Presented below is information related to the pension plan of Ivanhoe Inc. for the year 2021. 1.   The service cost related to pension expense is $233,000 using the projected benefits approach. 2.   The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $313,000 and $266,000, respectively. The expected return on plan assets is 9% and the settlement rate is 10%. 3.   The accumulated OCI – prior service cost at the beginning of the year is $133,000. The company has a workforce of 200 employees, all who are expected to receive benefits under the plan. The total number of service-years is 1,000 and the service-years attributable to 2021 is 200. The company has decided to use the years-of-service method of amortization for these costs. 4.   At the beginning of the period, the fair value of pension plan assets was $266,000. The company had an Accumulated OCI (loss) at the beginning of the period of $83,000. Any amortization of unrecognized net loss is recognized on a straight-line basis over the average remaining service-life of the employees. 5.   The contribution made to the pension fund in 2021 was $222,000. Determine the pension expense to be reported on the income statement for 2021 Prepare the journal entry to record pension expense for 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

The Kollar Company has a defined benefit pension plan. Pension Information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2023 = $3,200. b. Prior service cost from plan amendment on January 2, 2024 = $600 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 = $640. d. Service cost for 2025 = $690. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10% f. Payments to retirees in 2024 = $500. g. Payments to retirees in 2025 = $570. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2024 = $370. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2024 = $2,300. b. 2024 contributions = $660. c. 2025 contributions = $710. d. Expected…

Pharoah Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.     ProjectedBenefitObligation   PlanAssetsValue 2019   $2,340,000   $2,223,000 2020   2,808,000   2,925,000 2021   3,451,500   3,042,000 2022   4,212,000   3,510,000 The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows: 2019, $327,600 loss; 2020, $105,300 loss; 2021, $12,870 loss; and 2022, $29,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

Sandhill Co. had the following selected balances at December 31, 2021: Projected benefit obligation   $4,640,000 Accumulated benefit obligation   4,540,000 Fair value of plan assets   4,285,000 Accumulated OCI (PSC)   165,000 Calculate the pension asset/liability to be recorded at December 31, 2021. Pension                                                               $