The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain-pensions, are given below. ($ in thousands ) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,300 $ 2, 501 Plan assets 2,400 2,591 Funded status 100 90 Prior service cost-AOCI 325 300 Net gain- AOCI 330 300 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. 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. Required: Determine the actual return on plan assets of

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2024 ($ millions) $600 300 85 65 28 (60) 13 75 The expected long-term rate of return on plan assets was 6%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $16 million. Required: 1. Calculate the pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024. 3. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1…

Pharoah Acres sponsors a defined-benefit pension plan. The corporation's actuary provides the following information about the plan: January 1, 2025 December 31, 2025 Vested benefit obligation $510 $600 Accumulated benefit obligation 600 830 Projected benefit obligation 840 974 Plan assets (fair value) 590 740 Settlement rate and expected rate of return 10% Pension asset/liability 250 ? Accumulated OCI (PSC) 200 ? Service cost for the year 2025 100 Contributions (funding in 2025) 90 Benefits paid in 2025 50 The average remaining service life per employee is 10 years. (a1) Prepare a 2025 pension worksheet. (Enter all amounts as positive.) Items Balance, Jan. 1, 2025 Service cost Interest cost Return on assets Amortization of PSC Funding Benefits Liability change (increase) Journal entry-2025 Accumulated OCI, Dec. 31, 2024 Balance, Dec. 31, 2025 $ Annual Pension Expense > > > > > > Cash பப

Blossom Corp. sponsors a defined benefit pension plan for its employees. On January I, 2025, the following balances relate to this plan. Plan assets: $460,000 Projected benefit obligation: $606,500 Pension asset/liability: $146,500 Accumulated OCI (PSC): 104,200 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost: $93,500 Settlement rate, 10% Actual return on plan assets: $54,600 Amortization of prior service cost: $18,100 Expected return on plan assets: $51,600 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions: $76,600 Contributions: $100,500 Benefits paid retirees: $84,300 Using the data above, compute pension expense for Blossom for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.)