The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) January 1 December 31 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) $ 4,200 3,720 4,680 $ 4,480 3,960 5,125 850 488 40 350 305 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). ($ in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Adjust for: Net Pension PBO Plan Assets Prior Service Net Loss- Pension Cost-AOCI AOCI Expense Cash (Liability) or Asset

The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) January 1 December 31 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) $ 4,200 3,720 4,680 $ 4,480 3,960 5,125 850 488 40 350 305 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). ($ in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Adjust for: Net Pension PBO Plan Assets Prior Service Net Loss- Pension Cost-AOCI AOCI Expense Cash (Liability) or Asset

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 pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8 Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) ($ in 000s) Jan. 1 $5,500 3,785 6,630 Dec. 31 $5,780 4,090 7,075 980 683 Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 66 480 435 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).) Net Pension Pension Prior Service Cost-AOCI Net Loss- AOCI (Liability)/…
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 108 Prior service cost-AOCI (from Dec. 31, 2020, amendment) ($ in 000s) Jan. 1 $5,500 3,785 6,630 Dec. 31 $5,780 4,090 7,075 980 683 Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 6 480 435 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021. (Enter credit amounts with a minus slgn and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).) Net Pension Prior Service Cost-AOCI Net Loss- AOCI Pension Expense…
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: (S$ in 000s) Projected benefit obligation Accumulated benefit obligation Plan assets (fair value)) Interest (discount) rate, 8x Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2020, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) Jan. 1 $5,000 3,000 7,080 1,010 728 Dec. 31 $6,080 4,120 7,525 72 510 465 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021 (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (l.e. 200,000 should be entered as 200).)
Wildhorse Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $89,400 105,700 10,800 64,500 40,200 640,200 710,100 152,200 10%
Sandhill Company provides the following information about its defined benefit pension plan for the year 2025. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2025 Projected benefit obligation at January 1, 2025 Accumulated OCI (PSC) at January 1, 2025 Interest/discount (settlement) rate Compute the pension expense for the year 2025. Pension expense for 2025 $ $91,600 104,400 10,800 64,600 40,300 650,000 692,000 150,000 11%
Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT
The following information is available for the pension plan of Carla Vista 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. $13,800 40,000 91,300 9% 8,200 496,000 65,400
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021: ($ in 000s) Jan. 1 Dec. 31 Projected benefit obligation $ 4,300 $ 4,580 Accumulated benefit obligation 3,725 3,970 Plan assets (fair value) 4,830 5,275 Interest (discount) rate, 9% Expected return on plan assets, 10% Prior service cost—AOCI (from Dec. 31, 2020, amendment) 860 Net loss—AOCI 503 Average remaining service life: 10 years Gain due to changes in actuarial assumptions 42 Contributions to pension fund (end of year) 360 Pension benefits paid (end of year) 315 Required:Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021. (Enter credit amounts with a minus sign and debit amounts…
The following information is available for the pension plan of Carla Vista 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 Pension expense for 2025 $ year 2025. $14,900 42,000 83,300 9% 7,700 511,000 55,100
The following information is available for the pension plan of Cullumber 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 $15,500 38,300 88,400 9% 8,500 550,000 61,100
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024. Service cost Interest cost, discount rate, 5 Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $45) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, December 31, 2024 $ ($ in millions) $ 500 40 PBO Required: Prepare a pension spreadsheet…
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 ($ in millions) $ 480 82 24 (10) (40) $ 536 Plan Assets ($ in millions) Balance, January 1, 2024 $ 500 Actual return on plan assets 40 (Expected return on plan assets, $45) Cash contributions 70 Pension benefits paid (40) Balance, December 31, 2024 $ 570 January 1, 2024, balances: ($ in millions) $ 20 48 80 Pension asset Prior service cost-AOCI (amortization $8 per year) Net gain-AOCI (any amortization over 15 years) Required: 1. to 3. Prepare the journal entries required for the pension during 2024. 4. Determine the balances at December 31, 2024, in the net gain-AOCI, and prior service cost-AOCI. [Hint: You might…