A company's defined benefit pension plan had a PBO of $345,000 on January 1, 2023. During 2023, pension benefits paid were $62,000. The discount rate for the plan for this year was 8%. Service cost for 2023 was $93,000. Plan assets (fair value) increased during the year by $47,000. The amount of the PBO at December 31, 2023, was: A. $283,000. B. $376,000. C. $403,600. D. None of these answer choices is correct.

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.

Presented below is pension information related to Sofa Inc. for the calendar year 2023:  Current service costs $ 288,000  Defined benefit expense for 2023 480,000  Expected and actual return on plan assets 72,000  Past service costs 48,000  The interest on the accrued pension obligation for 2023 is          a) $312,000.          b) $216,000.          c) $168,000.          d) $144,000.

Richmond Company's defined benefit pension plan had a Projected Benefit Obligation (PBO) of $250,000 on January 1, 2021. During 2021, a) Richmond paid pension benefit: of $30,000, b) the plan's discount rate was 10%; c) the plan's service cost was $95,000; and d) the plan assets increased by $70,000. What is the value of Richmond's PBO at December 31, 2021? Multiple Choice $270,000 O $340,000 O $245,000 O $410,000

On January 1, 2020, McGee Co. had the following balances:           Projected benefit obligation     $7,800,000           Fair value of plan assets                      7,800,000   Other data related to the pension plan for 2020:           Service cost                              315,000           Contributions to the plan                  459,000           Benefits paid                           450,000           Actual return on plan assets    444,000           Settlement rate                             9%           Expected rate of return                 6%   Instructions (a)     Determine the projected benefit obligation at December 31, 2020. There are no           net gains or losses. (b)     Determine the fair value of plan assets at December 31, 2020. (c)      Calculate pension expense for 2020. (d)     Prepare the journal entry to record pension expense and the contributions for           2020.

At January 1, 2025, Ivanhoe Company had plan assets of $300,400 and a projected benefit obligation of the same amount. During 2025, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,900, contributions were $20,100, and benefits paid were $17,800. Prepare a pension worksheet for Ivanhoe for 2025. (Enter all amounts as positive.) Items Pension Expense $ Balance 1/1/25 Service cost Interest cost Actual return Contributions Benefits $ Journal entry IVANHOE COMI General Journal Entries $ Cash Balance, 12/31/25 Prepare a pension worksheet for Ivanhoe for 2025. (Enter all amounts as positive.) HOE COMPANY Pension Asset/Liability > > Memo Record Projected $ Benefit Obligation > > > > $ > > > > A $ Plan Assets

At January 1, 2025, Crane Company had plan assets of $254,500 and a projected benefit obligation of the same amount. During 2025, service cost was $26,600, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $20,800, and benefits paid were $16,800. Prepare a pension worksheet for Crane for 2025.

On January 1 2025 strott company had a projected benefit obligation of 3,000,000. the company amended its defined benefit plan which resulted in an increase to prior service costs of 800,000 on January 1 2025. the discount rate is 8%. when interest is calculated on the projected benefit obligation in 2025, what is the journal entry? A DR to pension expense $64,000 B debit to pension expense $304,000 C credit to projected benefit obligation $64,000 D credit to projected benefit obligation $304,000 E credit to other comprehensive income $64,000 F credit to other comprehensive income $304,000

hi expert please help me

A company had the following information about the company's defined-benefit pension plan:                                                                           January 1, 2021    December 31, 2021Projected benefit obligation                                     $80,000                     $93,000Fair value of pension plan assets                              41,000                       51,000Actual return on plan assets is $13,000. The service cost component of pension expense for 2021 is $17,200. The expected rate of return is 11% and the settlement rate is 6%. Given the information provided, what is the amount of pension expense for 2021?