An employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?
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An employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?
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- 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.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 $An employer maintains pension trust for its employees. The following contributions aremade: 2017 2018 2019Current service costs P800,000 P800,000 P800,000Past service costs 800,000 500,000 400,000 Determine the total deductible past service costs for 2019.
- 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?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?Marin Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 202O $2,575,000 Fair value of pension plan assets, December 31, 2020 2,914,000 Contributions to the plan in 202O 299,000 Benefits paid retirees in 2020 366,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24
- The following information pertains to a defined benefit pension plan that Arora Inc. sponsors in 2020. PBO balance, January 1, 2020 $160,000 Service cost 19,000 Interest cost 11,200 Prior service cost adjustment based on past service, January 1, 2020 30,000 Amortization of prior service cost 3,000 Actuarial gain on PBO 6,000 Benefits paid to retirees 2,500 Contributions to plan 18,000 What is the PBO balance on December 31, 2020? Select one: a. $228,700 b. $216,700 c. $211,700 d. $193,700In accounting for a defined-benefit pension plan __the expense recognized each period is equal to the cash contribution. ___the liability is determined based upon known variables that reflect future salary levels promised to employees. __the employer's responsibility is simply to make a contribution each year based on the formula established in the plan. __an appropriate funding pattern must be established to ensure that enough monies will be available at retirement to meet the benefits promised.Manno Corporation has the following information available concerning its defined-benefit pension plan for 2020. Service cost Contributions Interest cost Actual return on plan assets Expected return on plan assets Prior service cost amortization Benefits paid Compute Manno's 2020 pension expense. $40,000 50,000 47,400 25,000 26,900 35,000 100,000
- In pension accounting, the employer's net pension liability: A. Is the amount the government intends to contribute within 30 days after yearend to the pension plan. B. Is based on actuarial valuations generally required to be performed at least every five years. C. Represents the portion of the present value of projected benefit payments to be provided through the pension plan to current active and inactive employees that is attributed to those employees' past periods of service. D. Is measured as the total pension liability less the amount of fiduciary net position held for future pension payments.The following information is available for the pension plan of Carla Vista Company for the year 2025. 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, 2025 Service cost (a) Compute pension expense for the Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $ $91,600 104,400 10,800 64,600 40,300 650,000 692,000 150,000 11%