On January 1, 2026, Pharoah 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 2026 are: $3650000 Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain 2350000 O $3173000. O $988000. O $1650000. O $3010000. $ 340000 90000 465000 190000 385000 18000 The fair value of plan assets disclosed in the notes at December 31, 2026 is

On January 1, 2026, Pharoah 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 2026 are: $3650000 Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain 2350000 O $3173000. O $988000. O $1650000. O $3010000. $ 340000 90000 465000 190000 385000 18000 The fair value of plan assets disclosed in the notes at December 31, 2026 is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7RE

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On January 1, 2021, Pharoah 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: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000
Presented below is pension information for Pharoah Company for the year 2026: Actual return on plan assets Interest on vested benefits Service cost Interest on projected benefit obligation Amortization of prior service cost due to increase in benefits $76000 O $355000. O $203000. O $279000. O $192000. 49000 154000 67000 58000 If the actual return equals the expected return on plan assets, the amount of pension expense to be reported for 2026 is
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
On January 1, 2021, Oriole Co. has the following balances: Projected benefit obligation $3650000 Fair value of plan assets 3150000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $315000 Amortization of prior service costs due to increase in benefits 106000 Contributions 515000 Benefits paid 240000 Actual return on plan assets 410000 Amortization of net gain 33000 The fair value of plan assets at December 31, 2021 is $3593000. $4060000. $3650000. $3835000.
The following information relates to the pension plan for the employees of Cullumber Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) The corridor for 2026 is 1/1/25 $1102000. $1073600. $1410700. $1212200. $9340000 9865000 9025000 0 12/31/25 $9760000 10558000 11020000 (1522000) 11% 8% 12/31/26 $12700000 14107000 12154000 (1690000) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1323000 in 2026 and benefits paid were $987000. 7%
The following information is available for the pension pan of Ivanhoe Company for the year 2020. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2020 Service cost (a) Your answer is correct. Compute pension expense for the year 2020. Pension expense for 2020 eTextbook and Medial List of Accounts $ $13.800 36,600 88,000 11 % 7,900 502,000 59,000 108320
Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
On January 1, 2021, Crane Co. has the following balances: Projected benefit obligation $3450000 Fair value of plan assets 2950000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $295000 Amortization of prior service costs due to increase in benefits 98000 Contributions 495000 Benefits paid 220000 Actual return on plan assets 390000 Amortization of net gain 29000 The fair value of plan assets at December 31, 2021 is $3450000. $3840000. $3615000. $3389000.
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
The following data are for the pension plan for the employees of Blossom Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5010000 5410000 O $610000. $400000. O $520000. O $320000. 4610000 The actual return on plan assets in 2026 was 0 12/31/25 $5210000 5610000 6010000 970000 9% 7% 12/31/26 $6810000 7410000 6620000 1010000 8% Blossom's contribution was $850000 in 2026 and benefits paid were $760000. Blossom estimates that the average remaining service life is 15 years. 6%
Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit obligation, January 1, 2024 Plan assets (fair value), January 1, 2024 Prior service cost-AOCI (2024 amortization, $8) Net loss-AOCI (2024 amortization, $1) Interest rate, 5% Expected return on plan assets, 9% Actual return on plan assets, 10% ($ in thousands) $ 127 560 600 92 113 Required: Determine pension expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
On January 1, 2021, Sandhill Co. has the following balances: Projected benefit obligation $ 5200000 Fair value of plan assets 4600000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost $ 316000 Amortization of prior service costs 70000 Contributions 356000 Benefits paid 331000 Actual return on plan assets 348000 Amortization of net gain 23600 The balance of the projected benefit obligation at December 31, 2021 is: $5494000. $5653000. $5984000. $5668000.