Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets   $458,800   Projected benefit obligation   574,100   Pension asset/liability   115,300   Accumulated OCI (PSC)   103,900 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost   $94,400 Settlement rate, 8%     Actual return on plan assets   54,600 Amortization of prior service cost   19,100 Expected return on plan assets   51,500 Unexpected loss from change in projected benefit obligation,    due to change in actuarial predictions   75,700 Contributions   101,100 Benefits paid retirees   86,700

Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the followingbalances related to this planPlan Assets at fair value 450,000Defined Benefit Obligation 600,000As a result of the operations of the plan during 2020, the actuary provided the following additional data atDecember 31,2020. Service Cost for 2020 75,000Actual return on plan assets in 2020 45,000Past service cost, effective Jan 01 2020 120,000Contributions in 2020 115,000Benefits paid to retirees in 2020 70,000Discount Rate 8 %Average remaining service life of activeemployees35 yearsRequired:a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.

Klondike Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2019 and 2020. 2019 2020 Projected benefit obligation, January 1 Plan assets (fair value and market-related value), January 1 Pension asset/liability, January 1 Prior service cost, January 1 Service cost S600,000 410,000 190,000 Cr. 160,000 40,000 $ 59,000 Settlement rate 10% 10% Expected rate of return Actual return on plan assets 10% 10% 36,000 61,000 Amortization of prior service cost 70,000 50,000 Annual contributions 97,000 81,000 Benefits paid retirees 31,500 54,000 87,000 721,800 Increase in projected benefit obligation due to changes in actuarial assumptions Accumulated benefit obligation at December 31 Average service life of all employees Vested benefit obligation at December 31 -0- 789,000 20 years 464,000 Instructions (a) For both years 2019 and 2020, compute the annual pension expense.

Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value)   $565,000   Projected benefit obligation   656,000   Pension asset/liability   91,000  Cr. Prior service cost   86,000   Net gain or loss (debit)   92,000   As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost   $98,000   Settlement rate, 9%; expected return rate, 10%       Actual return on plan assets   50,000   Amortization of prior service cost   26,000   Contributions   126,000   Benefits paid retirees   92,000   Average remaining service life of active employees   10  years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…

Flint Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $200,700; projected benefit obligation $253,000. Other data relating to 3 years' operation of the plan are as follows. 2019 2020 2021 Annual service cost $16,000 $19,100 $25,900 Settlement rate and expected rate of return 10 % 10 % 10 % Actual return on plan assets 18,300 22,120 23,500 Annual funding (contributions) 16,000 39,700 48.700 Benefits paid 13,800 16,600 20,700 Prior service cost (plan amended, 1/1/20) 160,500 Amortization of prior service cost 55,000 41,600 Change in actuarial assumptions establishes a December 31. 2021, projected benefit obligation of 519,300 Dec. 31, Pension Expense 89618 2021 Pension Asset/Liability 19800 Other Comprehensive Income (G/L) 19118 Other Comprehensive Income (PSC) 41600 Cash 48700

Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. The corporation uses ASPE. Current service costs $ 50,000 Contributions to the plan 55,000 Actual return on plan assets 40,000 Defined benefit obligation (beginning of year) 600,000 Fair value of plan assets (beginning of year) 400,000 Interest cost on the obligation 10% The pension expense to be reportedfor 2019 is     Select one: a. $110,000. b. $70,000. c. $65,000. d. $50,000. e. None of the above.

Oriole Company provides the following selected information related to its defined benefit pension plan for 2025. Pension asset/liability (January 1) $24,900 Cr. Accumulated benefit obligation (December 31) 402,300 Actual and expected return on plan assets 10,900 Contributions (funding) in 2025 151,500 Fair value of plan assets (December 31) 805,100 Settlement rate 10% Projected benefit obligation (January 1) 697,100 Service cost 80,510 (a1) × Your answer is incorrect. Compute pension expense. Pension expense for 2025 $ 149320

Carla Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $ 197,800; projected benefit obligation $ 252,000. Other data relating to 3 years’ operation of the plan are as follows.     2019   2020   2021 Annual service cost   $ 15,800     $ 19,300     $ 26,000   Settlement rate and expected rate of return   10 %   10 %   10 % Actual return on plan assets   17,700     21,740     24,100   Annual funding (contributions)   15,800     39,700     47,300   Benefits paid   13,900     16,100     21,200   Prior service cost (plan amended, 1/1/20)         161,100         Amortization of prior service cost         54,200     41,000   Change in actuarial assumptions establishes   a December 31, 2021, projected benefit obligation of:               522,400     Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each…

Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__