E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain Debit 4,750,000 1,250,000 The transactions for the current year relating to the defined benefit plan are as follows: Credit 5,500,000 850,000 Current service cost Discount rate 925,000 6% Actual return on plan assets 485,000 Contribution to the plan 1,350,000 Benefits paid to retirees 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan.

E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain Debit 4,750,000 1,250,000 The transactions for the current year relating to the defined benefit plan are as follows: Credit 5,500,000 850,000 Current service cost Discount rate 925,000 6% Actual return on plan assets 485,000 Contribution to the plan 1,350,000 Benefits paid to retirees 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan.

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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E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 16. Determine the employee benefit expense for the current year.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: 17. Compute the remeasurement related to the defined benefit plan.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan. 18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit obligation on December 31.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: Prepare journal entry to record the employee benefit expense.
Charlton Company provided the following information concerning a defined benefit plan at the beginning ofcurrent year prior to the adoption of revised PAS 19:Debit CreditFair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED: Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.
E. Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation 4,750,000 1,250,000 5,500,000 850,000 Unrecognized actuarial gain The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees Increase in projected benefit obligation due to changes in actuarial assumptions 485,000 1,350,000 995,000 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 16. Determine the employee benefit expense for the current year. 17. Compute the remeasurement related to the…
Charlton Company provided the following information concerning a defined benefit plan at the beginning of current year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets 4,750,000 Unamortized past service cost 1,250,000 Projected benefit obligation Unrecognized actuarial gain 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets 485,000 1,350,000 995,000 Contribution to the plan Benefits paid to retirees Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 17. Compute the remeasurement related to the defined benefit plan. 18. Prepare journal entry to record the…
E. Chariton Company provided the tollowing intormation concerning a detined benetit plan at the beginning of Surrent year prior to the adoption of revised PAS 19: Debit Credit Fair value of plan assets Unamortized past service cost Projected benefit obligation Unrecognized actuarial gain 4,750,000 1,250,000 5,500,000 850,000 The transactions for the current year relating to the defined benefit plan are as follows: Current service cost 925,000 Discount rate 6% Actual return on plan assets Contribution to the plan Benefits paid to retirees 485,000 1,350,000 995,000 Increase in projected benefit obligation due to changes in actuarial assumptions 150,000 Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the defined benefit plan. REQUIRED: 15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19. 16. Determine the employee benefit expense for the current year. 17. Compute the remeasurement related to the…
Information about the defined benefit plan of the company is shown belowFair value on plan asset, January 1, 2021 3,000,000Contribution to the fund 1,500,000Return on plan assets 160,000Defined benefit liability. December 31, 2021 410,000Defined benefit obligation, December 31, 2021 4,550,000What is the balance of the fair value on plan asset as of December 31, 2021?
d. Prepare a reconciliation of the beginning and ending balances The following information is taken from the actuarial valuation report of Daddy, Inc.'s defined benefit plan: Fair value of plan assets, Jan. 1 Present value of defined benefit obligation, Jan. 1 Past service cost from plan amendment during the year (the vesting period is 5 yrs.)es 2,100,000 2,400,000 300,000 Current service cost 600,000 Benefits paid to retirees during the Actuarial gain during the period Return on plan assets during the period Contributions to the fund during the year Discount rate based on high quality corporate bonds year 450,000 15,000 270,000 480,000 12% Requirements: a. Determine net defined benefit liability/asset as of Jan. 1, 20x1 and Dec. 31, 20x1, respectively. b. Compute for the defined benefit cost in 20x1, showing amoúnts recognized in P/L and OCI, respectively. c. Provide the journal entries in 20x1. Prepare a reconciliation of the beginning and ending balances с. d. of net defined benefit…
Crane Company provides the following information about its defined benefit pen plan for the year 2025. (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31. 2025. (Enter all amounts as positive.)