On January 1, 2026, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 9%. Other data related to the pension plan for 2026 are: Contributions $4100000 Amortization of prior service costs due to increase in benefits Benefits paid Actual return on plan assets Amortization of net gain 3600000 O $4469000. O $4548000. O $4544000. O $4781000. $312000 112000 512000 237000 The balance of the projected benefit obligation at December 31, 2026 is 407000 31200

On January 1, 2026, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 9%. Other data related to the pension plan for 2026 are: Contributions $4100000 Amortization of prior service costs due to increase in benefits Benefits paid Actual return on plan assets Amortization of net gain 3600000 O $4469000. O $4548000. O $4544000. O $4781000. $312000 112000 512000 237000 The balance of the projected benefit obligation at December 31, 2026 is 407000 31200

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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The following information relates to the pension plan for the employees of Cullumber 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) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
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The following information relates to the defined benefit pension plan of Nelson, Inc. Projected benefit obligation Fair value of plan assets Accumulated OCI-net actuarial gain Settlement rate (for year) Expected rate of return (for year) The interest cost for 2020 is $158,640 $211,520 12/31/19 2,644,000 3,118,000 432,000 O $240,120 O $280,140 O None of the above 6% 8% 12/31/20 4,002,000 3,328,000 480,000 For 2020, Nelson estimates that the average remaining service life of its current employees is 8 years. Nelson's contribution to the plan was $364,000 in 2020 and benefits paid to retirees were $276,000, 6% 7%
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Question 9 Oriole Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,700 Contribution to the plan 104,300 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,300 Benefits paid 39,700 Plan assets at January 1, 2020 633,400 Projected benefit obligation at January 1, 2020 711,600 Accumulated OCI (PSC) at January 1, 2020 148,000 Interest/discount (settlement) rate 10 % General Journal Entries Memo Record Items AnnualPension Expense Cash OCIPrior Service Cost Pension Asset/Liability Projected BenefitObligation PlanAssets (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
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