The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions) Information Provided by Pension Plan Actuary. a. Projected benefit obligation as of December 31, 2023 - $3,350. b. Prior service cost from plan amendment on January 2, 2024 $650 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2024 $650. d. Service cost for 2025 $700. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 = 10% f. Payments to retirees in 2024 $510. g. Payments to retirees in 2025-$580. h. No changes in actuarial assumptions or estimates. I Net gain-AOCI on January 1, 2024 = $375. J. Net gains and losses are amortized for 10 years in 2024 and 2025. Information Provided by Pension Fund Trustee a. Plan asset balance at fair value on January 1, 2024 = $2,400. b. 2024 contributions - $670. c. 2025 contributions $720. d. Expected long-term rate of return on plan assets = 12% e. 2024 actual return on plan assets $220. f 2025 actual return on plan assets = $270. Required: 1. Calculate pension expense for 2024 and 2025. 2. Prepare the journal entries for 2024 and 2025 to record pension expense. 3. Prepare the journal entries for 2024 and 2025 to record any gains and losses and new prior service cost 4. Prepare the journal entries for 2024 and 2025 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees.

The following defined pension data of Waterway Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment)   $509,000   Plan assets, 1/1/20   496,000   Pension liability   13,000   On January 1, 2020, Waterway Corp., through plan amendment,   grants prior service benefits having a present value of   123,000   Settlement rate   9 % Service cost   58,300   Contributions (funding)   59,600   Actual (expected) return on plan assets   48,300   Benefits paid to retirees   43,500   Prior service cost amortization for 2020   16,400   For 2020, prepare a pension worksheet for Waterway Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.) WATERWAY CORP.Pension Worksheet—2020       General Journal Entries   Memo Record Items   Annual PensionExpense   Cash   OCI–Prior

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Current Attempt in Progress Cullumber 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/liability Accumulated OCI (PSC) $465,800 604,200 138,400 95,000 Dr. As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. (a) Service cost Settlement rate, 10% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions Contributions Benefits paid retirees $86,600 55,000 19,300 52,000 79,600 102,800 88,300 Using the data above, compute pension expense for Cullumber. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive)

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Presented below is pension information related to Tyre Recycling Inc., for the calendar year 2019. The corporation uses ASPE. Current service costs $ 50,000 Contributions to the plan 55,000 Actual return on plan assets 40,000 Defined benefit obligation (beginning of year) 600,000 Fair value of plan assets (beginning of year) 400,000 Interest cost on the obligation 10% The pension expense to be reportedfor 2019 is     Select one: a. $110,000. b. $70,000. c. $65,000. d. $50,000. e. None of the above.

Sophia Consultants Inc. has had a defined benefit pension plan since January 1, 2018.The following represents beginning balances as at January 1, 2022:Plan Asset $1,155,300; Defined Benefit Obligation $1,275,000; Net Pension Liability $119,700Additional Information is as follows for 2022:Current Service cost is $186,000 for 2022Company Funding/Contribution is $200,000 for 2022. Funding is made on December 31 of each year.Actual return on assets is $55,900 for 2022.There is an increase in obligation for $29,000 due to changes in Actuarial assumptions at Dec 31, 2022.There are payments made equal to $80,000 per year to retired employees in 2022 (payments to retireesare made at the end of the year on December 31).Past service cost of $85,900 from plan amendment dated December 31, 2022: liability is increasedbecause benefits were increased on a retroactive basis.For 2022, the assumed interest rate is 6%. Assume IFRS.Required:1. Determine Defined Benefit Obligation, Pension Asset, Pension…

Carla Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $ 197,800; projected benefit obligation $ 252,000. Other data relating to 3 years’ operation of the plan are as follows.     2019   2020   2021 Annual service cost   $ 15,800     $ 19,300     $ 26,000   Settlement rate and expected rate of return   10 %   10 %   10 % Actual return on plan assets   17,700     21,740     24,100   Annual funding (contributions)   15,800     39,700     47,300   Benefits paid   13,900     16,100     21,200   Prior service cost (plan amended, 1/1/20)         161,100         Amortization of prior service cost         54,200     41,000   Change in actuarial assumptions establishes   a December 31, 2021, projected benefit obligation of:               522,400     Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each…

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Sunland Company provides the following information about its defined benefit pension plan for the year 2025. Service cost $91,400 Contribution to the plan 102,900 Prior service cost amortization 9,600 Actual and expected return on plan assets 64,900 Benefits paid 40,600 Plan assets at January 1, 2025 632,300 Projected benefit obligation at January 1, 2025 686,100 Accumulated OCI (PSC) at January 1, 2025 147,300 Interest/discount (settlement) rate 11% Compute the pension expense for the year 2025. Pension expense for 2025 :$__?__