Please put all of the necessary information and computations for better understanding. Thank you. 19. The following information relates to Irasly Inc. at December 31, 2019:Fair value of plan assets1,520,000Market related asset value1,440,000Present value of defined benefit obligationProjected benefit obligationPast service cost (recognized in full during the period)Prepaid/accrued pension cost1,960,0002,040,00024,000The net defined benefit liability at December 31, 2019, for Irasly Inc. isа. Оb. 440,000c. 480,000d. 520,00020. On January 1, 2019, Cubs Corporation adopted a defined benefit pension plan. The plan'sservice cost of P150,000 was fully funded at the end of 2019. Past service cost was funded by acontribution of P60,000 in 2019. Past service cost was P24,000 for 2019. What is he amount ofCub's prepaid pension cost at December 31, 2019?36,000b. 60,000c. 84,000d. 90,000a.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Presented below is pension information related to Sheridan Company as of December 31, 2021: Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) Accumulated OCI (G/L) $ 3264000 O Pension Asset of $293000. O Pension Liability of $593000. Pension Liability of $293000. Pension Asset of $886000. 3857000 4150000 113000 The amount to be reported as Pension Asset / Liability as of December 31, 2021 is
The following date relate to the defined benefit plan of ABC Company for the year ended December 31, 2020:· Present value of benefit obligation, January 1, 2020- P15,000,000· Fair Value of plan asset, January 2, 2020- P14,000,000· Contribution during the year- P1,050,000· Current service cost- P800,000· Benefits paid during the year- P1,500,000· Present value of benefit obligation, December 31, 2020- P17,000,000· Fair value of plan asset, December 31, 2020- P14,920,000· Discount rate- 6%· Expected rate of return- 7%What amount of net remeasurement gain and loss should be reported in the other comprehensive income?
Presented below is information related to Noble Inc. as of December 31, 2019. Net gain/loss £ 90,000; Defined benefit obligation 3,600,000; Vested benefits 1,620,000; Plan assets (at fair value) 3,384,000. The amount reported as the pension liability on Noble's statement of financial position at December 31, 2019 is as follows: Select one: a. £ -0-. b. £216,000. C. £126,000. d. £90,000.
Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation $4,640,000 Accumulated benefit obligation 4,540,000 Fair value of plan assets 4,285,000 Accumulated OCI (PSC) 165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension $
Fed Inc. had the following balances relating to the defined benefit plan on December 31, 2019: Fair value of plan assets 37,000,000 Defined benefit plan 33,000,000 Asset ceiling 2,500,000 What is the prepaid/accrued benefit cost on December 31, 2019? 0 1,500,000 2,500,000 4,000,000 answer not given
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?
Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a)Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…
Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…
The following information relates to Irasly Inc. at December 31,2002: Fair value of plan assets 1,520,000 Market related asset value 1,440,000 Present value of defined benefit obligation 1,960,000 Projected benefit obligation 2,040,000 Past service cost (recognized in full during the period) 24,000 Prepaid/accrued pension cost 0 The net defined benefit liability at December 31, 2002, for Irasly Inc. is
The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
The following information relates to the defined benefit pension plan for the McDonald Company for the year ending December31, 2019. Present value of defined benefit obligation, Jan. 1 4,600,000 Present value of defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, December 31 5,565,000 Expected return on plan assets 450,000 Amortization of deferred gain 32,500 Employer contributions 425,000 Benefits paid to retirees 390,000 Discount rate 10% The return on plan assets for the year is a. 105,000 b. 495,000 c. 503,500 d. 530,000

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