Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 116 Projected benefit obligation, January 1, 2021 550 Plan assets (fair value), January 1, 2021 600 Prior service cost—AOCI (2021 amortization, $7) 86 Net loss—AOCI (2021 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign

Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2021 $ 116 Projected benefit obligation, January 1, 2021 550 Plan assets (fair value), January 1, 2021 600 Prior service cost—AOCI (2021 amortization, $7) 86 Net loss—AOCI (2021 amortization, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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Pension data for Sterling Properties include the following: ($ in thousands)Service cost, 2021 $112Projected benefit obligation, January 1, 2021 850Plan assets (fair value), January 1, 2021 900Prior service cost—AOCI (2021 amortization, $8) 80Net loss—AOCI (2021 amortization, $1) 101Interest rate, 6%Expected return on plan assets, 10%Actual return on plan assets, 11% Required:Determine pension expense for 2021.
Pension data for Sterling Properties include the following: Service cost, 2021 Projected benefit obligation, January 1, 2021 Plan assets (fair value), January 1, 2021 Prior service cost-AOCI (2021 amortization, $8) Net loss-AOCI (2021 amortization, $1) Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Service cost Interest cost Required: Determine pension expense for 2021. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Expected return on plan assets Amortization of prior service cost Amortization of net loss Pension expense $ ($ in thousands) $ 117 0 600 700 87 108
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 9% Expected return on plan assets, 13% Actual return on plan assets, 14% Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign. Pension expense ($ in thousands) $ 132 400 500 94 115 Pension Expense
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
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, $2) 107 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 6%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Pension data for Barry Financial Services Inc., include the following: ($ in thousands)Discount rate, 7%Expected return on plan assets, 10%Actual return on plan assets, 9%Service cost, 2021 $ 310January 1, 2021:Projected benefit obligation 2,300Accumulated benefit obligation 2,000Plan assets (fair value) 2,400Prior service cost—AOCI (2021 amortization, $25) 325Net gain—AOCI (2021 amortization, $6) 330There were no changes in actuarial assumptions.December 31, 2021:Cash contributions to pension fund, December 31, 2021 245Benefit payments to retirees, December 31, 2021…
Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Pension expense ($ in thousands) $ $ 480 0.0 3,150 2,850 3,250 410 500 Determine pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign.…
Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $25) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. ($ in thousands) $ 490 3,200 2,900 3,300 415 510 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 425 450 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.
Pension data for Sterling Properties include the following: (S in 000s) Service cost, 2016 Projected benefit obligation, January 1, 2016 Plan assets (fair value), January 1, 2016 Prior service cost-AOCI (2016 amortization, $8) Net loss-AOCI (2016 amortization, $1) $112 850 900 80 101 Interest rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Required: Determine pension expense for 2016.
Pension data for Sterling Properties include the following: ($ in thousands) Service cost, 2024 S 131 Projected benefit obligation, January 1, 2024 450 Plan assets (fair value), January 1, 2024 500 Prior service cost-AOCI (2024 amortization, $9) 100 Net loss-AOCI (2024 amortization, $1) 121 Interest rate, 8% Expected return on plan assets, 12% Actual return on plan assets, 13% Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 8%. Determine the net pension cost. Note: Enter your answer in thousands (i.e., 10,000 should be entered as 10).
Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, 2021 $ 380 January 1, 2021: Projected benefit obligation 2,650 Accumulated benefit obligation 2,350 Plan assets (fair value) 2,750 Prior service cost—AOCI (2021 amortization, $30) 360 Net gain—AOCI (2021 amortization, $8) 400 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 315 Benefit payments to retirees, December 31, 2021 340 Required:1. Determine pension expense for 2021.2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021.
Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2021 $ 370 January 1. 2021: Projected benefit, obligation 2,600 Accumulated benefit obligation 2,300 Plan assets (fair value) 2,700 Prior service cost--AOCI (2021 amortization, $25) 355 Net gain---AOCI (2021 AMORTIZATION, $8) 390 There were no changes in…

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	($ in thousands)
Service cost, 2021	$	116
Projected benefit obligation, January 1, 2021		550
Plan assets (fair value), January 1, 2021		600
Prior service cost—AOCI (2021 amortization, $7)		86
Net loss—AOCI (2021 amortization, $2)		107
Interest rate, 6%
Expected return on plan assets, 10%
Actual return on plan assets, 11%