At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 ✓ should be reported on balance sheet eTextbook a should be reported separately on the statement of income or in the notes should not be reported
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- Analyzing Changes in Plan Assets and PBO The following information pertains to a company’s defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 $2,000 Dr. Fair value of plan assets, Dec. 31, 2020 2,250 Dr. Projected benefit obligation, Jan. 1, 2020 2,000 Cr. Net pension asset (liability), Dec. 31, 2020 80 Cr. Activity 2020 Actual return on plan assets $120 Contributions to plan assets 180 Service cost 200 Other Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer.$Answer b. Calculate any actuarial gain or loss on the PBO in 2020.Note: Use a negative sign to indicate a loss. $AnswerInformation about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000
- Information about the defined benefit plan of the company are shown below Defined benefit obligation, January 1, 2021 5,500,000 Current service cost 330,000 Actual return on plan asset 170,000 Fair value on plan asset, January 1, 2021 4,000,000 Discount rate 5% What is the balance of the defined benefit obligation as of December 31, 2021?Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)Information about the defined benefit plan of the company are shown below: Fair value on plan assets, January 1, 2021 6,000,000 PV of Defined benefit obligation, January 1, 2021 7,800,000 Actual return on plan asset 180,000 Benefits paid during the year 1,000,000 Contributions during the year 800,000 Current service cost 800,000 Discount rate 5% What is the balance of the defined benefit liability as of December 31, 2021?
- The following date relate to the defined benefit plan of ABC Company for the year ended December 31, 2020:· Present value of benefit obligation, January 1, 2020- P15,000,000· Fair Value of plan asset, January 2, 2020- P14,000,000· Contribution during the year- P1,050,000· Current service cost- P800,000· Benefits paid during the year- P1,500,000· Present value of benefit obligation, December 31, 2020- P17,000,000· Fair value of plan asset, December 31, 2020- P14,920,000· Discount rate- 6%· Expected rate of return- 7%What amount of net remeasurement gain and loss should be reported in the other comprehensive income?An entity's defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit 8 million 9 million obligation Discount rate 10% 10% Present value of available future refunds and reduction in future 1.6 million 2 million contributions In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 isd. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000
- The following information pertains to Lacson Corporation defined benefit plan for the year 2022: Defined benefit obligation, January 1, 2022 P 2,500,000 Fair value of plan assets, January 1, 2022 2,000,000 Actual return on plan assets 300,000 Fair value of plan assets, December 31, 2022 2,100,000 Present value of additional DBO settled 175,000 Defined benefit obligation, December 31, 2022 2,400,000 Current service cost 500,000 Discount rate 10% Benefits paid to retirees (at scheduled retirement) 620,000 Contribution made during the year 600,000 What amount of net measurement gain/loss should be reported in other comprehensive income? 155,000 O 150,000 O 45,000 O 50,000 OThe memorandum records ofGalindezTrading at January 1, 2021 show the following data: Define Benefit Obligation 2,600,000 Fair value of plan asset 3,000,000 The following information for 2021 is also provided: Service cost 800,000 Actual return on plan assets 300,000 Benefits paid 350,000 Contributions to the plan 780,000 Actuarial loss on remeasurement of defined benefit obligation 100,000 Discount rate 9% What are the balances of Benefit Obligation and Plan Asset at December 31, 2021? Group of answer choices 3,184,000 3,730,000 3,184,000 3,700,000 3,384,000 3,730,000 3,384,000 3,700,000An entity’s defined benefit plan has the following information: 12/31/19 12/31/20 Fair value of plan assets P10 million P12 million Defined benefit obligation 8 million 9 million Discount rate 10% 10% Present value of available future refunds and reduction in future contributions 1.6 million 2 million In relation to the asset ceiling, the amount that the entity would recognize in other comprehensive income for the year 2020 is