Exercise 20-02Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020.$ 91,000104,000Service costContribution to the planPrior service cost amortization9,400Actual and expected return on plan assets62,900Benefits paid39,900Plan assets at January 1, 2020630,4002020701,800Projected benefit obligation at January 1,Accumulated OCI (PSC) at January 1, 2020Interest/discount (settlement) rate153,00010 %Compute the pension expense for the year 2020.Pension expense for 2020LINK TO TEXTLINK TO TEXTLINK TO TEXT

Exercise 20-02 Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020- $ 91,000 104,000 9,400 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets 62,900 39,900 Benefits paid Plan assets at January 1, 2020 630,400 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate 701,800 153,000 10 % Compute the pension expense for the year 2020. Pension expense for 2020

Exercise 20-02 Bridgeport Company provides the following information about its defined benefit pension plan for the year 2020- $ 91,000 104,000 9,400 Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets 62,900 39,900 Benefits paid Plan assets at January 1, 2020 630,400 Projected benefit obligation at January 1, 2020 Accumulated OCI (PSC) at January 1, 2020 Interest/discount (settlement) rate 701,800 153,000 10 % Compute the pension expense for the year 2020. Pension expense for 2020

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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Problem 17-161 The following information relates to Hatami Company's defined benefit pension plan during the current reporting year: Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss $680, 000,000 58,000,000 48,000,000 98,000,000 Pension benefits paid (end of year) Pension expense 40, 000,000 68,000,000 Required: Determine the balance 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.) Pension Plan (S in millions) Plan assets beginning of the year Plan assets end of the year
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Preparing a Pension Worksheet Levine Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $3,000 and $2,880 in Plan Assets and Projected Benefit Obligation, respectively. During 2020, the company incurred $600 in service cost, made plan contributions of $126, and paid benefits to retirees for $90. The discount rate is 9% and the expected and actual rate of return on plan assets is 10%. Prepare a pension worksheet for 2020.Note: Use a negative sign for credits to accounts. Pension Worksheet Reported Net in Financial Statements Balance Sheet Income Statement PlanAssets PBO Net PensionAsset/Liability CashOutflow PensionExpense Balance, January 1, 2020 Service cost Interest cost Expected return Contributions to fund Benefit payments Balance, December 31, 2020
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Compute for the pension liability on December 31, 2021
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