La, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2016. Service cost P 220,000 Contributions to the plan 200,000 Actual return on plan assets 180,000 Defined benefit obligation (beginning of year) 2,600,000 Fair value of plan assets (beginning of year) 2,400,000
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- Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.GG Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2020. Service cost P200,000 Contributions to the plan 220,000 Actual return on plan assets 180,000 Defined benefit obligation (beginning of year) 2,400,000 Fair value of plan assets (beginning of year) 1,600,000 The discount rate was 10%. The amount of pension expense reported for 2020 is?Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT
- The following information is related to the defined benefit pension plan of Havana for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets $ 65,000 117,000 156,000 643,000 760,000 156,000 915,000 915,500 3:09 10% 9% Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $96,630. $156,500. 2 of 16 Next > < Prev Mc Graw Hill MacBook AirOn January 1, 2022, Seascape Ltd. reported the following balances relating to their defined benefit pension plan. Seascape Ltd. uses ASPE. Defined benefit obligation $ 2,100,000 Fair value of plan assets. 1,900,000 Other data related to the pension plan for 2022 are: Current service cost 110,000 Contributions to the plan 105,000 Benefits paid.. 180,000 Actual return on plan assets. 142,000 Interest (discount) rate 7% Past service costs, Jan 1 120,000 Actuary adjustment, Dec 31 220,000 Pension Asset/Liability account on Balance Sheet Instructions a) Calculate the defined benefit obligation at December 31, 2022. b) Calculate the fair value of plan assets at December 31, 2022. c) Calculate pension expense for 2022. d) Prepare the journal entries to record the pension expense and the contributions for 2022. e) How would your answer be different if the company used IFRS? f) What is the funded status of the plan on December 31, 2022? Indicate whether it is underfunded or overfunded.Sheridan, Inc. sponsors a defined-benefit pension plan. The following data relates to the operation of the plan for the year 2021. Service cost $ 395000 Contributions to the plan 380000 Actual return on plan assets 320000 Projected benefit obligation (beginning of year) 3850000 Fair value of plan assets (beginning of year) 2650000 The expected return on plan assets and the settlement rate were both 10%. The amount of pension expense reported for 2021 is $395000. $515000. $335000. O $780000.
- Horizon Inc. has a defined benefit pension plan. The following pension-related data were available for the current calendar year: PBO: Balance, Jan. 1 $ 235,000 Service cost 36,000 Interest cost (5% discount rate) 11,750 Gain from changes in actuarial assumptions in 2021 (4,500 )Benefits paid to retirees (15,000 )Balance, Dec. 31 $ 263,250 Plan assets: Balance, Jan.1 $ 245,000 Actual return (expected return was $22,000) 20,000 Contributions 30,000 Benefits paid (15,000 )Balance, Dec. 31 $ 280,000 ABO, Dec. 31 $ 239,500 January 1, 2021, balances: Prior service cost–AOCI (amortization $5,075/yr.) 5,075 Net gain–AOCI (amortization, if any, over 15 years) 50,750 There were no other relevant data. Required:1. Calculate the 2021 pension expense.2. Prepare the 2021 journal entries to record pension expense and funding.3. Prepare any journal entries to record any 2021 gains or losses.Sarasota Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,219,000 Fair value of pension plan assets, December 31, 2020 2,547,000 Contributions to the plan in 2020 287,000 Benefits paid retirees in 2020 361,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020Tesla, Inc. sponsors a defined-benefit pension plan. The following data relates to theoperation of the plan for the year 2021.Service cost $ 545,000Contributions to the plan 330,000Actual return on plan assets 270,000Projected benefit obligation (beginning of year) 3,600,000Fair value of plan assets (beginning of year) 2,400,000The expected return on plan assets and the settlement rate were both 10%. The amountof pension expense reported for 2021 isa. $545,000.b. $635,000.c. $665,000.d. $905,000.
- The following information is available for Oriole Corporation’s pension plan for the year 2020: Plan assets, January 1, 2020 $410,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,100 Discount rate 11% Defined benefit obligation, January 1, 2020, accounting basis valuation 506,000 Service cost 66,300 Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense $ Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense.)…The following information is available for Carla Vista Corporation's pension plan for the year 2023: Plan Assets, January 1, 2023$ 390,000 Actual Return on Plan Assets$ 17,000 Benefits Paid on Plan Assets$ 40,400 Contributions (Funding)$ 93,900 Discount Rate 11% Defined Benefit Oblicgation$ 511,000 Service Cost $ 65,300Blossom Company provides the following information about its defined benefit pension plan Service cost $ 91,800 Contribution to the plan 103,500 Prior service cost amortization 9,400 Actual and expected return on plan assets Benefits paid Plan assets at anuary 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount (settlement) rate 63,200 39,700 647,900 712,300 147,400 10 % Compute the pension expense for the year 2017.