**Journal Entry Exercise: Pension Payments** --- **Required Information:** At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. *(If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)* **Instructions:** 1. **View Transaction List** 2. **Journal Entry Worksheet** - **Task:** Record the payments to its retirees. - **Note:** Enter debits before credits. | Event | General Journal | Debit | Credit | |-------|-----------------|-------|--------| | 1 | | | | --- This exercise guides learners through the process of recording pension payments within a financial accounting framework. Completing this task involves understanding how pension-related transactions affect the company’s financial statements.

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please dont provide answer in image format thank you   Assume Towne Centre Art Museum (which has a December 31st year end) received the following contributions in 2020. Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events. a) Unrestricted pledges of support were received in the amount of $300,000. All of these are due within the year and it is estimated that 7% will ultimately prove to be uncollectable. b) 600 memberships were sold to the public in the amount of $45 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $20. The member year runs from July 1 to June 30. c) A local carpenter donated supplies and labor with values of $25,000 and $30,000 (respectively) to construct a new exhibition area. Fixed assets are classified as unrestricted net assets. d) On April 1,2020 a local businessman made a pledge payable in a future period. The pledge is…

Please need answer for all with full working please answer all with steps computation explanation formula please answer all    Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and 2025.* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount rate. The service cost is $160,000 for 2024 and $210,000 for 2025. Year-end funding is $170,000 for 2024 and $180,000 for 2025. No assumptions or estimates were revised during 2024. *We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn't change, that also was the actual rate in 2025. Required: Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025:…

The pension worksheet for Carla Vista Industries is shown below. Carla Vista Industries Pension Worksheet General Journal Entries Memo Record Annual Pension Projected Pension Items Expense Cash Asset/ Liability Benefit Obligation Plan Assets Balance, Jan. 1, 2025 $22000 dr $259000 cr $281000 dr (a) Service Cost $63000 dr 63000 cr (b) Interest Cost 34000 dr 34000 CE (c) Actual Return 35000 cr 35000 dr (d) Contributions $49000 cr 49000 dr (e) Benefits ?? dr 22 cr Journal Entry for 2025 $62000 dr $49000 cr 13000 cr Balance, Dec. 31, 2025 $9000. dr 22 $279000 What amount of benefits were paid during 2025? O $63000 O $86000 O $49000 O $62000

Current Attempt in Progress The actuary for the pension plan of Oriole Company calculated the following net gains and losses: Incurred during the Year (Gain) or Loss 2025 $(675,000) 2026 246,000 2027 973,000

The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740)      32   (94)           Service cost                 66        Interest cost                 37        Expected return on assets     72                    Gain/loss on assets             (4)           Amortization of:                          Prior service cost         (10)               Net gain/loss             5            Loss on PBO (12)                       Contributions to fund                     (49)   Retiree benefits paid     (69)                   Ending balance     745       (85)             What was the net pension asset/liability reported in the balance sheet at the end of the year?   Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…

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