Accumulated Profits - Free, January 1, 2021: P3,800,000 Accumulated Profits - Appropriated for contingency, January 1, 2021: P700, Net income for 2021: P2,347,000 Share dividends declared November 25, 2021 and distributed on December Cash dividends declared December 1, 2021 and distributable on January 15, Appropriation of accumulated profits for contractual obligations in 2021: P1. Reversal of appropriation for contingency in 2021: P700,000

On January 1, 20X1, Trouble Company had the following information regarding its defined benefit plan. Fair value of plan assets (FVPA), Jan 1 P480,000 Present value of the defined benefit obligation, Jan. 1 360,000 • Discount rate based on high quality corporate bonds 5% Information regarding the defined benefit plan as of December 31, 20X1 is as follows: • Contributions made to the fund, July 1, 20X1 P800,000 Benefits paid to retirees, September 30, 20X1 200,000 1,128,000 Fair value of plan assets (FVPA), Dec 31 Present value of the defined benefit obligation, Dec 31 720,000 How much is the interest income on plan assets?

Attleboro Corporation has the following on December 31, 2020. • Eligible Refundable Dividend Tax On Hand account balance of $52,500 ● Taxable income $830,000 • Part 1 taxes payable $350,000 Eligible dividends paid of $240,000 How much is Attleboro's dividend refund for 2020? ● Choose the correct answer. OA. $77,500 OB. $105,000 OC. $62,500 OD. $52,500

Taxable income and pretax financial income would be identical for Sweet Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $166,000 $212,000 $97,900 Installment gross profit collected 8,000 8,000 8,000 Expenditures for warranties Taxable income (5,200) (5,200) (5,200) $168,800 $214,800 $100,700 Pretax financial income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $166,000 $212,000 $97,900 Installment gross profit recognized 24,000 -0- -0- Estimated cost of warranties (15,600) -0- -0- Income before taxes $174,400 $212,000 $97,900 The tax rates in effect are 2024, 20%; 2025 and 2026, 25%. All tax rates were enacted into law on January 1, 2024. No deferred income taxes existed at the beginning of 2024. Taxable income is expected in all future…

2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…

Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation   $4,640,000 Accumulated benefit obligation   4,540,000 Fair value of plan assets   4,285,000 Accumulated OCI (PSC)   165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension                                                               $

Hawkins Corporation has the following balances at December 31, 2020. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these balances be reported on Hawkins' balance sheet at December 31, 2020?

Subject; accounting

Arriba and its 80 percent-owned subsidiary (Abajo) reported the following figures for the year ending December 31, 2021 (credit balances indicated by parentheses). Abajo paid dividends of $49,000 during this period. Sales Cost of goods sold Operating expenses Dividend income Net income Arriba $(980,000) Abajo $(490,000) 490,000 229,300 284,200 98,000 (39,200) 0 $(245,000) $(162,700) In 2020, Intra-entity gross profits of $49,000 on upstream transfers of $147,000 were deferred into 2021. In 2021 intra-entity gross profits of $64,700 on upstream transfers of $178,400 were deferred into 2022. a. What amounts appear for each line in a consolidated income statement for the year ending December 31, 2021? b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 21 percent. (For all requirements, Input all amounts as positive values.) Sales Cost of goods sold Operating expenses Dividend income Amount

Subject: acounting