PQR Company provided the following information for the current year: · Projected Benefit Obligation, January 1: 3,500,000 · Pension benefits paid to retired employees: 250,000 · Past service costs: 500,000 · Actuarial losses arising from remeasurement of projected benefit obligation: 200,000 · Projected Benefit Obligation, December 31: 5,000,000 Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year

PQR Company provided the following information for the current year: · Projected Benefit Obligation, January 1: 3,500,000 · Pension benefits paid to retired employees: 250,000 · Past service costs: 500,000 · Actuarial losses arising from remeasurement of projected benefit obligation: 200,000 · Projected Benefit Obligation, December 31: 5,000,000 Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year

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 3RE: Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn...

See similar textbooks

Similar questions

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.)
Cagayan Company provided the following information for the current year: January 1 Projected benefit obligation 3,500,000 During the year Pension benefits paid to retired employees 250,000 Past service cost 500,000 Actuarial loss 200,000 December 31 Projected benefit obligation 5,000,000 10% discount rate What amount was reported as current service cost by Cagayan Company ?
On January 1 of the current reporting year, Hatami Company's projected benefit obligation was $29.6 million. During the year, pension benefits paid by the trustee were $3.6 million. Service cost was $9.6 million. Pension plan assets earned $4.6 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.) (2 in millions) Beginning PBO Ending PBO aw MacBook Air
ABC Company provided the following information for the current year: Projected Benefit Obligation, January 1: 3,500,000 Pension benefits paid to retired employees: 250,000 Past service costs: 500,000 Actuarial losses arising from remeasurement of projected benefit obligation: 200,000 Projected Benefit Obligation, December 31: 5,000,000 Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year?
ABC Company provided the following information for the current year:· Projected Benefit Obligation, January 1: 3,500,000· Pension benefits paid to retired employees: 250,000· Past service costs: 500,000· Actuarial losses arising from remeasurement of projected benefit obligation: 200,000· Projected Benefit Obligation, December 31: 5,000,000Discount rate based on high-quality corporate bonds is 10%. How much is current service cost during the year?
Penslon data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,500,000 1,100,000 1,600,000 30,000 5,000 230,000 250,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
On January 1 of the current reporting year, Nike Inc.'s projected benefit obligation was $29.2 million. During the year, pension benefits paid by the trustee were $3.2 million. Service cost was $9.2 million. Pension plan assets earned $4.2 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 b
Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $410,000 January 1: PBO $ 3,010,000 ABO 2,010,000 Plan assets 3,210,000 Amortization of prior service cost 31,000 Amortization of net gain 7,100 December 31: Cash contributions to pension fund $ 276,000 Benefit payments to retirees 311,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.
On January 1 of the current reporting year, Pepper Corporation's projected benefit obligation was $30.5 million. During the year, pension benefits paid by the trustee were $4.5 million. Service cost was $10.5 million. Pension plan assets earned $5.5 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31. (Enter your answers in millions rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) ($ in millions) Beginning PBO Ending PBO
On January 1 of the current reporting year, Coda Company's projected benefit obligation was $3,000,000. During the year, pension benefits paid by the trustee were $400,000. Service cost was $875,000 . Pension plan assets earned $325,000 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%. Determine the amount of the projected benefit obligation at December 31.
The projected benefit obligation was $480 million at the beginning of the year. Service cost for the year was $26 million. At the end of the year, pension benefits paid by the trustee were $22 million and there were no pension-related other comprehensive income accounts. The actuary's discount rate was 5%. What was the amount of the projected benefit obligation at year-end? End of the year PBO C million
Pension data for Shalom Inc. include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $400,000 January 1: PBO 3,000,000 ABO 2,000,000 Plan assets 3,200,000 Amortization of prior service cost 30,000 Amortization of net gain 7,000 December 31: Cash contributions to pension fund $275,000 Benefit payments to retirees 310,000 Required: 1) Determine pension expense for the year. Show your computations. No credit if not. 2) Prepare the journal entries to record the following:a) Pension Expenseb) Contributionc) Benefit Paymentd) Any Gain or Loss 20) Broncos Co. reports pretax financial income of $