(answer in text form please (without image), Note: .Every entry should have narration please) Service costContribution to the plan$91,200104,700Prior service cost amortization9,800Actual and expected return on plan assets62,800Benefits paid40,500Plan assets at January 1, 2025632,600Projected benefit obligation at January 1, 2025686,700Accumulated OCI (PSC) at January 1, 2025152,100Interest/discount (settlement) rate9%(a)Your answer is partially correct.Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

Pension Expense-"Pension Expense" is the business expenses in relation to the employees that were…

Answered: Prepare a pension worksheet inserting…

Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

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 14E: Refer to the information provided in E19-13. Required: Using the years-of-future-service method,...

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Question

(answer in text form please (without image), Note: .Every entry should have narration please)

Service cost
Contribution to the plan
$91,200
104,700
Prior service cost amortization
9,800
Actual and expected return on plan assets
62,800
Benefits paid
40,500
Plan assets at January 1, 2025
632,600
Projected benefit obligation at January 1, 2025
686,700
Accumulated OCI (PSC) at January 1, 2025
152,100
Interest/discount (settlement) rate
9%
(a)
Your answer is partially correct.
Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)

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Fair value of plan assets 4,750,000Unamortized past service cost 1,250,000Projected benefit obligation 5,500,000Unrecognized actuarial gain 850,000The transactions for the current year relating to the defined benefit plan are as follows:Current service cost 925,000Discount rate 6%Actual return on plan assets 485,000Contribution to the plan 1,350,000Benefits paid to retirees 995,000Increase in projected benefit obligation due to changes in actuarial assumptions 150,000Effective in the current year, the entity has applied the provisions of revised PAS 19 in relation to the definedbenefit plan.REQUIRED:15. Prepare journal entry to recognize the transitional effect of adopting revised PAS 19.16. Determine the employee benefit expense for the current year.17. Compute the remeasurement related to the defined benefit plan.18. Prepare journal entry to record the employee benefit expense.19. Compute for the Fair Value Plan Asset (FVPA) as of December 31.20. Compute for the projected benefit…
B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED:7. Compute the net remeasurement loss for the current year
B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED: 6. Compute the employee benefit expense for the current year
B. An entity provided the following information during the current year:January 1 December 31Fair value of plan assets 6,000,000 9,000,000Projected benefit obligation 4,500,000 5,000,000Prepaid/accrued benefit cost – surplus 1,500,000 4,000,000Asset ceiling 1,000,000 2,500,000Effect of asset ceiling 500,000 1,500,000During the year, the entity recognized current service cost P2,000,000, actual return on plan assets P400,000,and contribution to the plan P4,550,000 and benefits paid P1,950,000. The discount rate is 10% REQUIRED:9. Compute the amount of prepaid benefit cost that should be reported on December 31
Information regarding define benefit plan as of December 31, 2003 15/35 follows: Fair value of pian assets, January 1 P480, 000 Fair value of plan assets, December 31 PV of define benefit obligation P 1, 128, 000 P720, 000 P800, 000 Contribution made to the fund, July 1 Benefits paid to retirees, September 30 P200, 000 6% 7) How much is the interest income on the plant asset? Discount rate a. 56, 400 b. 24, 000 C. 41, 500 d. 46, 000 8) How much is the remeasurement to the net defined liability(asset) to be recognized in other comprehensive income? a. 5, 000 gain b. 5, 000 loss C. 6,500gain d. 0
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2 ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, current year January 1, current year: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)" Prior service cost- AOCI (current year amortization, $30) Net gain- AOCI (current year amortization, $12) There were no changes in actuarial assumptions. December 31, current year: Cash contributions to pension fund, December 31, current year Benefit payments to retirees, December 31, current year Required: 1. Determine pension expense for the current year. $ 500 3,250 2,950 3,350 420 520 435 460 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the current year. Note: Amounts to be deducted should be indicated with a minus sign.…
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Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the period $1,000,000; and fair value of the plan assets at the end of the period $10,150,000. O a. $ 1,250,000 O b. $ 1,350,000 $ 1,400,000 O d. $ 1,450,000
Jeff Irvin Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the total defined benefit cost? O 1,700,000 O 800,000 O 1,000,000 O 1,500,000
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