Question

Presented below is information related to Marley Inc. pension data for 2019. Service cost $700,000 Amortization...

Presented below is information related to Marley Inc. pension data for 2019. Service cost $700,000 Amortization of unrecognized net gain 80,000 Amortization of unrecognized prior service cost 130,000 Actual return on plan assets 65,000 Projected benefit obligation at January 1,2019 900,000 Plan assets at January 1,2019 780,000 Contribution (funding) 400,000 On 1/1/2019, PSC was granted having a present value of 100,000 Benefits paid to retirees 200,000 Settlement rate 9% Expected rate of return 7% What amount would be reported as pension expense for 2019 ? what is the pension asset/liability?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Presented below is information related to Stage Department Stores, Inc. pension plan for 2018. Service cost...
Presented below is information related to Stage Department Stores, Inc. pension plan for 2018. Service cost $1,100,000 Funding contribution for 2018 1,060,000 Settlement rate used in actuarial computation 10% Expected return on plan assets 9% Amortization of PSC (due to benefit increase) 180,000 Amortization of unrecognized net gains 96,000 Projected benefit obligation (at beginning of period) 1,080,000 Fair value of plan assts (at beginning of period) 720,000 Instructions 1.Compute the amount of pension expense to be reported for 2018. (Show...
Presented below is information on the Jones Department Stores, Inc. pension plan for 2021:                  Service...
Presented below is information on the Jones Department Stores, Inc. pension plan for 2021:                  Service cost                                                                                                       470,000          Funding contribution for 2021                                                                          380,000          Settlement rate used in actuarial computation                                                       10%          Return on plan assets                                                                                          22,400          Amortization of PSC (due to benefit increase)                                                  90,000          Projected benefit obligation (at beginning of period)                                      450,000          Fair value of plan assets (at beginning of period)                                            360,000       (US GAAP) (a)    Compute the amount of pension expense to be reported for...
Illustration: On January 1, 2017, Sheffield Company provides the following information related to its pension plan...
Illustration: On January 1, 2017, Sheffield Company provides the following information related to its pension plan for the year 2017. Annual service cost is $91,700 Funding contributions are $104,300 Prior Service Cost Amortization is 10,800 Actual return on plan assets is $65,300 Benefits paid to retirees during the year are $39,700. Plan assets, January 1, 2017, are $633,400 Projected benefit obligation, January 1, 2017, is $711,600. Accumulated OCI (PSC) at Jan 1, 2017 is 148,000 Settlement rate is 10 percent....
Sandhill, Inc. received the following information from its pension plan trustee concerning the operation of the...
Sandhill, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2019: January 1, 2019 December 31, 2019 Projected benefit obligation $2,490,000 $2,840,000 Fair value of plan assets 1,240,000 1,590,000 Accumulated benefit obligation 1,929,000 2,619,000 Accumulated OCI―(PSC) 539,000 299,500 The service cost component for 2019 is $139,500 and the amortization of prior service cost is $239,500. The company's actual funding of the plan in 2019...
The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) 4,275,000 Plan assets, 1/1/17 4,500,000 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 900,000 Settlement rate 6% Service cost 810,000 Contributions (funding) 641,250 Actual (expected) return on plan assets 342,000 Benefits paid to retirees 540,000 Prior Service cost of Ammortization for 2017 135,000 a) Fill out pension Worksheet Items Annual pnesion...
Here is information for 2018 related to the pension plan for Cherry's Department Stores. Amortization of...
Here is information for 2018 related to the pension plan for Cherry's Department Stores. Amortization of net gain $ 30,000 Amortization of prior service cost 10,000 Employer’s funding contribution for 2020 90,000 Fair value of plan assets (at beginning of 2020) 360,000 Interest cost on the PBO 48,000 Projected benefit obligation (at beginning of 2020) 480,000 Retirement benefits paid by the pension plan in 2020 65,000 Return on plan assets (both the actual return and the expected return) 32,500 Service...
Presented below is information related to the pension plan of Adams Inc. for the year 2018....
Presented below is information related to the pension plan of Adams Inc. for the year 2018. 1. The service cost related to pension expense is $240,000 using the projected benefits approach. 2. The projected benefit obligation at the beginning of the year is $300,000. The expected return on plan assets is 9% and the settlement rate is 10%. The actual return on plan assets was 8.5%. 3. The accumulated OCI--prior service cost at the beginning of the year is $140,000....
The following defined pension data of Culver Corp. apply to the year 2020. Projected benefit obligation,...
The following defined pension data of Culver Corp. apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $594,000 Plan assets, 1/1/20 579,900 Pension liability 14,100 On January 1, 2020, Culver Corp., through plan amendment,    grants prior service benefits having a present value of 116,000 Settlement rate 9 % Service cost 58,100 Contributions (funding) 67,700 Actual (expected) return on plan assets 54,100 Benefits paid to retirees 42,200 Prior service cost amortization for 2020 16,000 For 2020, prepare a pension...
The following information applies to Riddle Corp.’s defined benefit pension plan for the current year: Projected...
The following information applies to Riddle Corp.’s defined benefit pension plan for the current year: Projected benefit obligation January 1 (before amendment) $600,000 Plan assets January 1 540,000 Pension Asset/Liability, January 1 – credit balance 60,000 Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) 150,000 Settlement rate 8% Contributions to the plan (funding) 50,000 Service Cost 70,000 Actual and expected return on...
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,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT