Splish Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,464,000 Plan assets at fair value 1,906,000 Accumulated OCI (PSC) 1,155,000 What is the amount for pension liability that should be reported on Splish' balance sheet at December 31, 2020? Pension liability balance at December 31, 2020:

Splish Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,464,000 Plan assets at fair value 1,906,000 Accumulated OCI (PSC) 1,155,000 What is the amount for pension liability that should be reported on Splish' balance sheet at December 31, 2020? Pension liability balance at December 31, 2020:

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

See similar textbooks

Similar questions

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 $
A company had the following information at the end of 2021: Accumulated benefit obligation $162,000 Projected benefit obligation 320,000 Accumulated OCI – losses 74,500 Accumulated OCI – Prior Service Cost (PSC) 21,800 Fair value of pension plan assets 277,000 The amount reported as the pension asset/liability at December 31, 2021 is $__________________. (Just enter the amount. Do NOT put a plus or minus sign in front of the amount.)
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
Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…
Crane Syrups Company provides the following pension plan information: Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 $1,215,000 1,424,000 157,000 204,000 From the data above, compute the actual return on the plan assets for 2025. Actual return on plan assets for 2025 $
At December 31, 2020, Sarasota Corporation had a projected benefit obligation of $614,800, plan assets of $316,800, and prior service cost of $125,900 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pension asset/liability at December 31, 2020 $enter the pension asset/liability at December 31, 2017 in dollars
rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.
The actuary for the pension plan of Sheridan Inc, calculated the following net gains and losses. Incurred during the Year 2020 2021 2022 2023 As of January 1, 2020 2021 Other information about the company's pension obligation and plan assets is as follows. 2022 2023 2020 2021 2022 2023 (Gain) or Loss $301,200 $ 477,600 Projected Benefit Obligation $ (211,500) (290,200) $ $ Year Minimum Amortization of (Gain) Loss Sheridan Inc. has a stable labor force of 400 employees who are expected to receive benefits under the plan. The total service-years for all participating employees is 4,800. The beginning balance of accumulated OCI (G/L) is zero on January 1, 2020. The market- related value and the fair value of plan assets are the same for the 4-year period. Use the average remaining service life per employee as the basis for amortization. $3,996,200 Compute the minimum amount of accumulated OCI (G/L) amortized as a component of net periodic pension expense for each of the years 2020, 2021,…
At December 31, 2019, Bashful Corporation had a projected benefit obligation of P5,600,000, plan assets of P3,220,000, and prior service cost of P1,270,000 in accumulated other comprehensive income. Determine the pension asset/liability at December 31, 2019.
Presented below is pension information for PP Company for the year 2020: Interest on plan assets P24,000 Interest on vested benefits 15,000 Service cost 30,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2020 is?
Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these balances be reported on Hawkins' balance sheet at December 31, 2020?