(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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: The following information is available for Swifty Corporation for the year ended December 31, 2022:…

A: The question is based on the concept of Financial Accounting. Income Statement is the statement that…

Q: can you please answer also the items no.2 - no.10

A: A balance sheet contains three sections : Assets, Liabilities and Equity.The basic accounting…

Q: Could you please help with part c now?

A: Quantitative Easing (QE): It is a form of monetary policy. Under quantitative easing , the central…

Q: Using CVP analysis answer from d to g

A: Hi student Since you have asked for multiple subparts, we will answer only three subparts. If you…

Q: answer must be in table format or i will give down vote

A: self explanatory

Q: Source documents ________.A. are input devicesB. are output devicesC. do not have to be on paperD.…

A: Accounting is the art of classifying, recording, summarizing, and interpreting financial…

Q: What accounts should Free credit to record the issuance of the bonds and warrants? a. Bonds Payable…

A: Bonds payable is a liability account that holds the sum that the issuer owes bondholders.Given that…

Q: In the image you can look at the question . Is asking me to choose the correct answer below and fill…

A: Here, Loan Amount is $165,000 Mortgage A: Time Period (n) is 15 years Interest Rate is 6.25% Closing…

Q: Please respond via a memo on your thoughts of the GAAP article bellow:

A: Accounting Principles- Accounting principles are the principles that are to be followed by an…

Q: Can you please expand on how you got the answer for: Think-Local Inc

A: Dividend discount model will be used here. As per the dividend discount model the value of stock…

Q: Using the business transactions below, complete T-accounts for the Smith Company. I have provided a…

A: The T-accounts are prepared to record the transactions to their specific accounts and final prepared…

Q: Write a about memorandum message

A: Memorandum is a kind of internal written communication tool intended for communicating official…

Q: Write me a human paragraph without using Al about what a memorandoms of understanding is and how it…

A: A Memorandum of Understanding (MoU) is a formal agreement between two or more parties. It is not…

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.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction of Pension Expense

VIEW

Step 2: Calculation of the Pension worksheet

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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…
Information on Entity A’s defined benefit plan is as follows: PV of DBO – Jan. 1, 20x1 2,000,000 FVPA – Jan.1, 20x1 1,800,000 PV of DBO – Dec. 31, 20x1 2,900,000 FVPA, end. – Dec. 31, 20x1 2,600,000 Current service cost 400,000 Actuarial loss 200,000 Return on plan assets 120,000 Discount rate 10% How much is the component of the20x1 defined benefit cost to be recognized in profit or loss? 420,000 560,000 680,000 400,000
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
Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.How much is the defined benefit cost for 2022?
Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.What is the benefit obligation of DEF Co. on Dec. 31, 2022?
Please Introduction and show work no plagiarism please
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
Plz explain details
#14Stefan company provided the following information in relation to a defined benefit plan for thecurrent year:January 1 December 31Fair value of plan assets 1,300,000 1,500,000Projected benefit obligation 1,000,000 1,050,000Prepaid/accrued benefit cost-surplus 300,000 450,000Asset ceiling 100,000 150,000Effect of asset ceiling 200,000 300,000Current service cost 50,000Contribution to the plan 175,000Benefits paid 75,000Discount rate 10%What is the net remeasurement loss for the current year? 85,000 pls provide solution for this answer
What is the fair value of plan assets at year-end? 3650000 4650000 4900000 5850000 What is the net remeasurement of the defined benefit plan for the current year? 500 000 gain 500 000 loss 300 000 gain 300 000 loss What amount should be reported as accrued benefit cost at year-end? 2 000 000 1 500 000 1 750 000 500 000