Accumulated benefit obligation $7350700 $7645600 $9968000 Projected benefit obligation 7998200 8232800 10689500 Market-related asset value 7468400 8350600 9015100 Plan assets (at fair value) 7762800 8824400 9904500 Unrecognized net loss Settlement rate (for year) 0 1453000 1492600 10% 9% Expected rate of return (for year) 9% 8% Cullumber's contribution was $1248800 in 2022 and benefits paid were $1104800. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2022 was $752700. The unexpected gain on plan assets in 2022 was O $37904. O $138396. $84652. O $46748.Sandhill, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined- benefit pension plan for the year ended December 31, 2026: Fair value of pension plan assets Projected benefit obligation Accumulated benefit obligation Accumulated OCI - (Gains/Losses) Actual return on plan assets January 1, 2026 $6000000 $888000 $1080000 $1568000 O $1408000 6800000 1160000 December 31, 2026 $6400000 7280000 1400000 (80000) 160000 The service cost component of pension expense for 2026 is $800000 and the amortization of prior service cost due to an increase in benefits is $88000. The settlement rate is 10%. Assuming that the actual return equals the expected return on plan assets, what is the amount of pension expense for 2026?
- The following information is available for BDM Corporation's defined benefit pension plan: Defined benefit obligation, opening balance, accounting basis Fair value of plan assets Current service cost Discount rate Actual return earned on plan assets Contributions (funding) Benefits paid to retirees (a) 2023 2024 Your answer is partially correct. 2025 Asset/Liability Llability Liability Liability $ $ 2023 175.000 165,000 35,000 $ 7% Amount 8% 44,000 24,800 2024 On January 1, 2023, BDM amended its pension plan, resulting in past service costs with a present value of $78,200. ? ? $47,250 7% 6% Calculate the pension plan's surplus or deficit and the pension liability or asset reported on the December 31, 2023, 2024, and 2025 statements of financial position assuming that BDM accounts for its pension plan under ASPE. (Round answers to O decimal places, e.g. 5,275.) 44,000 25,000 2025 ? ? $52,500 7% 7% 44,000 28,400The following pension plan information is for Crane Company at December 31, 2026: Projected benefit obligation Accumulated benefit obligation $ 8400000 7350000 Plan assets (at fair value) 5932000 Accumulated OCI (PSC) 420000 Pension expense for 2026 2400000 Contribution for 2026 1812000 The amount to be reported as the liability for pensions on the December 31, 2026 balance sheet is ○ $1638000. ○ $2468000. ○ $1418000. ○ $2006000.The following information is made available involving the defined benefit pension plan of Princess Company for the year 2018: Fair value of plan assets, 1/1/17 P3,500,000 Present value of benefit obligation 1/1/17 3,750,000 Current service cost 700,000 Actuarial return on plan asset 420,000 Contribution to the plan 600,000 Benefits paid to retirees 750,000, Decrease in the present value of benefit obligation due to change in actuarial assumptions 100,000 Present value of defined benefit obligation settled 250,000 Settlement price of defined benefit obligation 200,000 Discount rate 10% What is the fair value of the plan asset as of December 31, 2018?
