Information for the Crane Company pension plan in 2026 is as follows: Service cost is $67000 Settlement rate is 10% expected rate of return is 10% Actual return on plan assets is $170000 There are no prior service costs to amortize Annual funding contribution is $92000 Benefits paid to retirees during the year are 574000 Average service life of all covered employees is 15 years The projected benefit obligation on January 1, 2026 was $1120000 The value of plan assets on January 1 2026 was $920000 The balance in Other Comprehensive Income-Gains/Losses is a $155000 credit on December 31,2025. What is the amount of amortization of the other comprehensive income gain or loss in 20267 $9200 $2867 C$112000 $3800

At January 1, 2020, Windsor Company had plan assets of $303,400 and a projected benefit obligation of the same amount. During 2020, service cost was $26,700, the settlement rate was 10%, actual and expected return on plan assets were $24,500, contributions were $19,700, and benefits paid were $16,900.Prepare a pension worksheet for Windsor Company for 2020. WINDSOR COMPANY     General Journal Entries   Memo Record Items   PensionExpense   Cash   PensionAsset/Liability   ProjectedBenefitObligation   PlanAssets 1/1/20   $enter a dollar amount    select a debit or credit                                                               $enter a dollar amount    select a debit or credit                                                               $enter a dollar amount    select a debit or credit                                                               $enter a dollar amount    select a debit or credit…

The following data are for the pension plan for the employees of Oriole Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5500000 $ 7100000 Projected benefit obligation 5700000 5900000 7700000 Plan assets (at fair value) 4900000 6300000 6900000 AOCL - net loss 987000 1030000 Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 7% Oriole's contribution was $870000 in 2021 and benefits paid were $780000. Oriole estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2021 was $560000. The unexpected gain on plan assets in 2021 was $70000. $77000. $119000. O $130000.

Calculating Pension Expense Stars Inc. has a noncontributory defined pension plan for its employees. During 2020, the company had service cost of $90,000, an expected return on plan assets of $13,920, amortization of prior service cost of $3,000, amortization of net pension loss of $3,333, and benefits paid to employees of $60,000. The January 1, 2020, balance in its projected benefit obligation was $291,000. The discount rate is 10%.  Required  Calculate pension expense for 2020.   $Answer

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: ($ millions) $470 300 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $12 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3…

Jackson Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,000; projected benefit obligation $250,000. Other data relating to 3 years’ operation of the plan are as follows.     2019   2020   2021 Annual service cost   $16,000     $19,000     $26,000   Settlement rate and expected rate of return   10 %   10 %   10 % Actual return on plan assets   18,000     22,000     24,000   Annual funding (contributions)   16,000     40,000     48,000   Benefits paid   14,000     16,400     21,000   Prior service cost (plan amended, 1/1/20)         160,000         Amortization of prior service cost         54,400     41,600   Change in actuarial assumptions establishes   a December 31, 2021, projected benefit obligation of:               520,000 Prepare a pension worksheet presenting all 3 years’ pension balances and activities. (Enter all amounts as positive.) Prepare the…

On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3550000 Benefits paid Actual return on plan assets Amortization of net gain 3050000 Amortization of prior service costs due to increase in benefits Contributions O $3987500. O $3940500. O $4241500. O $4015500. $301000 101000 501000 226000 The balance of the projected benefit obligation at December 31, 2021 is 396000 30100

The accountant for Bramble Corporation has developed the following information for the company's defined-benefit pension plan for 2026: Service cost Actual return on plan assets $570,000 278,000 Annual contribution to the plan 948,000 Amortization of prior service cost 127,800 Benefits paid to retirees 74,000 Settlement rate 10% Expected rate of return on plan assets 8% The accumulated benefit obligation at December 31, 2026, amounted to $3,390,000. (a) Using the above information for Bramble Corporation, complete the pension worksheet for 2026.

Citroen Company provides the following information about its defined benefit pension plan for the year 2021.   Service cost $79,000 Contribution to the plan 92,000 Prior service cost amortization 9,500 Actual and expected return on plan assets 61,000 Benefits paid 50,000 Plan assets at January 1, 2021 720,000 Projected benefit obligation on January 1, 2021 770,000 Accumulated OCI (PSC) on January 1, 2021 120,000 Interest/discount (settlement) rate 9%   Prepare a pension worksheet. Prepare the journal entry recording pension expense.

At January 1, 2020, Hennein Company had plan assets of $280,000 and a projected benefit obligation of the same amount. During 2020, service cost was $27,500, the settlement rate was 10%, actual and expected return on plan assets were $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension worksheet for Hennein Company for 2020. HENNEIN COMPA General Journal Entries Pension Items Expense Cash 1/1/20 Service cost Interest cost Actual return Contributions Benefits $ Journal entry, 12/31/20 Balance, 12/31/20 %24 %24 %24 %24 %24