The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What is OTC's pension expense for the year? PBO (530) (28) 49 (610) Prior Net Plan Service (Gain) Pension Assets Cost (49) 306 (9) 63 Net Pension Loss Expense Cash (Liability)/Asset 67 (3.50) 28 87 71 (26) (26) (304)

The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740)      32   (94)           Service cost                 66        Interest cost                 37        Expected return on assets     72                    Gain/loss on assets             (4)           Amortization of:                          Prior service cost         (10)               Net gain/loss             5            Loss on PBO (12)                       Contributions to fund                     (49)   Retiree benefits paid     (69)                   Ending balance     745       (85)             What was the net pension asset/liability reported in the balance sheet at the end of the year?   Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…

The following refers to the pension spreadsheet (columns have missing amounts) for the current year for Ng Enterprises. ($ in millions) Debit(Credit) PBO Plan Assets Prior Service Cost Net (Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance   450 60 55     50 Service cost (85)             Interest cost (25)             Expected return on assets   55           Gain/loss on assets       3       Amortization of:               Prior service cost               Net gain/loss       (1)       Loss on PBO (65)             Contributions to fund   40           Retiree benefits paid               Ending balance (530)   54 122       What were the retiree benefits paid?

The following refers to the pension spreadsheet (columns have missing amounts) for the current year for First Republic Corporation (FRC). Plan PSC- Net Loss (Gain)- Pension Net Pension РВО Cash Assets AOCI AOCI Exp. Status Begin Balance 450 60 55 40 Service Cost (85) Interest Cost (25) Expected Return 55 Gain/Loss on 3 assets Amo. of PSC Amo. of Loss/Gain (1) Loss on PBO (65) Contribution to 40 fund Benefit payment End Balance (530) 54 122 What was the FRC's benefit payment?

Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?

A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OO

Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer's periodic pension expense in the year the event occurs.                                                                        Events 1. Interest cost.                                                                                                                        _____ 2. Amortization of prior service cost---AOCI.                                                                           ______ 3.Excess of the expected return on plan assets over the actual return                                    _____ 4. Expected return on plan assets.                                                                                            _____ 5. A plan amendment that increases benefits is made retroactive to prior years.                       ____ 6. Actuary's estimate of the PBO is increased.…

Determine the missing amounts in the 2020 pension worksheet, indicating whether the amounts are debits or credits. (Enter all amounts as positive.) Pension Worksheet—Riverbed Inc.   General Journal Entries   Memo Record   Annual PensionExpense Cash OCI—PriorService Cost OCI—Gain/Loss Pension Asset/Liability   Projected BenefitObligation PlanAssets Balance, Jan. 1, 2020                 $1,298 Cr.   $3,304                                                                         $2,006                                                                         Service cost $                                                                                            590                                                                             Interest cost                                                                                             330…

Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR Cash

($ in millions) debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/ loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance Multiple Choice What was Herring's prior service cost at the beginning of the year? $92 million. $64 million. $78 million. Prior Net Plan Service (Gain) Pension PBO Assets Cost (580) $82 million. (33) (59) 59 (667) 335 (14) 78 Loss Expense Cash 82 (4) 33 102 86 (31) (80) Net Pension (Liability)/Asset (333)