Pearsall Company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $11,500; interest cost, $6,500. The discount rate applied by the actuary was 10%. What was the service cost for the year?   Multiple Choice   $52,000.   $5,000.   $94,000.   $18,000.

How do I go about calculating pension payouts to determine a company's financial obligation? Additional info is below: Postretirement BenefitsPeyton Approved has revised its postretirement plan. It will now provide health insurance to retired employees. Management has requested that you report the short- and long-term financial implications of this. The company is currently employing 60, and actuaries estimate that the company has a pension liability of $107,041.70. The estimated cost of retired employees’ health insurance is $43,718.91. Prepare adjusting entries for the pension liability and the health insurance liability

Dell Company adopted a defined benefit pension plan on January 1, 20X1. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected rate of return. The following additional data are available for 20X1: Service cost for 20x1 Prior service cost amortization Employer contribution made at 12/31/20X1 Required: Compute the pension asset (liability) to be reported on Dell's December 31, 20X1, balance sheet. (A net pension liability should be indicated by a minus sign.) Answer is complete but not entirely correct. $ Pension asset (liability) to be reported $320,000 83,400 335,000 1,412,808

Shamrock 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)   $565,000   Projected benefit obligation   656,000   Pension asset/liability   91,000  Cr. Prior service cost   86,000   Net gain or loss (debit)   92,000   As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost   $98,000   Settlement rate, 9%; expected return rate, 10%       Actual return on plan assets   50,000   Amortization of prior service cost   26,000   Contributions   126,000   Benefits paid retirees   92,000   Average remaining service life of active employees   10  years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…

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, 20X1, East Corporation adopted a defined benefit pension plan. At plan inception, the prior service cost was $60,000. In 20X1, East incurred service cost of $150,000 and amortized $12,000 of prior service cost. On December 31, 20X1, East contributed $160,000 to the pension plan. East assumes a 6% discount rate and 5% expected rate of return.   Required: At December 31, 20X1, what amounts should East report as a pension asset (liability) and AOCI on its balance sheet? (A net pension liability should be indicated with by minus sign.)

A company has a noncontributory, defined benefit pension plan. On December 31 of the current year (the end of the company's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, current year Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in current year Pension benefits paid Balance, December 31, current year Plan Assets Balance, January 1, current year Actual return on plan assets (Expected return on plan assets, $46) Cash contributions Pension benefits paid Balance, December 31, current year January 1, current year, balances: Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 10 years) (5 in millions) Balance, January 1, current year Service cost Interest cost, 5% Expected return on assets Adjust for Loss on assets Amortization of Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, December 31, curent…

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.)

Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension formula calculated a pension cost of $264,000. Only $15,840 was contributed to the pension plan administrator. (a)  Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b)  Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

The trustee for the Bronson Corporation defined benefit pension plan sent a report to the CEO with the following information for the fiscal year:       Beginning balance of plan assets at fair value $ 1,560,000   Actual return on plan assets $ 210,000   Employer’s contribution $ 150,000   Distributions to retirees $ 75,000   Service cost $ 125,000   Interest cost $ 156,000   Loss from changes in benefits or assumptions $ 35,000   Beginning balance of the PBO $ 1,580,000       The ending balance of plan assets is:   Multiple Choice   $1,770,000.   $1,845,000.   $1,920,000.   $1,955,000.