ItemsBalance, Jan. 1, 2025(a) Service Cost(b) Interest Cost(c) Actual Return(d) Contributions(e) BenefitsJournal Entry for 2025Balance, Dec. 31, 2025The service cost for 2025 isO $115000.O $6000.O $37000.O $38000.Annual PensionExpense??dr15000 drGeneral Journal Entries16000 cr$37000Pharoah CorporationPension WorksheetCash$37000 cr??Show Transcribed TextPension Asset/Liability??Memo RecordProjected BenefitObligation$115000 cr $115000 dr??PlanAssets??

The pension expenses are related to the pension liabilities. The pension plan is established for the…

Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Annual Pension Expense General Journal Entries dr 15000 dr 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets $115000 cr $115000 dr

Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Annual Pension Expense General Journal Entries dr 15000 dr 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr Pension Asset/ Liability Memo Record Projected Benefit Plan Obligation Assets $115000 cr $115000 dr

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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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
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The following Incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What was the actuary's Interest (discount) rate? Multiple Choice O 17% PBO (300) (12) Prior Plan Service Net Pension Net Pension Assets Cost (Gain)/Loss Expense Cash (Liability)/Asset 43 (185) 83 (88) 866 (11) (5) 6 (96) 77 51 (60)
Current Attempt in Progress Headland Importers provides the following pension plan information. Fair value of pension plan assets, January 1, 2020 $2,463,000 Fair value of pension plan assets, December 31, 2020 2,815,000 Contributions to the plan in 2020 262,000 Benefits paid retirees in 2020 328,000 From the data above, compute the actual return on the plan assets for 2020. Actual return on plan assets for 2020 %24
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M10-18. Analyzing and Interpreting Pension Disclosures-Plan Assets and Cash Flow YUM! Brands Inc. discloses the following pension footnote in its 10-K report. Pension Plan Assets ($ millions) Fair value of plan assets at beginning of year Actual return on plan assets. Employer contributions Benefits paid.. Fair value of plan assets at end of year. 2018 $864 (49) 13 (73) $755 a. How does the "actual return on plan assets" of $(49) million affect YUM!'s reported profits for 2018? b. YUM! Brands contributed $13 million cash to the pension plan investment account (asset) during the year. Which of the following is true? i. YUM! recognized the $13 million cash payment as a pension expense in 2018. ii. YUM! did not recognize the $13 million cash payment as a pension expense in 2018 because it is not tax deductible. iii. YUM! did not recognize the 13 million cash payment as a pension expense in 2018 because it relates to employees' service in prior periods. iv. YUM! did not recognize the $13…
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