counting and Finance1.ent Name:Xing Yu chen(1194897)Please show all of your work, so that partial credit can be evaluated. (Questions are 10 Points each).cost and interest cost for the year were $15 million and $6 million, respectively. At the end of theVPro Inc.'s pension plan was amended last year creating a prior service cost of $40 million. Service$8 million although it was originally expected to be $10 million. On average, employees' remainingyear, there was no balance in the net gain-pensions account. The actual return on plan assets wasService life with the company is 10 years. What was the pension expense for the year?1. F

The objective of the question is to calculate the pension expense for the year for VPro Inc. based…

Answered: counting and Finance 1. ent Name: Xing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The PBO was $100 million at the beginning of the year and $114 million at the end of the year. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related OCI account. The actuary's discount rate was 5%. What was the amount of the service cost for the year? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
The PBO was $100 million at the beginning of the year. Service cost for the year was $12 million. At the end of the year, pension benefits paid by the trustee were $8 million and there were no pension-related OCI account. The actuary's discount rate was 5%. What was the amount fo the PBO at the end of the year? (Enter your answer in million, round to the nearest million, without dollar sign, ex. 123 or -123).
es Harrison Forklift's pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). ($ in millions) 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Pension data for Fahy Transportation Incorporated include the following: Discount rate, 8% Expected return on plan assets, 11% Actual return on plan assets, 12% Projected benefit obligation, January 1 Plan assets (fair value), January 1 Plan assets (fair value), December 31 Benefit payments to retirees, December 31 Answer is complete but not entirely correct. s 43 million ($ in millions) Required: Assuming cash contributions were made at the end of the year, what was the amount of those contributions? Note: Enter your answer in millions (l.e., 10,000,000 should be entered as 10). Cash contributions $ 660 650 680 75
Harrison Forklift's pension expense includes a service cost of $12 million. Harrison began the year with a pension liability of $32 million (underfunded pension plan). 1. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2. 2. Interest cost, $8; expected return on assets, $6; amortization of net gain, $2. 3. Interest cost, $8; expected return on assets, $6; amortization of net loss, $2; amortization of prior service cost, $3 million. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) Journal entry worksheet 1. Prepare the appropriate journal entry to record pension expense in situation 1 above. 2.…
Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…
The projected benefit obligation was $240 million at the beginning of the year. Service cost for the year was $14 million. At the end of the year, pension benefits paid by the trustee were $10 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10). End of the year PBO million
Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan). ($ in millions) 1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5. 2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5. 3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense…
Pension data for Fahy Transportation Inc., include the following: ($ in millions)Discount rate, 7%Expected return on plan assets, 10%Actual return on plan assets, 11%Projected benefit obligation, January 1 $730Plan assets (fair value), January 1 700Plan assets (fair value), December 31 750Benefit payments to retirees, December 31 66 Required:Assuming cash contributions were made at the end of the year, what was the amount of those contributions?
The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000 Projected benefit obligation January 1 20X1 490,000 Settlement rate 8.5% Annual pension service cost 40,000 Contributions (funding) 30,000 Actual return on plan assets 49,700 Benefits paid to retirees 33,400 What is the pension expense for 20X1? items Annual Pension expense cash Pension asset/liability Projected Benefit Obligation Plan Assets Balance, January 1, 20X1 $490,000 Cr. $490,000 Dr. service cost $40,000 Dr. $40,000 Cr. interest cost $49,700 Dr. $49,700 Cr. actual return $49,700 Cr. $49,700 Dr. contributions $30,000 Cr. $30,000 Dr. Benefits $33,400 Dr. $33,400 Cr. journal entry for 20X1 $40,000 $30,000 Cr. $10,000 Cr. Balance 20X1 $10,000 Cr. $546,300 Cr. $536,300 Dr.
1. The projected benefit obligation was $80 million at the beginning of the year. Service cost for the year was $10 million. At the end of the year, pension benefits paid by the trustee were $6 million and there were no pension-related other comprehensive income accounts. The actuary’s discount rate was 5%. What was the amount of the projected benefit obligation at year-end?

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