Presented below is information related to the pension plan of Sandhill Inc. for the year 2021. 1.   The service cost related to pension expense is $250,000 using the projected benefits approach. 2.   The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $330,000 and $300,000, 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 $150,000. 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 $300,000. The company had an Accumulated OCI (loss) at the beginning of the period of $100,000. 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 $239,000. Determine the pension expense to be reported on the income statement for 2021 Pension Expense $

On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets Service cost The settlement rate is 11%. Other data related to the pension plan for 2021 are: $3700000 Benefits paid Actual return on plan assets Amortization of net gain 3200000 Amortization of prior service costs due to increase in benefits Contributions O $3644000. O $3890000. O $4115000. O $3700000. The fair value of plan assets at December 31, 2021 is $320000 108000 520000 245000 415000 34000

) Maytag Service Co. reported the following for its defined-benefit pension plan for 2021:               Settlement rate                                                                                                                                   3%             Expected rate of return on plan assets                                                                                        6.5%             Service cost                                                                                                                             $750,000             Actual return on plan assets                                                                                                 $460,000             Benefits paid to retirees                                                                                                        $485,000             Average remaining service life of existing employees                                                     10 years             Projected…

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. Projected Plan Assets Value Benefit Obligation 2019 $2,320,000 $2,204,000 2020 2,784,000 2,900,000 2021 3,422,000 3,016,000 2022 4,176,000 3,480,000 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, $324,800 loss; 2020, $104,400 loss; 2021, $12,760 loss; and 2022, $29,000 gain. (In working the solution, the gains and losses must be ted to arrive at year-end balances.) Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule. Year Minimum Amortization of Los 2019 24 2020 2$ 2021 2$ 2022 2$

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $25) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. ($ in thousands) $ 490 3,200 2,900 3,300 415 510 December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 425 450 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.

What's AllenCo's total "pension expense" for 2020?

The following information is available for Cullumber Corporation's pension plan for the year 2023: Plan assets, January 1, 2023 Actual return on plan assets $430,000 17,000 Benefits paid to retirees 40,200 Contributions (funding) 94,300 Discount rate 10% Defined benefit obligation, January 1, 2023, accounting basis valuation 518,000 Service cost 65,400

Buffalo Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit obligation   $2,761,900 Accumulated benefit obligation   1,970,300 Fair value of plan assets   2,283,700 Accumulated OCI (PSC)   207,900 Accumulated OCI—Net loss (1/1/20 balance, 0)   45,600 Pension liability   478,200 Other pension plan data for 2020:        Service cost   $94,400    Prior service cost amortization   42,000    Actual return on plan assets   128,900    Expected return on plan assets   174,500    Interest on January 1, 2020, projected benefit obligation   251,500    Contributions to plan   94,200    Benefits paid   141,200 (a)     Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension…

3b.  The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets   $ 14,700   Benefits paid to retirees   40,800   Contributions (funding)   81,100   Interest/discount rate   10 % Prior service cost amortization   7,600   Projected benefit obligation, January 1, 2020   458,000   Service cost   63,900   (a)   Your answer has been saved. See score details after the due date. Compute pension expense for the year 2020. Pension expense for 2020   $enter pension expense for 2017 in dollars              Attempts: 1 of 1 used       (b)     Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for…

the warren groups pension expense is 78 million. the amount includes a 46 million service cost, a 60 million interest cost, a 34 million reduction for the expected return on plan assets, and a 6 million amoritization of a prior service cost. prepare the journal entry to record the pension expense?