Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years. For Year 4, current service cost was $37.000 and interest on the projected benefit obligation was S18,000, Strum's retum on plan assets, actual and estimated, was $8,000. On December 31, Year 4, Strum Corp. contributed $30,000 to its pension plan. Strum's Year 4 pension expense was: O $63,000 O SA7,000 O 555,000 O $30,000
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- Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.Strum Corp. has maintained a defined benefit pension plan for its employees for a number of years. For Year 4, current service cost was $37,000 and interest on the projected benefit obligation was $18,000. Strum's return on plan assets, actual and estimated, was S8,000. On December 31, Year 4, Strum Corp. contributed $30,000 to its pension plan. Strum's Year 4 pension expense was: O S63,000 O S47,000 O S55,000 O $30,000The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: • The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. • The prior service cost amortization each year was $290,000. • The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. • The actuarially determined discount rate and the expected return on plan assets was 10%. • The actual return on plan assets was 9.5%. • Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the balance of the projected benefit obligation as of December 31, 20X2?
- The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $950,000 during 20X1 and $1,045,000 during 20X2. The prior service cost amortization each year was $290,000. The contribution to the pension plan was $1,500,000 on December 31, 20X1 and $1,800,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets was 10%. The actual return on plan assets was 9.5%. Retirement benefits pertaining to years of service prior to 20X1 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,335,000 $1,280,000 $1,185,000 $1,599,000Gruber Enterprises started its defined benefit pension plan on January 1, Year 1. By the beginning of Year 3, the company had accumulated $300,000 in pension plan assets and was already making benefit payments to its employees. During Year 3, Gruber paid out $20,000 in benefits and contributed $70,000 to the plan. The plan assets had a fair market value of 5377.000. What was the amount of the retun on plan assets in Year 3? O S7,000 O $27,000 O 537,000 O $47,000Howard, Inc. established a defined benefit pension plan two years ago. Details related to the pension plan are as follows: Defined benefit, noncontributory plan with immediate full vesting. Benefits paid at the end of each retirement year beginning at age60. Expected11% rate of return on plan assets. December 31, 20X4 December 31, 20X5 Projected benefit obligation $840,000 $1,336,000 Fair & market-related value of plan assets $869,800 1,394,176 Accumulated benefit obligation 700,000 800,000 Additional information: Howard funded $440,000to the plan on December 31, 20X5 Howard's discount is10%. Average remaining service period of active employees is20 years. Service cost for20X5 is $432,000. Howard did not award retroactive benefits when the plan was adopted. Unrecognized prior net gain on January1, 20X5 was $4,150. Benefits paid $20,000 Calculate and record Howard's minimum required net periodic pension cost for 20X5.Debit Credit Cash $250,000 Accounts Receivable $757,800…
- 6) The following facts apply to the pension plan of Trudy Borke Inc. for the year 20X1: Plan assets, January 1 20X1 $490,000Projected benefit obligation January 1 20X1 490,000Settlement rate 8.5%Annual pension service cost 40,000Contributions (funding) 30,000Actual return on plan assets 49,700Benefits paid to retirees 33,400 What is the pension expense for 20X1?5. You gathered the following information related to Ashley Company’s the defined benefit plan for the current year ended December 31: Fair value of plan assets: P2,100 million at January 1, and P2,300 million at December 31 Present value of obligation to provide benefits: P2,200 million at January 1, and P2,600 million at December 31 Contributions paid to the fund: P80 million Benefits paid to retired employees: P50 million The defined benefit cost for the year is Group of answer choices P250 million P280 million P200 million P120 millionhe following information relates to the pension plan for the employees of Cullumber Co.: (See Image) Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $ 1213000 in 2021 and benefits paid were $ 877000.The actual return on plan assets in 2021 is a. $ 2011000. b. $ 1134000. c. $ 798000. d. $ 336000.
- Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan). Required: Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following independent situations regarding the other components of pension expense ($ in millions): 1. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2. 2. Interest cost, $6; expected return on assets, $4; amortization of net gain, $2. 3. Interest cost, $6; expected return on assets, $4; amortization of net loss, $2; amortization of prior service cost, $3 million.Harrison Forklift's pension expense Includes a service cost of $23 million. Harrison began the year with a pension liability of $43 million (underfunded pension plan). 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5. 2. Interest cost, $19; expected return on assets, $14; amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost, $6 million. Required: Prepare the appropriate general Journal entries to record Harrison's pension expense in each of the above Independent situations regarding the other (non-service cost) components of pension expense ($ in millions): (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter your answers in millions (l.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet < 2 3 1 Prepare the appropriate journal entry to record pension…The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 20X1: The service cost was $750,000 during 20X1 and $1,125,000 during 20X2. The contribution to the pension plan was $600,000 on December 31, 20X1 and $1,200,000 on December 31, 20X2. The actuarially determined discount rate and the expected return on plan assets are both 10%. The actual return on plan assets was 10.5%. Retirement benefits pertaining to years of service prior to 20X1 were not granted to the employees. What is the pension expense for the year ended December 31, 20X2? Multiple Choice $1,140,000 $1,065,000 $1,200,000 $1,137,000