Homework Answers
| Service cost | 96000 |
| Interest on projected benefit obligation | 72000 |
| Amortization of prior service cost | 16000 |
| Less: Expected return on plan assets | -24000 |
| Pension expense | 160000 |
| Option D $160,000 is correct |
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Presented below is pension information related to Pete, Inc. for the year 2008: Service cost $96,000 Interest on projec...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016...
SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016 $248,000 Projected Benefit Obligation, January 2016 $340,000 Plan assets (fair value), Januray 1, 2016 $360,000 Prior Service Cost - AOCI (2016 amoritization, $25,000) $250,000 Net Loss - AOCI (2016 amoritization, $10,000) $110,000 Actual Return on Plan Assets $45,000 Interest rate and expected return on plan assets 10% Contributions made to plan assets during 2016 $175,000 SuperSports requests you to: Compute pension expense for the...
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ in
000s)
Jan. 1 Dec. 31
Projected benefit obligation $ 4,400 $ 4,680
Accumulated benefit obligation 3,730 3,980
Plan assets (fair value) 4,980 5,425
Interest (discount) rate, 6%
Expected return on plan assets, 10%
Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870
Net loss−AOCI 518
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions 44
Contributions to pension fund...
Question 9 Pension data for Manu Services Inc. include the following: Discount rate 17% Expected return...
Question 9 Pension data for Manu Services Inc. include the following: Discount rate 17% Expected return on plan assets 18% Actual return on plan assets 9% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net gain-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 250,100 1,710,090 2,401,010 2.793.780 269,601 282,338 343.182 282,349 On average, employees' remaining service life with the company is 10 years...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets Actual return on plan assets 8% 10% 8% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net loss-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 237,150 1,802,090 2,375,280 2.859,270 281,634 340,046 295,874 280,684 On average, employees' remaining service life with the company is 10 years After recording...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data wer...
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2018, the following pension related data were available: ($ in 000s) Net gain–AOCI $349 Accumulated benefit obligation 3,070 Projected benefit obligation 3,100 Fair value of plan assets 2,600 Average remaining service period of active employees (expected to remain constant for the next several years) 13 years The rate of return on plan assets during 2018 was 9%, although it was expected to be 10%. The actuary revised assumptions...
The following information pertains to Rembrandt Inc.'s pension plan for calendar 2017: Defined benefit obligation...
The following information pertains to Rembrandt Inc.'s pension plan for calendar 2017: Defined benefit obligation at Jan 1/17................. $96,000 Interest (discount) rate...................................... 10% Current service costs......................................... $24,000 Pension benefits paid retirees............................ $20,000 The corporation uses IFRS. If no change in actuarial estimates occurred during 2017, Rembrandt's defined benefit obligation at December 31, 2017 would be (show your work) a) $85,600. b) $100,000. c) $105,600. d) $109,600. Presented below is information related to...
Springfield Power Plant provides the following information about its defined benefit pension plan...
Springfield Power Plant provides the following information about its defined benefit pension plan for the year 2018. Account balances as of 1/1/2018 Projected benefit obligation Plan assets Pension liability Prior Service Cost AOCI Net Loss AOC Facts for 2018 Settlement (Discount) rate and expected rate of return Service cost Contributions Actual return on plan assets Benefits paid to retirees Prior service cost amortization 290,000 234,000 56,000 18,000 33,500 10% 17,500 37,000 22,000 18,000 9,600 20 years Average service life of...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
Presented below is pension information related to Woods, Inc., for the year 2015: $92,000 Service cost $54,000 Interest on projected benefit obligation $24,000 Interest on vested benefits $12,000 Amortization of prior service cost due to increase in benefits $18,000 Expected return on plan assets The amount of pension expense to be reported for 2015 was $128,000 $164,000 $182,000 $140,000
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018: ($ in 200s) Jan. 1 Dec. 31 $4,900 $5,180 3,755 4,030 5,730 6,175 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from Dec. 31, 2017, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits...
The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018: ($ in
000s)
Jan. 1 Dec. 31
Projected benefit obligation $ 4,400 $ 4,680
Accumulated benefit obligation 3,730 3,980
Plan assets (fair value) 4,980 5,425
Interest (discount) rate, 6%
Expected return on plan assets, 10%
Prior service cost−AOCI (from Dec. 31, 2017, amendment) 870
Net loss−AOCI 518
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions 44
Contributions to pension fund...
Question 9 Pension data for Manu Services Inc. include the following: Discount rate 17% Expected return on plan assets 18% Actual return on plan assets 9% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net gain-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 250,100 1,710,090 2,401,010 2.793.780 269,601 282,338 343.182 282,349 On average, employees' remaining service life with the company is 10 years...
Pension data for Manu Services Inc. include the following: Discount rate Expected return on plan assets Actual return on plan assets 8% 10% 8% Service cost, 2016 Accumulated benefit obligation 1/1/16 Projected benefit obligation 1/1/16 Plan assets (fair value) 1/1/16 Prior service cost-AOCI 1/1/16 Net loss-AOCI 1/1/16 2016 Cash contributions to pension fund 2016 Benefit payments to retirees 237,150 1,802,090 2,375,280 2.859,270 281,634 340,046 295,874 280,684 On average, employees' remaining service life with the company is 10 years After recording...
Springfield Power Plant provides the following information about its defined benefit pension plan for the year 2018. Account balances as of 1/1/2018 Projected benefit obligation Plan assets Pension liability Prior Service Cost AOCI Net Loss AOC Facts for 2018 Settlement (Discount) rate and expected rate of return Service cost Contributions Actual return on plan assets Benefits paid to retirees Prior service cost amortization 290,000 234,000 56,000 18,000 33,500 10% 17,500 37,000 22,000 18,000 9,600 20 years Average service life of...
Interest (Cost) Rate Expected rate of return on plan assets Actual rate of return on plan assets Beginning of year balance in CASH 3% 3% 4% $ 120,000 $ 40,000 Projected benefit obligation at the beginning of 2017 Service cost, 2017 Interest Cost Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ 3,500 (45,000) Projected benefit obligation at the end of 2017 $ 250,000 Plan assets at the beginning of the year Actual...
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