Calculate the actual return on the plan assets in 2023. (Enter answers in thousands of dollars.)
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- Rosaria Co. sponsors a defined benefit pension plan. For the current year ended December 31, thefollowing information relevant to the plan has been accumulated:Defined benefit obligation, 1/1 P11,250,000Fair value of plan assets, 1/1 10,500,000Current service cost 1,050,000Past service cost 2,200,000Actual return on plan assets 600,000Decrease in defined benefit obligation due tochanges in actuarial assumptions300,000Discount rate 8%Requirements:1. In the working papers computations, what balance of plan assets will be determined?2. In the working papers computations, what balance of benefit obligation will be determined?3. Calculate the amount that the entity would recognize in profit or loss for the year in accordancewith the revised PAS 19.4. Calculate the amount that the entity would recognize in other comprehensive income for theyear in accordance with the revised PAS 19.The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.Cullumber Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1,2020 December 31,2020 Vested benefit obligation $1,560 $2,020 Accumulated benefit obligation 2,020 2,780 Projected benefit obligation 2,620 3,290 Plan assets (fair value) 1,860 2,690 Settlement rate and expected rate of return 10 % Pension asset/liability 760 ? Service cost for the year 2020 410 Contributions (funding in 2020) 750 Benefits paid in 202- 190 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability…
- Sandhill Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): January 1, 2020 December 31, 2020 Vested benefit obligation $1,500 $1,510 Defined benefit obligation, accounting basis 2,240 3,044 Plan assets (fair value) 1,380 2,100 Interest/discount rate 10% 10% Net defined benefit liability/asset ? ? Past service cost, plan amendment, effective December 30, 2020 380 Service cost for the year 2020 320 Contributions (funding) 2020 700 Benefits paid in 2020 120Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below: Case 1 Net loss (gain)-AOCI, January 1 $ 333 ($ in thousands) Case 2 $ (371) Case 3 279 2024 loss (gain) on plan assets (24) (21) 7 2024 loss (gain) on PBO (36) 29 Accumulated benefit obligation, January 1 (3,080) (2,680) (285) (1,580) Projected benefit obligation, January 1 (3,440) Fair value of plan assets, January 1 2,930 (2,800) 2,830 (1,830) 1,680 Average remaining service period of active employees (years) 10 11 8 Required: es 1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense for 2024. 2. For each independent case, determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate any amortization of the net loss or gain…Sarasota Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit penslon plan for the year ended December 31. 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1.514.000 $1.542.000 Market-related and fair value of planassets 805.000 1138,500 Accumulated beneft obligation 1,625,000 1,747,400 Accumulated OCI (G/L)-Net gain (201.400 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service.cost was $122,400. The company's actual funding (contributions) of the planin 2020 amounted to $253,000. The expected return on plan assets and the actual rate were both 10%, the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of S1.224,000 on January 1. 2020. Assume no benefits paid in 2020. (a) Determine the amounts of the components of pension…
- Carla Vista Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, December 31, 2020 2020 Vested benefit obligation $1,620 $1,780 Accumulated benefit obligation 1,780 2,720 Projected benefit obligation 2,550 3,590 Plan assets (fair value) 1,650 2,800 Settlement rate and expected rate of return 10 % Pension asset/liability 900 ? Service cost for the year 2020 390 Contributions (funding in 2020) Benefits paid in 202- 680 180 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d)…Culver Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan. January 1, 2020 December 31, 2020 Vested benefit obligation $1,480 $1,930 Accumulated benefit obligation 1,930 2,770 Projected benefit obligation 2,460 3,330 Plan assets (fair value) 1,660 2,620 Settlement rate and expected rate of return 10% Pension asset/liability 800 ? Service cost for the year 2020 390 Contributions (funding in 2020) 700 Benefits paid in 2020 200 (a1) Prepare a 2020 pension worksheet1. Compute 2022 net periodic pension expense. The 2022 records of MPS Company provided the following data related to its noncontributory, defined benefit pension plan (amounts in PO00s): a. Accumulated benefit obligation (report of actuary) Beginning balance P3,000 Service cost 1,200 Interest cost 240 Pension benefits paid Ending balance (400) P4,040 Discount rate used by actuary, 8% b. Plan assets at fair value (report of trustee): Beginning balance Actual return on plan assets Contributions P2,400 168 1,016 (400) Pension benefits paid Ending balance Р3,192 Expected long-term rate of return of plan assets, 7% c. January 1, 2022, balance of unrecognized prior service cost, gains and losses, and transaction cost, zero.
- The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 630 Expected return on plan assets 63 Actual return on plan assets 50 Contributions to the pension fund (end of year) 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78 Required:Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a)Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…