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 O O f.b and d

d. 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

Computing Amortization of Pension Gain/Loss On January 1, K. Crew Inc. reported a $16,800 credit balance in its Accumulated OCI-Pension Gain/Loss account related to its pension plan. During the year, the following events occurred. • Actual return on plan assets was $22,400, and expected return was $28,000. A gain on the PBO of $11,200 was determined by the actuary at December 31, based on changes in actuarial assumptions. K. Crew amortizes unrecognized gains and losses using the corridor approach over the average remaining service life of active employees (20 years for this year and next year). Further information on this plan follows. Jan. 1 Dec. 31 PBO $140,000 $156,800 Fair value of plan assets 84,000 95,200

Lender Company provides postretirement health care benefits to employees who provide at least 10 years of service and reach the age of 65 while in service. On January 1 of the current calendar year, the following plan-related data were available. APBO balance Fair value of plan assets Average remaining service period to retirement Average remaining service period to full eligibility Postretirement Benefit Expense Service cost Interest cost Return on plan assets Amortization of prior service cost Postretirement benefit expense On January 1 of the current year, Lender amends the plan to provide dental benefits. The actuary determines that the cost of making the amendment increases the APBO by $11,000,000. Management chooses to amortize this amount on a straight- line basis. The service cost is $31,000,000. The appropriate interest rate is 10%. ($ in millions) Required: Calculate the postretirement benefit expense for the current year. Note: Enter your answers in millions rounded to 2…

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?

Which of the following is true about plan assets? Any excess return on plan assets are earned to the benefit of the company Includes qualifying insurance policies None of the statements are correct These are assets held for short-term purpose in the event of employee retirement during the year

(Pension Worksheet) Hanson Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances related to this plan. Check the below image for information InstructionsUsing the preceding data, compute pension expense for Hanson Corp. for the year 2017 by preparing a pension worksheet that shows the journal entry for pension expense. Use the market-related asset value to compute the expected return and for corridor amortization.

The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).  ($ in millions) debit (credit) PBO   Plan assets   Prior service cost   Net (Gain) loss   Pension Expenses   Cash   Net Pension (Liability)/ Asset   Beginning Balance (540 )                     70                             Service cost                                 74                     Interest cost                                                       Expected return on assets                                 (27 )                   Gain/loss on assets                         (4 )                           Amortization of:                                                       Prior service cost                 (10 )                                   Net gain loss                                                       Loss on PBO (29 )                     29                             Contribution to funds…

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Pension expense ($ in thousands) $ $ 480 0.0 3,150 2,850 3,250 410 500 Determine pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign.…

USLM Inc. has a defined benefit pension plan. At the end of the year 20X4, the pension fund assets were $7,860,000 and the defined benefit obligation was $7,345,000. Invoking the asset ceiling caps the net defined benefit asset at $353,000. Required: Prepare the journal entry to correctly recognize the net defined benefit asset. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for net defined benefit asset. Note: Enter debits before credits. >