Asha's pension adjustment (PA) in 2020 was $3,500 and in 2021 the PA was $4,000. Asha's 2020 Notice of Assessment showed unused RRSP room of $8,000.  How much can Asha contribute to an RRSP for the 2021 taxation year?  A) $10,260 B) $14,760 C) $15,160 D) $27,83

Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.

Mermade Corp. adopts the IFRS for its defined benefit retirement plan on January 1, 2021, with the following beginning balances: Fair Value of Plan Assets are Php 200,000.00 Defined Benefit Obligation is Php is 250,000.00 The following are other information relating to the years 2021, 2022, and 2023: 2023 2022 2021 Current service cost P26,000.00 P 19,000.00 16,000.00 Discount rate 10% 10% 10% Actual return on plan 24,000.00 22,000.00 20,000.00 assets Contributions to the plan 48,000.00 40,000.00 16,000.00 Benefits paid to retiree 21,000.00 16,400.00 14,000.00 Other information: The plan was amended on January 1, 2022 which resulted to a Past Service Cost of Php 160,000.00 On December 31, 2023, there were changes in the actuarial assumptions that establishes a defined benefit obligation as of December 31, 2023 in the amount of Php 520,000.00 Required: For each year (2021, 2022, and 2023), prepare a worksheet presenting the balances and the activities of the pension. Indicate in the…

On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000

What's AllenCo's total "pension expense" for 2020?

On January 1, 2020, Blue Company has the following defined benefit pension plan balances. Projected benefit obligation   $4,506,000 Fair value of plan assets   4,220,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $508,000 are created. Other data related to the pension plan are as follows.     2020   2021 Service cost   $152,000     $179,000   Prior service cost amortization   0     91,000   Contributions (funding) to the plan   237,000     281,000   Benefits paid   202,000     284,000   Actual return on plan assets   253,200     262,000   Expected rate of return on assets   6 %   8 %

rane importers provides the following pension plan Fair value of pension plan assets, January 1, 2025 Fair value of pension plan assets, December 31, 2025 Contributions to the plan in 2025 Benefits paid retirees in 2025 Tormation. Actual return on plan assets for 2025 $ $2,575,000 2,914,000 299,000 366,000 From the data above, compute the actual return on the plan assets for 2025.

On 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.

Douglas-Robert, Inc. has a noncontributory, defined benefit pension plan. At December 31, 2022, Douglas-Robert received the following information:  Projected Benefit Obligation ($ in millions) Balance, January 1   $ 140     Service cost     40     Interest cost     14     Benefits paid     (10 )   Balance, December 31   $ 184         Plan Assets   Balance, January 1   $ 100     Actual return on plan assets     11     Contributions 2021     40     Benefits paid     (10 )   Balance, December 31   $ 141        The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss—AOCI on January 1, 2022. Required:1. Determine Douglas-Robert’s pension expense for 2022.2. Prepare the journal entries to record Doublas Robert’s (a) pension expense, (b) funding, and (c) payment of retiree benefits in 2022.

On January 1, 2020, McGee Co. had the following balances:             Projected benefit obligation                                            $6,400,000             Fair value of plan assets                                                     6,000,000      Other data related to the pension plan for 2019:          contributions to the plan                                                    400,000          Benefits paid                                                                          350,000         On 1/1/2020, prior service cost was granted  having            a present value of                                                                 150,000          Actual return on plan assets                                                  430,000          Settlement rate                                                                          9%          Expected rate of return                                                              7%          Amortized Prior Service cost…