Not one person has gotten this correct so far - please just give the CORRECT answers to this ASAP! I will give thumbs up for correct numbers. Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not maderetroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. Theactual return was also 10% in 2021 and 2022.* A consulting firm, engaged as actuary, recommends 5% as the appropriate discountrate. The service cost is $300,000 for 2021 and $390,000 for 2022. Year-end funding is $310,000 for 2021 and $320,000 for 2022.No assumptions or estimates were revised during 2021.* We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since theestimate didn't change, that also was the actual rate in 2022.Required:Calculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands(i.e., 200,000 should be entered as 200).)X Answer is complete but not entirely correct.December 31,20211. Projected benefit obligation2.3.4.Plan assetsPension expenseNet pension asset or net pension liability$$$$0X $0X $300,000 $10,000 X $December 31,2022705,000 X661,000 X674,000 X44,000 X

Stanley-Morgan Industries 1. Calculation of projected benifits obligation as fallows below manner:…

tanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made etroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The ctual return was also 10% in 2021 and 2022.* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount ate. The service cost is $300,000 for 2021 and $390,000 for 2022. Year-end funding is $310,000 for 2021 and $320,000 for 2022. lo assumptions or estimates were revised during 2021. We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the stimate didn't change, that also was the actual rate in 2022. equired: alculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands .e., 200,000 should be entered as 200).) 1. 2. 3. 4. Answer is complete but not entirely correct. December 31, 2021 Projected benefit obligation Plan assets Pension expense Net pension asset or net pension liability $ $ $ $ December 31, 2022 0X $ 0X $ $ 10,000 $ 300,000 705,000 X 661,000 X 674,000 X 44,000 X

tanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2021. The provisions of the plan were not made etroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The ctual return was also 10% in 2021 and 2022.* A consulting firm, engaged as actuary, recommends 5% as the appropriate discount ate. The service cost is $300,000 for 2021 and $390,000 for 2022. Year-end funding is $310,000 for 2021 and $320,000 for 2022. lo assumptions or estimates were revised during 2021. We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the stimate didn't change, that also was the actual rate in 2022. equired: alculate each of the following amounts as of both December 31, 2021, and December 31, 2022: (Enter your answers in thousands .e., 200,000 should be entered as 200).) 1. 2. 3. 4. Answer is complete but not entirely correct. December 31, 2021 Projected benefit obligation Plan assets Pension expense Net pension asset or net pension liability $ $ $ $ December 31, 2022 0X $ 0X $ $ 10,000 $ 300,000 705,000 X 661,000 X 674,000 X 44,000 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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