Net Gain or Loss Hudson Company's actuary has provided the following information concerning the company's defined benefit pension plan at the end of 2016: Fair value of plan assets (1/1/2016) $350,000 Actual projected benefit obligation (1/1/2016) 360,000 Expected projected benefit obligation (1/1/2016) 424,000 Average remaining service life of employees 10 years The difference between the actual and expected projected benefit obligation first occurred in 2015. Required: 1. Compute the amount of the gain or loss for Hudson's pension plan at the beginning of 2016. Assuming that Hudson uses the corridor approach. at beginning of 2016 s 2. Compute the amount of the net gain or loss to include in Hudson's pension expense for 2016. Indicate whether it is an addition to or a subtraction from pension expense. Net recognized in 2016 - pension expense $ 3. If the Hudson Company is using IFRS, how would the gain or loss be treated? a. Hudson would immediately recognize the gain or loss as other comprehensive income. b. Hudson would amortize the gain or loss using the corridor approach. c. Hudson would use any systematic and rational approach that results in slower amortization than the corridor approach. d. Hudson would immediately recognize the gain or loss in net income in the period it occurs.

Frazier Refrigeration amended its defined benefit pension plan on December 31, 2018, to increase retirement benefits earned with each service year. The consulting actuary estimated the prior service cost incurred by making theamendment retroactive to prior years to be $110,000. Frazier’s 100 present employees are expected to retire at therate of approximately 10 each year at the end of each of the next 10 years.Required:1. Using the service method, calculate the amount of prior service cost to be amortized to pension expense ineach of the next 10 years.2. Using the straight-line method, calculate the amount of prior service cost to be amortized to pension expensein each of the next 10 years.

On January 1 of the current reporting year, Coda Company's projected benefit obligation was $29.3 million. During the year, pension benefits paid by the trustee were $3.3 million. Service cost was $9.3 million. Pension plan assets earned $4.3 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required:Determine the amount of the projected benefit obligation at December 31. (Enter your answers in millions rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.)

Kath Company's pension plan began on 1/1/20. During 2020 it earned $21 more on its assets than it expected and changes in actuarial assumptions caused the PBO to increase by $13. In 2021, actual earnings on plan assets was $9 and expected return was $14. During 2021, actuaries determined that life expectancies are longer than originally estimated, causing the PBO to change by $12. Gain/loss did not need to be amortized in 2020 or 2021. What is unamortized gain or loss on 12/31/21? Provide a dollar amount and circle gain or loss.

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

Caroni Ltd has a defined benefit pension plan for its employees. In 2016, the following actuarial report was received for the defined benefit plan: 2016/$ Present value of the defined benefit obligation 31 December 2015 10 000 000 Net interest ? Current service cost 1 150 000 Benefits paid 1 200 000 Actuarial gain/loss on DBO ? Present value of the defined benefit obligation 31 December 2016 10 750 000 Fair value of plan assets at 31 December 2015 9 500 000 Return on plan assets ? Contributions paid to the plan during the year 1 000 000 Benefits paid by the plan during the year 1 200 000 Fair value of plan assets at 31 December 2016 10 047 500 Additional information (a) All contributions received by the plan were paid by Caroni Ltd. (b) The interest rate used to measure the present value of the defined benefit obligation was 9% at 31 December 2015 and 31 December 2016. (c) The asset ceiling was nil at 31 December 2015 and 31 December 2016. Requirement: Prepare a pension worksheet for…

Current Attempt in Progress Bramble Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020 $ %24