$408 thousand$530 thousand$650 thousandCannot be determined from the given information The following information pertains to LL Marshall Corporation's defined benefit pension plan:2024 Beginning 2025 Beginningbalances,$ (7,600)7,300760$ 880(S in thousands)Projected benefit obligationPlan assetsPrior service cost-AOCINet loss-AOCIbalances$ (8,104)7,936720$ 960At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made toretirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarialestimates and assumptions regarding the PBO.What is the 2024 service cost for LL Marshall's plan?

As per IAS 19 Defined Benefit Obligation represents the present value of the future pension benefits…

The following information pertains to LL Marshall Corporation's defined benefit pension plan: 2024 Beginning 2025 Beginning balances balances $ (7,600) $ (8,104) 7,300 760 7,936 720 $ 960 $ 880 (S in thousands) Projected benefit obligation Plan assets Prior service cost-AOCI Net loss-AOCI At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?

The following information pertains to LL Marshall Corporation's defined benefit pension plan: 2024 Beginning 2025 Beginning balances balances $ (7,600) $ (8,104) 7,300 760 7,936 720 $ 960 $ 880 (S in thousands) Projected benefit obligation Plan assets Prior service cost-AOCI Net loss-AOCI At the end of 2024, LL Marshall contributed $600 thousand to the pension fund and benefit payments of $754 thousand were made to retirees. The expected rate of return on plan assets was 12%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2024 service cost for LL Marshall's plan?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

See similar textbooks

Similar questions

. The following information pertains to Sowell Corporation's defined benefit pension plan: 2022 2023 Beginning Beginning ($ in thousands) balances balances Projected benefit obligation $ (6,000) $ (6,504) Plan assets 5,760 6,336 Prior service cost–AOCI 600 552 Net loss–AOCI $ 720 $ 786 At the end of 2022, Sowell contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2022 pension expense for Sowell's plan? A. $594 thousand. B. $606 thousand. C. $678 thousand. D. None of these are correct.
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__
the following information pertains to Dreamworld Corporation's defined benefit pension plan:($ in thousands) 2021Beginning balances 2022Beginning balances Projected benefit obligation $ (7,700 ) $ (8,204 ) Plan assets 7,400 8,036 Prior service cost–AOCI 770 700 Net loss–AOCI $ 890 $ 960 At the end of 2021, Dreamworld contributed $745 thousand to the pension fund and benefit payments of $764 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense for Dreamworld’s plan?
The following information pertains to Foundry Inc.'s defined benefit pension plan: 2021 2022 Beginning Beginning ($ in thousands) balances balances Projected benefit obligation $ ( 6,100) $ (6,604) Plan assets 5,800 6,436 Prior service cost-AOCI 610 575 Net loss-AOCI 2$ 730 2$ 816 At the end of 2021, Foundry contributed $715 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 11%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 pension expense for Foundry's plan? Multiple Choice $625 thousand. None of these are correct. $532 thousand. $603 thousand.
Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $226,700 Contribution to the plan 264,200 Past service cost, effective December 31, 2023 26,700 Actual return on plan assets 160,000 Benefits paid 117,000 Net defined benefit liability at January 1, 2023 401,700 Plan assets at January 1, 2023 1,600,000 Defined benefit obligation at January 1, 2023 2,001,700 Interest/discount rate on the DBO and plan assets 10% Pharoah follows IFRS. (a) Prepare a continuity schedule for 2023 for the defined benefit obligation. (Enter negative amounts using eithe preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Corporation Continuity Schedule 2023 $
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,600 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2025 650,000 Projected benefit obligation at January 1, 2025 692,000 Accumulated OCI (PSC) at January 1, 2025 150,000 Interest/discount (settlement) rate 11% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.
Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $90,100 104,900 Prior service cost amortization 10,800 Actual and expected return on plan assets 63,000 Benefits paid 40,700 Plan assets at January 1, 2025 643,200 Projected benefit obligation at January 1, 2025 690,100 Accumulated OCI (PSC) at January 1, 2025 150,500 Interest/discount (settlement) rate 10% (a) Prepare a pension worksheet inserting January 1, 2025, balances, showing December 31, 2025. (Enter all amounts as positive.)
Sandhill Corporation provides the following information about its defined benefit pension plan for the year 2023: Current service cost $225,200 Contribution to the plan 263,150 Past service cost, effective December 31, 2023 25,650 Actual return on plan assets 159,750 Benefits paid 104,300 Net defined benefit liability at January 1, 2023 424,500 Plan assets at January 1, 2023 1,597,500 Defined benefit obligation at January 1, 2023 2,022,000 Interest/discount rate on the DBO and plan assets 10% Sandhill follows IFRS. Prepare a pension work sheet. SANDHILL CORPORATION Pension Work Sheet—2023 General Journal Entries Annual Deficit Benefit Expense Cash Net Def. Benefit Liab/Asset Balance, 01/01/2023 $ $ $ Current service cost Past service cost Net interest/finance cost Contributions Benefits paid Expense
Togress Ivanhoe Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan $91,300 102,900 Prior service cost amortization 9,500 Actual and expected return on plan assets 64,800 Benefits paid 39,400 Plan assets at January 1, 2025 648,700 Projected benefit obligation at January 1, 2025 694,400 Accumulated OCI (PSC) at January 1, 2025 150,900 Interest/discount (settlement) rate 9% Compute the pension expense for the year 2025. Pension expense for 2025 $
Wildhorse Company provides the following information about it defined benefit pension plan for the year 2025. Service cost $89, 200 Contribution to the plan amortization 10,300 Actual and expected return on plan assets 64, 100 Benefits paid 40, 100 Plan assets at January 1, 2025 632, 500 Projected benefit obligation at January 1, 2025 702,600 Accumulated OCI (PSC) at January 1, 2025 151,200 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025
Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets $2,710,000 1,629,393 2,255,546 Other pension plan data: Current service cost for 2023 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A +A
The following information is available for the pension plan of Pharoah Company for the year 2025. Actual and expected return on plan assets Benefits paid to retirees Contributions (funding) Interest/discount rate Prior service cost amortization Projected benefit obligation, January 1, 2025 Service cost (a) Compute pension expense for the year 2025. Pension expense for 2025 $ $13,800 38,400 79,900 10% 7,800 452,000 54,700