A33. Monty Acres sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.Vested benefit obligationAccumulated benefit obligationProjected benefit obligationPlan assets (fair value)Settlement rate and expected rate of returnPension asset/liabilityAccumulated OCI (PSC)Service cost for the year 2020Contributions (funding in 2020)Benefits paid in 2020January 1, 2020$510The average remaining service life per employee is 10 years.620830560270200December 31, 2020$62079095373010%??1008060 Prepare the journal entries at December 31, 2020, to record pension expense and related pension transactions. (If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when theamount is entered. Do not indent manually.)DateDec. 31,2020Account Titles and ExplanationDebitCredit

Pension is the amount of money that an individual saves for his or her retirement. It is a…

Answered: Prepare the journal entries at December…

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 4E

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Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT
Carla Vista Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan. January 1, December 31, 2020 2020 Vested benefit obligation $1,620 $1,780 Accumulated benefit obligation 1,780 2,720 Projected benefit obligation 2,550 3,590 Plan assets (fair value) 1,650 2,800 Settlement rate and expected rate of return 10 % Pension asset/liability 900 ? Service cost for the year 2020 390 Contributions (funding in 2020) Benefits paid in 202- 680 180 (a) Compute the actual return on the plan assets in 2020. Actual return on the plan assets $ (b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2020. (Assume the January 1, 2020, balance was zero.) (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Net pension liability gains and losses $ (c) Compute the amount of net gain or loss amortization for 2020 (corridor approach). Net gain or loss amortization $ (d)…

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