Marin Company sponsors a defined benefit pension plan. The
following information related to the pension plan...
Marin Company sponsors a defined benefit pension plan. The
following information related to the pension plan is available for
2020 and 2021.
2020
2021
Plan assets (fair value), December 31
$754,920
$916,920
Projected benefit obligation, January 1
756,000
864,000
Pension asset/liability, January 1
151,200
Cr.
?
Prior service cost, January 1
270,000
259,200
Service cost
64,800
97,200
Actual and expected return on plan assets
25,920
32,400
Amortization of prior service cost
10,800
12,960
Contributions (funding)
124,200
129,600
Accumulated benefit obligation,...
Coronado Company sponsors a defined benefit pension plan. The
following information related to the pension plan...
Coronado Company sponsors a defined benefit pension plan. The
following information related to the pension plan is available for
2020 and 2021.
2020
2021
Plan assets (fair value), December 31
$733,950
$891,450
Projected benefit obligation, January 1
735,000
840,000
Pension asset/liability, January 1
147,000
Cr.
?
Prior service cost, January 1
262,500
252,000
Service cost
63,000
94,500
Actual and expected return on plan assets
25,200
31,500
Amortization of prior service cost
10,500
12,600
Contributions (funding)
120,750
126,000
Accumulated benefit obligation,...
Crane Company sponsors a defined benefit pension plan for its
employees. The following data relate to...
Crane Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the year 2020 in which no benefits were paid.
1.
The actuarial present value of future benefits earned by
employees for services rendered in 2020 amounted to $56,000.
2.
The company’s funding policy requires a contribution to the
pension trustee amounting to $145,023 for 2020.
3.
As of January 1, 2020, the company had a projected benefit
obligation...
The accountant for Camberwell Ltd. has developed the following
information regarding the company's defined benefit pension...
The accountant for Camberwell Ltd. has developed the following
information regarding the company's defined benefit pension plan
for calendar 2014:
Service cost $ 600,000
Actual return on plan assets 315,000
Contribution 1,080,000
Benefits paid to retirees 72,000
Interest (discount) rate 10%
The corporation uses the immediate recognition approach under
ASPE.
Instructions
a. Using the above information, complete the pension work sheet
below for 2014. Indicate credit entries by parentheses, e.g.
(72,000).
b. Prepare the journal entries to reflect the accounting...
Swifty Company sponsors a defined benefit pension plan. The
following information related to the pension plan...
Swifty Company sponsors a defined benefit pension plan. The
following information related to the pension plan is available for
2017 and 2018.
2017
2018
Plan assets (fair value), December 31
$810,840
$984,840
Projected benefit obligation, January 1
812,000
928,000
Pension asset/liability, January 1
162,400
Cr.
?
Prior service cost, January 1
290,000
278,400
Service cost
69,600
104,400
Actual and expected return on plan assets
27,840
34,800
Amortization of prior service cost
11,600
13,920
Contributions (funding)
133,400
139,200
Accumulated benefit obligation,...
The blank company has a defined benefit pension plan.
Pension information for the fiscal years of...
The blank company has a defined benefit pension plan.
Pension information for the fiscal years of 2024 and 2025 are
presented below ($ in millions)
Info from by pension actuary
Projected benefit obligation as of December 31, 2023 =
$1,800
Prior service cost from plan amendment on January 2,
2024 = $400 (straight line amortization for a 10 year average
remaining service period)
Service cost for 2024 = $520
Service cost for 2025 = $570
Discount rate used by actuary...
Beale Management has a noncontributory, defined benefit pension
plan. On December 31, 2021 (the end of...
Beale Management has a noncontributory, defined benefit pension
plan. On December 31, 2021 (the end of Beale's fiscal year), the
following pension-related data were available:
Projected Benefit Obligation
($ in millions)
Balance, January 1, 2021
$
720
Service cost
74
Interest cost, discount rate, 5%
36
Gain due to changes in actuarial assumptions in 2021
(20
)
Pension benefits paid
(36
)
Balance, December 31, 2021
$
774
Plan Assets
($ in millions)
Balance, January 1, 2021
$
800
Actual...
Beale Management has a noncontributory, defined benefit pension
plan. On December 31, 2021 (the end of...
Beale Management has a noncontributory, defined benefit pension
plan. On December 31, 2021 (the end of Beale's fiscal year), the
following pension-related data were available:
Projected Benefit Obligation
($ in millions)
Balance, January 1, 2021
$
520
Service cost
54
Interest cost, discount rate, 5%
26
Gain due to changes in actuarial assumptions in 2021
(10
)
Pension benefits paid
(26
)
Balance, December 31, 2021
$
564
Plan Assets
($ in millions)
Balance, January 1, 2021
$
540
Actual...
Vaughn Enterprises provides the following information relative
to its defined benefit pension plan.
Balances or Values...
Vaughn Enterprises provides the following information relative
to its defined benefit pension plan.
Balances or Values at December 31, 2020
Projected benefit obligation
$2,726,600
Accumulated benefit obligation
1,982,100
Fair value of plan assets
2,293,300
Accumulated OCI (PSC)
208,700
Accumulated OCI—Net loss (1/1/20 balance, 0)
45,700
Pension liability
433,300
Other pension plan data for 2020:
Service cost
$94,700
Prior service cost amortization
42,100
Actual return on plan assets
129,100
Expected return on plan assets
174,800
Interest on January 1, 2020, projected...
Coronado Enterprises provides the following information relative
to its defined benefit pension plan. Balances or Values...
Coronado Enterprises provides the following information relative
to its defined benefit pension plan. Balances or Values at December
31, 2017 Projected benefit obligation $2,715,800 Accumulated
benefit obligation 1,992,600 Fair value of plan assets 2,283,600
Accumulated OCI (PSC) 208,800 Accumulated OCI—Net loss (1/1/17
balance, 0) 45,600 Pension liability 432,200 Other pension plan
data for 2017: Service cost $94,600 Prior service cost amortization
42,200 Actual return on plan assets 130,900 Expected return on plan
assets 176,500 Interest on January 1, 2017, projected...