Exercise 20-22 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-22
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
| Service cost | $86,700 | ||
| Prior service cost amortization | 2,900 | ||
| Contribution to the plan | 53,100 | ||
| Actual and expected return on plan assets | 57,400 | ||
| Benefits paid | 39,800 | ||
| Plan assets at January 1, 2017 | 707,800 | ||
| Accumulated postretirement benefit obligation at January 1, 2017 | 771,000 | ||
| Accumulated OCI (PSC) at January 1, 2017 | 101,000 | Dr. | |
| Discount rate | 8 | % |
Compute the postretirement benefit expense for 2017.
| Postretirement benefit expense | $
|
Homework Answers
| Answer | ||
| Service cost | $ 86,700 | |
| Interest on liability | $ 61,680 | 771000*8% |
| Actual and expected return on Plan assets | -$ 57,400 | |
| Total post retirement Benefit expense | $ 90,980 | |
| Please like . | ||
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Exercise 20-22
Riverbed Co. provides the following information about its
postretirement benefit plan for the year...
Exercise 20-23 Riverbed Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-19 Cullumber Co. provides the following information about its postretirement benefit plan for the year...
Exercise 20-19
Cullumber Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$ 42,200
Contribution to the plan
10,200
Actual and expected return on plan assets
11,800
Benefits paid
20,500
Plan assets at January 1, 2017
106,700
Accumulated postretirement benefit obligation at January 1,
2017
354,700
Discount rate
10
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense
$
Kingbird Company provides the following information about its defined benefit pension plan for the year 2017....
Kingbird Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$90,600
Contribution to the plan
103,900
Prior service cost amortization
10,100
Actual and expected return on plan assets
63,100
Benefits paid
39,600
Plan assets at January 1, 2017
644,100
Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-2 Vaughn Company provides the following information about its defined benefit pension plan for the...
Exercise 20-2
Vaughn Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$ 88,500
Contribution to the plan
107,100
Prior service cost amortization
10,600
Actual and expected return on plan assets
63,100
Benefits paid
40,800
Plan assets at January 1, 2017
648,000
Projected benefit obligation at January 1, 2017
688,100
Accumulated OCI (PSC) at January 1, 2017
148,600
Interest/discount (settlement) rate
11
%
Compute the pension expense for the year 2017.
Pension...
Exercise 20-21 Flint Inc. provides the following information related to its postretirement benefits for the year...
Exercise 20-21
Flint Inc. provides the following information related to its
postretirement benefits for the year 2017.
Accumulated postretirement benefit obligation at January 1,
2017
$773,600
Actual and expected return on plan assets
32,300
Prior service cost amortization
19,600
Discount rate
11
%
Service cost
76,700
Compute postretirement benefit expense for 2017.
Postretirement benefit expense
$
Exercise 20-7 The following defined pension data of Riverbed Corp. apply to the year 2017. Projected...
Exercise 20-7 The following defined pension data of Riverbed Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $529,000 Plan assets, 1/1/17 516,200 Pension liability 12,800 On January 1, 2017, Riverbed Corp., through plan amendment, grants prior service benefits having a present value of 123,000 Settlement rate 8 % Service cost 54,800 Contributions (funding) 64,100 Actual (expected) return on plan assets 52,800 Benefits paid to retirees 39,800 Prior service cost amortization for 2017 18,300 For 2017, prepare...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension...
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
Bonita Company provides the following information about its defined benefit pension plan for the ...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020....
Buffalo Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $90,900 Contribution to the plan 103,000 Prior service cost amortization 9,300 Actual and expected return on plan assets 63,200 Benefits paid 39,800 Plan assets at January 1, 2020 648,600 Projected benefit obligation at January 1, 2020 706,600 Accumulated OCI (PSC) at January 1, 2020 148,800 Interest/discount (settlement) rate 10 % Using Excel prepare a pension worksheet inserting January 1, 2020, balances, and...
Exercise 20-23
Riverbed Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$88,200
Prior service cost
amortization
2,900
Contribution to the plan
51,400
Actual and expected return on plan
assets
61,900
Benefits paid
38,400
Plan assets at January 1, 2017
699,400
Accumulated postretirement benefit
obligation at January 1, 2017
756,800
Accumulated OCI (PSC) at January 1,
2017
101,900
Dr.
Discount rate
9
%
Prepare a worksheet inserting January 1, 2017, balances, showing
December...
Exercise 20-23 Sunland Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $99,000 3,100 56,900 64,700 38,400 711,400 761,000 93,100 Dr. 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-19
Cullumber Co. provides the following information about its
postretirement benefit plan for the year 2017.
Service cost
$ 42,200
Contribution to the plan
10,200
Actual and expected return on plan assets
11,800
Benefits paid
20,500
Plan assets at January 1, 2017
106,700
Accumulated postretirement benefit obligation at January 1,
2017
354,700
Discount rate
10
%
Compute the postretirement benefit expense for 2017.
Postretirement benefit expense
$
Kingbird Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$90,600
Contribution to the plan
103,900
Prior service cost amortization
10,100
Actual and expected return on plan assets
63,100
Benefits paid
39,600
Plan assets at January 1, 2017
644,100
Projected benefit obligation at January 1, 2017
710,600
Accumulated OCI (PSC) at January 1, 2017
149,400
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Exercise 20-2
Vaughn Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$ 88,500
Contribution to the plan
107,100
Prior service cost amortization
10,600
Actual and expected return on plan assets
63,100
Benefits paid
40,800
Plan assets at January 1, 2017
648,000
Projected benefit obligation at January 1, 2017
688,100
Accumulated OCI (PSC) at January 1, 2017
148,600
Interest/discount (settlement) rate
11
%
Compute the pension expense for the year 2017.
Pension...
Exercise 20-21
Flint Inc. provides the following information related to its
postretirement benefits for the year 2017.
Accumulated postretirement benefit obligation at January 1,
2017
$773,600
Actual and expected return on plan assets
32,300
Prior service cost amortization
19,600
Discount rate
11
%
Service cost
76,700
Compute postretirement benefit expense for 2017.
Postretirement benefit expense
$
Exercise 20-3 (Part Level Submission) Splish Company provides the following information about its defined benefit pension plan for the year 2017. Service cost Contribution to the plan Prior service cost amortization Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Projected benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Interest/discount settlement) rate $91,300 102,900 9,500 64,800 39,400 648,700 694,400 150,900 9% (a) Prepare a pension worksheet inserting January 1,...
Bonita Company provides the following information about its
defined benefit pension plan for the year 2017.
Service cost
$89,400
Contribution to the plan
105,700
Prior service cost amortization
10,800
Actual and expected return on plan assets
64,500
Benefits paid
40,200
Plan assets at January 1, 2017
640,200
Projected benefit obligation at January 1, 2017
710,100
Accumulated OCI (PSC) at January 1, 2017
152,200
Interest/discount (settlement) rate
10
%
Prepare a pension worksheet inserting January 1, 2017,
balances, showing December 31,...
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