Question
Ivanhoe Corporation is a privately owned company that uses ASPE. On January 1, 2020 Ivanhoe’s financial...
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Lightfoot Industries sponsors a defined-benefit pension plan for its employees. As of January 1, 2020, the...
Lightfoot Industries sponsors a defined-benefit pension plan for
its employees. As of January 1, 2020, the pension reported a
Projected Benefit Obligation of $1,125,000 and fair value of Plan
Assets of $900,000.
Lightfoot also reports the following as of January 1, 2020:
Dr (Cr)
Net pension asset/liability
$ (225,000)
Accumulated other comprehensive income (AOCI)
Prior service cost
$ 60,000
Gains/Losses
$ -
Additionally, the following information is available for 2020:
Service cost
$ 210,000
Actual return of plan assets
$ 70,000
Amortization of prior service...
Lighthouse Co. sponsored a defined benefit plan, which included January 1, 2020, balances of $15,000 and...
Lighthouse Co. sponsored a defined benefit plan, which included
January 1, 2020, balances of $15,000 and $14,800 in Plan Assets and
Projected Benefit Obligation, respectively. During 2020, the
company incurred $11,000 in service cost, made plan contributions
of $3,310, and paid benefits to retirees for $1,900. The discount
rate is 5% and the expected and actual rate of return on plan
assets is 6%.
Given the information provided for the defined benefit plan,
what is the amount recorded in the...
The accountant for Crane Corporation has developed the following information for the company's defined-benefit pension plan...
The accountant for Crane Corporation has developed the
following information for the company's defined-benefit pension
plan for 2021:
Service cost
$565,000
Actual return on plan assets
276,000
Annual contribution to the plan
946,000
Amortization of prior service cost
127,600
Benefits paid to retirees
73,000
Settlement rate
10%
Expected rate of return on plan assets
8%
The accumulated benefit obligation at December 31, 2021, amounted
to $3,380,000.
Using the above information for Crane Corporation, complete the
pension work sheet for 2021....
Sunland Co. provides the following information about its postretirement benefit plan for the year 2020. Service...
Sunland Co. provides the following information about its
postretirement benefit plan for the year 2020.
Service cost
$49,500
Contribution to the plan
9,000
Actual and expected return on plan assets
10,500
Benefits paid
20,900
Plan assets at January 1, 2020
112,700
Accumulated postretirement benefit obligation at January 1,
2020
309,400
Discount rate
10
%
Prepare a worksheet inserting January 1, 2020, balances, and
showing December 31, 2020, balances. (Enter all amounts
as positive.)
Sunland Co.
Pension Worksheet—2020
General Journal Entries...
The following information is available for the pension plan of Blue Company for the year 2020....
The following information is available for the pension plan of
Blue Company for the year 2020.
Actual and expected return on plan assets
$ 14,900
Benefits paid to retirees
42,000
Contributions (funding)
83,300
Interest/discount rate
9
%
Prior service cost amortization
7,700
Projected benefit obligation, January 1, 2020
511,000
Service cost
55,100
Compute pension expense for the year 2020.
Pension expense for 2020
Prepare the journal entry to record pension expense and the
employer’s contribution to the pension plan in...
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...
On January 1, 2021, Ivanhoe Co. had the following balances: Projected benefit obligation $7,440,000 Fair value...
On January 1, 2021, Ivanhoe Co. had the following
balances:
Projected benefit obligation
$7,440,000
Fair value of plan assets
7,440,000
Other data related to the pension plan for 2021:
Service cost
319,000
Contributions to the plan
463,000
Benefits paid
454,000
Actual return on plan assets
472,000
Settlement rate
9%
Expected rate of return
6%
Questions
a)Determine the projected benefit obligation at
December 31, 2021. There are no net gains or losses.
b)Determine the fair value of plan assets at December...
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...
The following information is available for the pension plan of Flounder Company for the year 2020....
The following information is available for the pension plan of
Flounder Company for the year 2020.
Actual and expected return on plan assets
$ 14,200
Benefits paid to retirees
39,300
Contributions (funding)
92,900
Interest/discount rate
10
%
Prior service cost amortization
7,500
Projected benefit obligation, January 1, 2020
508,000
Service cost
56,900
(a) Compute pension expense for the year 2020.
(b) Prepare the journal entry to record pension expense and the
employer’s contribution to the pension plan in 2020.
(Credit...
Brownie Company sponsors a defined benefit pension plan for its employees. On January1, 2020, the following...
Brownie Company sponsors a defined benefit pension plan for its
employees. On January1, 2020, the following balances relate to this
plan.
Plan assets
$786,000
Projected benefit obligation
897,000
Pension asset/liability
111,000
Cr.
Accumulated OCI (PSC)
92,000
Dr.
As a result of the operation of the plan during 2020, the following
additional data are provided by the actuary.
Service cost
$91,000
Settlement rate, 6%
Actual return on plan assets
49,000
Amortization of prior service cost
31,000
Expected return on plan assets...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 3 minutes ago
asked 9 minutes ago
asked 14 minutes ago
asked 31 minutes ago
asked 32 minutes ago
asked 32 minutes ago
asked 37 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago