Goldman Company has a defined benefit pension plan. The following pension-related data were available for the current calendar year:   PBO:       Balance, Jan. 1 $ 230,000   Service cost   31,000   Interest cost (5% discount rate)   11,500   Gain from changes in actuarial assumptions in 2021   (4,000 ) Benefits paid to retirees   (10,000 ) Balance, Dec. 31 $ 258,500   Plan assets:       Balance, Jan.1 $ 240,000   Actual return (expected return was $21,500)   20,000   Contributions   25,000   Benefits paid   (10,000 ) Balance, Dec. 31 $ 275,000   ABO, Dec. 31 $ 234,000   January 1, 2021, balances:       Prior service cost–AOCI (amortization $5,400/yr.)   5,400   Net gain–AOCI (amortization, if any, over 15 years)   54,000     There were no other relevant data. Required: 1. Calculate the 2021 pension expense. 2. Prepare the 2021 journal entries to record pension expense and funding. 3. Prepare any journal entries to record any 2021 gains or losses.

FINANCIAL ACCOUNTING II Lee Electronics, Inc. reported the following information related to its defined- benefit pension plan at December 31, 2021: Projected benefit obligation ..... $320,000 $400,000 Pension plan assets, at market value ...... The plan was subject to the following activity during 2022: a) Lee's actuary confirmed that the service cost for the plan during the year was $60,000. b) The applicable interest rate for pension matters was 5%. c) Early in 2019, an amendment to the plan resulted in prior service cost of $40,000. Each year, one-tenth of this cost is amortized to expense. d) The pension plan asset balance at December 31st, at market value, was $445,000. Lee contributed $30,000 to the fund in 2022, and plan participants received $20,000 in benefits during the year. There were no significant actuarial gains or losses for the plan during 2022. Based on the above information, determine Lee Electronics, Inc.'s pension expense for the year ended December 31, 2022.…

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.

The following information is related to the defined benefit pension plan of Dreamworld Company for the year: Service cost $60,000 Contributions to pension plan 110,000 Benefits paid to retirees 150,000 Plan assets (fair value), January 1 640,000 Plan assets (fair value), December 31 750,000 Actual return on plan assets 150,000 PBO, January 1 900,000 PBO, December 31 960,000 Discount rate 10 Long-term expected return on plan assets 9. Assuming no other relevant data exist, what is the pension expense for the year? 1. A) $190,00O. 2. B) $92,400. 3. C) $60,000. 4. D) $170,000.

The Pension Expense in a pension plan for the year were recorded at $856,800. In addition, an amount of $161,400 had been debited to the Other Comprehensive Income account to record all actuarial losses for the year. In addition, the company had contributed a cash amount of $350,000 to the Plan Assets. What would have been the amount recorded as Pension expenses for 2019 if the company were reporting under ASPE?     Select one: a. $856,800. b. $757,200. c. $161,400. d. $350,000. e. None of the above.

Subject: accounting

Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginning balances: plan assets $202,100; projected benefit obligation $247,000. Other data relating to 3 years' operation of the plan are as follows. Annual service cost Settlement rate and expected rate of return Actual return on plan assets Annual funding (contributions) Benefits paid Prior service cost (plan amended, 1/1/25) Amortization of prior service cost Change in actuarial assumptions establishes a December 31, 2026, projected benefit obligation of: (a) (b) Date Dec. 31, 2024 Dec. 31, 2025 Dec. 31, 2026 V Account Titles and Explanation Pension Expense Other Comprehensive Income (G/L) Cash Pension Asset/Liability Pension Expense Other Comprehensive Income (PSC) Cash Pension Asset/Liability Pension Asset/Liability Other Comprehensive Income (G/L) Other Comprehensive Income (PSC) 2024 $16,100 Prepare the journal entries (from the worksheet) to reflect all…

I. Broncos Co. reports pretax financial income of $70,000 for 20x1. The following items cause taxable income to be different than pretax financial income: ● ● Depreciation on the tax return is greater than depreciation on the income statement by $16,000. Rent collected on the tax return is greater than rent earned on the income statement by $22,000. Fines for pollution appear as an expense of $11,000 on the income statement. Interest income from City of Phoenix municipal bonds is $5,000. Broncos' tax rate is 30% for all years and the company expects to report taxable income in all future years. a) Compute taxable income. b) Prepare the journal entry to record income tax expense, deferred income tax, and income tax payable for 20x1. c) Compute net income for 20x1.

Rahul

The following information is related to the defined benefit pension plan of Avalanche Corporation for the year:            Service cost $ 62,000     Contributions to pension plan   118,000     Benefits paid to retirees   156,000     Plan assets (fair value), January 1   641,000     Plan assets (fair value), December 31   758,000     Actual return on plan assets   155,000     PBO, January 1   925,000     PBO, December 31   923,500     Discount rate   10 %   Long-term expected return on plan assets   9 %     Assuming no other relevant data exist, what is the pension expense for the year?   Multiple Choice   $62,000.   $89,810.   $96,810.   $154,500.