Question 25 Carla Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017. 1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $82,000. 2. The company’s funding policy requires a contribution to the pension trustee amounting to $151,000 for 2017. 3. As of January 1, 2017, the company had a projected benefit obligation of $1,603,000 and a debit balance of $429,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $1,373,000 at the beginning of the year. The actual and expected return on plan assets was $63,000. The settlement rate was 5%. No gains or losses occurred in 2017 and no benefits were paid. 4. Amortization of prior service cost was $85,800 in 2017. Amortization of net gain or loss was not required in 2017. (c) Indicate the amounts that would be reported on the income statement and the balance sheet for the year 2017. Income Statement enter an account title $enter a dollar amount Balance Sheet select a section name enter an account title $enter a dollar amount

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QUESTION 3 Bacon Bad is a national diner that has set up a defined benefit pension plan for its employees. The company uses IFRS and has provided you with the following information pertaining to its pension plan: Pension obligation, December 31,2021 - $6854203 Plan assets, December 31, 2021 - $5906519 Interest rate on pension obligations - 3% Current service cost for the year (accrued at the end of the year) - $598059 Improvement in pension plan, effective on January 1, 2022 - $62000 Actuarial gain on change in assumptions - $0 Expected retum on plan assets -3% of plan assets Actual return on plan assets - $271186 Amounts remitted by employer to pension trust on January 1,2022 - $668416 Payments we do not need payment to retiree

Exercise 20-10 Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets   $498,300   Projected benefit obligation   614,700   Pension asset/liability   116,400   Accumulated OCI (PSC)   96,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost   $92,500 Settlement rate, 9%     Actual return on plan assets   54,200 Amortization of prior service cost   18,100 Expected return on plan assets   51,200 Unexpected loss from change in projected benefit obligation,   due to change in actuarial predictions   74,200 Contributions   97,200 Benefits paid retirees   82,600             Using the data above, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet. (Enter all amounts as…

Current Attempt in Progress Sheridan Corporation sponsors a defined benefit pension plan for its 100 employees. On January 1, 2023, the company's actuary provided the following information: Pension plan assets (fair value) Defined benefit obligation $1,020,000 1,410,000 The actuary calculated that the present value of future benefits earned for employee services rendered in 2023 amounted to $214,000, the December 31, 2023 defined benefit obligation was $1,831,200, and the appropriate interest or discount rate was 9%. The plan assets generated a return of $84,600 during 2023. The company funded the 2023 current service cost as well as $106,100 of the past service costs recognized in a previous year; however, no benefits were paid during the year. Sheridan is a private company and applies ASPE. (a) Prepare a schedule that indicates what the plan's surplus or deficit is at December 31, 2023. $

31 The following information relates to the defined benefit pension plan of Wendy Corporation for the year ending December 31, 2012: Pension benefit obligation Pension fund assets Service cost Interest cost Expected return on fund assets $4,600,000 5,035,000 450,000 32,500 425,000 What is the net pension asset or liability for Wendy corporation in 2012? $435,000 pension asset $425,000 pension asset $425,000 pension liability $435,000 pension liability

Sunland 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 Benefit Obligation 2024 $2,160,000 $2,052,000 2025 2,592,000 2,700,000 2026 2,808,000 3,240,000 2027 Year The average remaining service life per employee in 2024 and 2025 is 10 years; and in 2026 and 2027, is 12 years. The net gain or loss that occurred during each year is as follows: 2024, $302,400 loss; 2025, $97,200 loss; 2026, $11,880 loss; and 2027, $27,000 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.) 2024 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. (Do not leave any answer field blank. Enter O for amounts.) Minimum Amortization of Loss 2025 3,186,000 2026 3,888,000 2027 Plan Assets Value 100

Current Attempt in Progress Bramble Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 90,300 Contribution to the plan 106,800 Prior service cost amortization 9,600 Actual and expected return on plan assets 63,800 Benefits paid 39,700 Plan assets at January 1, 2020 629,900 Projected benefit obligation at January 1, 2020 706,100 Accumulated OCI (PSC) at January 1, 2020 150,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020 $ %24