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NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: Fair value of plan assets at beginning of period Actual return (loss) on plan assets* Employer contribution Benefits paid Fair value of plan assets at end of period Net liability recognized at end of period Pension Benefits 2020 2019 $ 648 1 $ 637 1 31 34 54 37 (50) (50) $ 684 $ 659 $ 496 $ 431 70 52 24 74 (50) (50) 540 507 $ (144) $ (152) "Expected return $30 and $29 in 2020 and 2019, respectively Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI account had a balance of $350 million at the beginning of the year and was the only AOCI account related to pensions. What was the average remaining service life of employees as of 2020? 3. What was the pension expense? 4. What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension plan? Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension Next>

NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: Fair value of plan assets at beginning of period Actual return (loss) on plan assets* Employer contribution Benefits paid Fair value of plan assets at end of period Net liability recognized at end of period Pension Benefits 2020 2019 $ 648 1 $ 637 1 31 34 54 37 (50) (50) $ 684 $ 659 $ 496 $ 431 70 52 24 74 (50) (50) 540 507 $ (144) $ (152) "Expected return $30 and $29 in 2020 and 2019, respectively Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI account had a balance of $350 million at the beginning of the year and was the only AOCI account related to pensions. What was the average remaining service life of employees as of 2020? 3. What was the pension expense? 4. What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension plan? Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension Next>

FINANCIAL ACCOUNTING
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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NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Pension Benefits 2020 2019 $ 648 1 $ 637 1 31 34 Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: 54 37 (50) (50) $ 684 $ 659 Fair value of plan assets at beginning of period Actual return (loss) on plan assets* $ 496 $ 431 70 52 Employer contribution 24 74 Benefits paid (50) (50) Fair value of plan assets at end of period 540 507 Net liability recognized at end of period $ (144) $ (152) *Expected return $30 and $29 in 2020 and 2019, respectively Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI account had a balance of $350 million at the beginning of the year and was the only AOCI account related to pensions. What was the average remaining service life of employees as of 2020? 3. What was the pension expense? 4. What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension plan? Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension --- Next >
Transcribed Image Text:NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of period Service cost Interest cost Pension Benefits 2020 2019 $ 648 1 $ 637 1 31 34 Actuarial (gain) loss Benefits paid Obligation at end of period Change in plan assets: 54 37 (50) (50) $ 684 $ 659 Fair value of plan assets at beginning of period Actual return (loss) on plan assets* $ 496 $ 431 70 52 Employer contribution 24 74 Benefits paid (50) (50) Fair value of plan assets at end of period 540 507 Net liability recognized at end of period $ (144) $ (152) *Expected return $30 and $29 in 2020 and 2019, respectively Required: 1. What amount did Maur report in its balance sheet related to the pension plan at June 30, 2020? 2. When calculating pension expense at June 30, Maur included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss-AOCI). This AOCI account had a balance of $350 million at the beginning of the year and was the only AOCI account related to pensions. What was the average remaining service life of employees as of 2020? 3. What was the pension expense? 4. What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension plan? Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What were the appropriate journal entries to record Maur's pension expense and to record gains and/or losses related to the pension --- Next >
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