On January 1, 2021, Oriole Co. has the following balances: Projected benefit obligation $3650000 Fair value of plan assets 3150000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $315000 Amortization of prior service costs due to increase in benefits 106000 Contributions 515000 Benefits paid 240000 Actual return on plan assets 410000 Amortization of net gain 33000 The fair value of plan assets at December 31, 2021 is $3593000. $4060000. $3650000. $3835000.

On January 1, 2021, Oriole Co. has the following balances: Projected benefit obligation $3650000 Fair value of plan assets 3150000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $315000 Amortization of prior service costs due to increase in benefits 106000 Contributions 515000 Benefits paid 240000 Actual return on plan assets 410000 Amortization of net gain 33000 The fair value of plan assets at December 31, 2021 is $3593000. $4060000. $3650000. $3835000.

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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Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100
On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000
On January 1, 2026, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2026 are: $3650000 Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain 2350000 $3173000. $988000. O $1650000. O $3010000. $ 340000 90000 465000 190000 385000 18000 The fair value of plan assets disclosed in the notes at December 31, 2026 is
The following information is available for the pension pan of Ivanhoe Company for the year 2020. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2020 Service cost (a) Your answer is correct. Compute pension expense for the year 2020. Pension expense for 2020 eTextbook and Medial List of Accounts $ $13.800 36,600 88,000 11 % 7,900 502,000 59,000 108320
On January 1, 2021, Carla Vista Co. has the following balances: Projected benefit obligation $3850000 Fair value of plan assets 3350000 The settlement rate is 11%. Other data related to the pension plan for 2021 are: Service cost $307000 Amortization of prior service costs due to increase in benefits 107000 Contributions 507000 Benefits paid 232000 Actual return on plan assets 402000 Amortization of net gain 30700 The balance of the projected benefit obligation at December 31, 2021 is: $4580500. $4332500. $4348500. $4273500.
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
On January 1, 2021, Crane Co. has the following balances: Projected benefit obligation $3450000 Fair value of plan assets 2950000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $295000 Amortization of prior service costs due to increase in benefits 98000 Contributions 495000 Benefits paid 220000 Actual return on plan assets 390000 Amortization of net gain 29000 The fair value of plan assets at December 31, 2021 is $3450000. $3840000. $3615000. $3389000.
Presented below is information related to Sandhill Inc. pension plan for 2021. Service cost $ 1160000 Actual return on plan assets 248000 Interest on projected benefit obligation 480000 Amortization of net loss 100000 Amortization of prior service cost due to increase in benefits 200000 Expected return on plan assets 220000 What amount should be reported for pension expense in 2021?
On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $7,800,000 Fair value of plan assets 7,800,000 Other data related to the pension plan for 2020: Service cost 315,000 Contributions to the plan 459,000 Benefits paid 450,000 Actual return on plan assets 444,000 Settlement rate 9% Expected rate of return 6% Instructions (a) Determine the projected benefit obligation at December 31, 2020. There are no net gains or losses. (b) Determine the fair value of plan assets at December 31, 2020. (c) Calculate pension expense for 2020. (d) Prepare the journal entry to record pension expense and the contributions for 2020.
Presented below is information related to Ivanhoe Inc. pension plan for 2021. Service cost $ 860000 Actual return on plan assets 200000 Interest on projected benefit obligation 420000 Amortization of net loss 70000 Amortization of prior service cost due to increase in benefits 170000 Expected return on plan assets 190000 What amount should be reported for pension expense in 2021? 1100000 1320000 1510000 1330000
On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $ 316000 Amortization of prior service costs 70000 Contributions 356000 Benefits paid 331000 Actual return on plan assets 348000 Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2021 is: $5494000. $5653000. $5984000. $5668000.

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Intermediate Accounting: Reporting And Analysis

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Projected benefit obligation			$3650000
Fair value of plan assets			3150000

Service cost			$315000
Amortization of prior service costs due to increase in benefits			106000
Contributions			515000
Benefits paid			240000
Actual return on plan assets			410000
Amortization of net gain			33000