On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan: Service cost $95,610 Interest cost on projected benefit obligation 11,810 Expected return on plan assets 11,050 Amortization of prior service cost 1,950   On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,790. Required: 1. Compute the amount of Robey’s pension expense for 2019. 2. Prepare all the journal entries related to Robey’s pension plan for 2019 if it funds the pension plan in the amount of (a) $98,320, (b) $97,290, and (c) $102,670. 3. Next Level Assuming Robey’s beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,370 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $4,780 at the end of 2019?

Blossom Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value)   $480,000   Projected benefit obligation   650,000   Pension asset/liability   170,000  Cr. Prior service cost   80,000   Net gain or loss (debit)   85,000   As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost   $99,000   Settlement rate, 9%; expected return rate, 10%       Actual return on plan assets   42,000   Amortization of prior service cost   25,000   Contributions   124,000   Benefits paid retirees   82,000   Average remaining service life of active employees   10  years Using the preceding data, compute pension expense for Blossom Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense   PICTURE BELOW FOR REFERENCE:

Manno Corporation has the following information available concerning its defined-benefit pension plan for 2020. Service cost Contributions Interest cost Actual return on plan assets Expected return on plan assets Prior service cost amortization Benefits paid Compute Manno's 2020 pension expense. $40,000 50,000 47,400 25,000 26,900 35,000 100,000

Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 740 76 37 (21) (37) $ 795 ($ in millions) $ 760 47 (Expected return on plan assets, $52) 88 Pension benefits paid (37) Balance, December 31, 2024 $ 858 January 1, 2024, balances: ($ in millions) Pension asset $ 20 Balance, January 1, 2024 Actual return on plan assets Cash contributions Prior service cost-AOCI (amortization $7 per year) Net gain-AOCI (any amortization over 10 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 35 116 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might…

The following information pertains to Foundry Inc.'s defined benefit pension plan: 2021 2022 Beginning Beginning ($ in thousands) balances balances Projected benefit obligation $ ( 6,100) $ (6,604) Plan assets 5,800 6,436 Prior service cost-AOCI 610 575 Net loss-AOCI 2$ 730 2$ 816 At the end of 2021, Foundry contributed $715 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 11%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense for Foundry's plan? Multiple Choice $625 thousand. None of these are correct. $532 thousand. $603 thousand.

On January 1, 2021, a company has the following balances for its defined-benefit plan:   Projected benefit obligation    $536,000Fair value of plan assets 804,000   Other data related to the pension plan for 2021 are: Amortization of accumulated OCI-loss $76,000 Decrease in projected benefit obligation due to changes in actuarial assumptions  165,000 Service cost 311,840 Interest cost 218,000 Amortization of prior service costs 133,000 Contributions 475,000 Benefits paid 272,740 Actual return on plan assets   398,000 Expected return on plan assets 406,000   The balance of the projected benefit obligation at December 31, 2021 is $__________.

At December 31, 2020, Metlock Corporation had a projected benefit obligation of $504,700, plan assets of $342,200, and prior service cost of $128,700 in accumulated other comprehensive income.Determine the pension asset/liability at December 31, 2020.

Blossom Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value)   $480,000   Projected benefit obligation   650,000   Pension asset/liability   170,000  Cr. Prior service cost   80,000   Net gain or loss (debit)   85,000   As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost   $99,000   Settlement rate, 9%; expected return rate, 10%       Actual return on plan assets   42,000   Amortization of prior service cost   25,000   Contributions   124,000   Benefits paid retirees   82,000   Average remaining service life of active employees   10  years Using the preceding data, compute pension expense for Blossom Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)   PLEASE FIX THE INCORRECT…

The following information pertains to a defined benefit pension plan that Arora Inc. sponsors in 2020. PBO balance, January 1, 2020 $160,000 Service cost 19,000 Interest cost 11,200 Prior service cost adjustment based on past service, January 1, 2020 30,000 Amortization of prior service cost 3,000 Actuarial gain on PBO 6,000 Benefits paid to retirees 2,500 Contributions to plan 18,000 What is the PBO balance on December 31, 2020? Select one: a. $228,700 b. $216,700 c. $211,700 d. $193,700

Buffalo Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation   $2,761,900 Accumulated benefit obligation   1,970,300 Fair value of plan assets   2,283,700 Accumulated OCI (PSC)   207,900 Accumulated OCI—Net loss (1/1/20 balance, 0)   45,600 Pension liability   478,200 Other pension plan data for 2020:        Service cost   $94,400    Prior service cost amortization   42,000    Actual return on plan assets   128,900    Expected return on plan assets   174,500    Interest on January 1, 2020, projected benefit obligation   251,500    Contributions to plan   94,200    Benefits paid   141,200 (a)     Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension…