Please fill in the tables 2. Prepare a pension spreadsheet that summarizes relevant pension data for 20X6. The following facts relate to 20X6:Current service cost for accounting was $128,000.• A plan amendment on 1 January resulted in a past service cost of $56,000 being granted.Total funding of the pension plan was $134,000, on 31 December 20X6.• Actual return on fund assets was $10,500.• An actuarial revaluation was done to reflect new information about expected turnover rates in the employee population. Thisresulted in a $51,000 increase in the defined benefit obligation, as of 31 December 20X6.20X6OpeningCSCNet interestPSC (new)Actuarial gains/lossesRevaluationFundingPensionObligationPlan AssetsPensionExpenseNet Pension AccumulatedAsset/Liab.OCI Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the followinginformation is available:For accounting purposesInterest rate used for pension amounts, 5%.Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January.Current service cost for 20X5, appropriately measured for accounting purposes, $83,000.For funding purposesFunding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December.• Actual earnings on fund assets, zero.Required:1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5.PensionObligationPlan AssetsPensionExpenseNet PensionAsset/Liab.20X5Beginning - PSCCSCInterestFundingAccumulatedOCI

A pension worksheet helps to know about the benefits or losses from the particular scheme. It is…

Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes • Interest rate used for pension amounts, 5%. • Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. • Current service cost for 20X5, appropriately measured for accounting purposes, $83,000.

Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes • Interest rate used for pension amounts, 5%. • Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. • Current service cost for 20X5, appropriately measured for accounting purposes, $83,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

See similar textbooks

Similar questions

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 Voltaire Company's defined benefit pension plan: ($ in millions) 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 Pension benefits paid (end of year) Pension expense $600 60 48 100 10 11 72 Required: Determine the amount of pension plan assets at fair value on December 31.
Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes • Interest rate used for pension amounts, 5%. • Past service cost, granted as of 1 January 20X5, $210,000. This is also the defined benefit obligation on 1 January. • Current service cost for 20X5, appropriately measured for accounting purposes, $68,000. For funding purposes Funding was $100,000 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. . Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. 20X5 Beginning - PSC CSC Interest Funding Pension Obligation $ (210,000) (68,000)✔ (10,500)✓ $ (288,500) Answer is complete and correct. Net Pension Asset/Liab. Plan Assets 100,000 $ 100,000✔ Pension Expense $ 210,000✔ 68,000✔ 10,500✔ 288,500✔ (288,500)✔✔ 100,000✔ $ (188,500)✔ $ Accumulated OCI
Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 S1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300
Gurung Co. has a noncontributory, defined benefit pension plan adopted on 1 January 20X5. On 31 December 20X5, the following information is available: For accounting purposes Interest rate used for pension amounts, 5%. Past service cost, granted as of 1 January 20X5, $360,000. This is also the defined benefit obligation on 1 January. Current service cost for 20X5, appropriately measured for accounting purposes, $83,000. For funding purposes Funding was $107,500 in 20X5 for all pension amounts. The payment was made on 31 December. • Actual earnings on fund assets, zero. Required: 1. Prepare a pension spreadsheet that summarizes relevant pension data for 20X5. Pension Obligation Plan Assets Pension Expense Net Pension Asset/Liab. 20X5 Beginning - PSC CSC Interest Funding Accumulated OCI
The following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions)Plan assets at fair value, January 1 $600Expected return on plan assets 60Actual return on plan assets 48Contributions to the pension fund (end of year) 100Amortization of net loss 10Pension benefits paid (end of year) 11Pension expense 72 Required:Determine the amount of pension plan assets at fair value on December 31.
The following data relate to Hick's Cable Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 790 Expected return on plan assets 79 Actual return on plan assets 63 Contributions to the pension fund (end of year) 138 Amortization of net loss 16 Pension benefits paid (end of year) 24 Pension expense 110 Required:Determine the amount of pension plan assets at fair value on December 31.
The following information relates to Schmidt Sausage Company's defined benefit pension plan during the current reporting year: Plan assets beginning of the year Expected return on plan assets Actual return on plan assets Cash contributions Amortization of net loss Retiree benefits ($ in millions) Pension plan assets of the year $ 580 58 49 78 9 10 Required: Determine the amount of pension plan assets at fair value on December 31. Note: Enter your answers in millions.
You have the following information related to Chalmers Corporation's pension plan: Use the PV of 1, PVAD of 1, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) a. Defined benefit, noncontributory pension plan. b. Plan initiation, January 1, 20X3 (no credit given for prior service). c. Retirement benefits paid at year-end with the first payment one year after retirement. d. Assumed discount rate of 7%. e. Assumed expected rate of return on plan assets of 9%. f. Annual retirement benefit equals years of credited service × 0.02 x highest salary. g. Chalmers made $1,200 contributions to the pension fund at the end of each year. h. The actual returns were $0 and $48 in 20X3 and 20X4, respectively. i. Information for Frank Bullitt, the firm's only employee, follows: January 1, 20X0 December 31, 20Y7 (15 years from plan inception) Start date Expected retirement date Expected number of payments during retirement 20 Selected actual and expected…
Goodday Ltd. has a defined benefit pension plan and a December 31 year-end. The following information relates to the plan: Balances: Defined benefit obligation, end of 20X7 Pension plan assets, fair value, end of 20X7 $5,215,000 4.810,000 405,000 cr. 69,200 dr. 8,601,400 cr 4.200,000 cr. SFP net defined benefit liability, end of 20X7 SFP accumulated OCI, pension, end of 20X7 Retained earnings, end of 20X7 20X8 eamings, prior to any pension expense Current service cost for 20X8, measured using the projected unit credit method New past service cost granted in 20X8, negative because benefits were reduced and the liability has declined Contributions made to the pension plan assets paid at end of 601,900 (356,000) 20X8 450,000 Actuarial gain in 20X8, negative because caused by higher anticipated future mortality rates and the liability has declined Actual earnings in the fund, reported by the pension fund trustee, including interest, dividends, and change in fair value Benefits paid to…
A company using IFRS has the following information: Defined benefit obligation at beginning of year $12, 790; current service cost $570; actual return on pension assets $149; contributions made during the year $1, 030; Discount rate used on obligation 6%; payments made to pensioners during the year $135. What is the closing balance for the defined pension obligation?
Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 $360 465 300 415 150 54 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.