Question
In: Accounting
Ivanhoe Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Ivanhoe Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about the plan.
| January 1, 2017 | December 31, 2017 | |||
| Vested benefit obligation | $1,500 | $1,940 | ||
| Accumulated benefit obligation | 1,940 | 2,780 | ||
| Projected benefit obligation | 2,480 | 3,350 | ||
| Plan assets (fair value) | 1,670 | 2,650 | ||
| Settlement rate and expected rate of return | 10% | |||
| Pension asset/liability | 810 | ? | ||
| Service cost for the year 2017 | 390 | |||
| Contributions (funding in 2017) | 690 | |||
| Benefits paid in 2017 | 200 |
Prepare the journal entries at December 31, 2017, to record pension expense and related pension transactions
| ACCOUNT TITLE | DEBIT | CREDIT |
Solutions
ekkarill92 answered 3 years agoRelated Solutions
Culver Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Culver Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1, 2017
December 31, 2017
Vested benefit obligation
$1,650
$1,750
Accumulated benefit obligation
1,750
2,750
Projected benefit obligation
2,250
3,560
Plan assets (fair value)
1,730
2,640
Settlement rate and expected rate of return
10
%
Pension asset/liability
520
?
Service cost for the year 2017
440
Contributions (funding in 2017)
750
Benefits paid in 2017
210
(a) Compute the actual return...
Monty Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Monty Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1,
2020
December 31,
2020
Vested benefit obligation
$1,650
$1,950
Accumulated benefit obligation
1,950
2,800
Projected benefit obligation
2,270
2,750
Plan assets (fair value)
1,790
2,710
Settlement rate and expected rate of return
10
%
Pension asset/liability
480
?
Service cost for the year 2020
430
Contributions (funding in 2020)
650
Benefits paid in 202-
180
(a) Compute the actual return...
Carla Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Carla Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1, 2020
December 31, 2020
Vested benefit obligation
$1,480
$1,870
Accumulated benefit obligation
1,870
2,670
Projected benefit obligation
2,500
3,260
Plan assets (fair value)
1,690
2,630
Settlement rate and expected rate of return
10%
Pension asset/liability
810
?
Service cost for the year 2020
400
Contributions (funding in 2020)
690
Benefits paid in 2020
200
Prepare a 2020 pension worksheet. (Enter...
Pearl Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Pearl Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1, 2017
December 31, 2017
Vested benefit obligation
$1,400
$2,080
Accumulated benefit obligation
2,080
2,970
Projected benefit obligation
2,420
3,550
Plan assets (fair value)
1,610
2,520
Settlement rate and expected rate of return
10
%
Pension asset/liability
810
?
Service cost for the year 2017
410
Contributions (funding in 2017)
650
Benefits paid in 2017
190
(a) Compute the actual return...
Larkspur Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following information about...
Larkspur Company sponsors a defined benefit pension plan. The
corporation’s actuary provides the following information about the
plan.
January 1, 2017
December 31, 2017
Vested benefit obligation
$1,470
$2,050
Accumulated benefit obligation
2,050
2,520
Projected benefit obligation
2,330
3,490
Plan assets (fair value)
1,530
2,790
Settlement rate and expected rate of return
10
%
Pension asset/liability
800
?
Service cost for the year 2017
370
Contributions (funding in 2017)
740
Benefits paid in 2017
220
(a) Compute the actual return...
Exercise 20-13 Indigo Company sponsors a defined benefit pension plan. The corporation’s actuary provides the following...
Exercise 20-13 Indigo Company sponsors a defined benefit pension
plan. The corporation’s actuary provides the following information
about the plan. January 1, 2020 December 31, 2020 Vested benefit
obligation $1,650 $1,750 Accumulated benefit obligation 1,750 2,750
Projected benefit obligation 2,250 2,770 Plan assets (fair value)
1,730 2,640 Settlement rate and expected rate of return 10 %
Pension asset/liability 520 ? Service cost for the year 2020 440
Contributions (funding in 2020) 750 Benefits paid in 202- 210
(a) Compute the...
Cullumber Company sponsors a defined benefit pension plan for its 600 employees. The company’s actuary provided...
Cullumber Company sponsors a defined benefit pension plan for
its 600 employees. The company’s actuary provided the following
information about the plan.
January 1,
December 31,
2020
2020
2021
Projected benefit obligation
$2,780,000
$3,622,200
$4,163,976
Accumulated benefit obligation
1,900,000
2,441,000
2,904,000
Plan assets (fair value and market-related asset value)
1,700,000
2,896,000
3,753,000
Accumulated net (gain) or loss (for purposes of the corridor
calculation)
0
196,000
(24,000
)
Discount rate (current settlement rate)
9
%
8
%
Actual and expected asset...
Keeton Company sponsors a defined benefit pension plan for its 600 employees. The company’s actuary provided...
Keeton Company sponsors a defined benefit pension plan for its
600 employees. The company’s actuary provided the following
information about the plan.
January 1,
December 31,
2017
2017
2018
Projected benefit obligation
$2,800,000
$3,650,000
$4,195,000
Accumulated benefit obligation
1,900,000
2,430,000
2,900,000
Plan assets (fair value and market-related asset value)
1,700,000
2,900,000
3,790,000
Accumulated net (gain) or loss (for purposes of the corridor
calculation)
0
198,000
(24,000
)
Discount rate (current settlement rate)
9
%
8
%
Actual and expected asset...
Question 10 Sheridan Company provides the following information about its defined benefit pension plan for the...
Question 10
Sheridan Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$89,800
Contribution to the plan
107,000
Prior service cost amortization
10,700
Actual and expected return on plan assets
65,200
Benefits paid
40,100
Plan assets at January 1, 2020
647,500
Projected benefit obligation at January 1, 2020
707,800
Accumulated OCI (PSC) at January 1, 2020
147,500
Interest/discount (settlement) rate
9
%
Prepare a pension worksheet inserting January 1, 2020, balances,
showing...
Question 10 Sheridan Company provides the following information about its defined benefit pension plan for the...
Question 10
Sheridan Company provides the following information about its
defined benefit pension plan for the year 2020.
Service cost
$89,800
Contribution to the plan
107,000
Prior service cost amortization
10,700
Actual and expected return on plan assets
65,200
Benefits paid
40,100
Plan assets at January 1, 2020
647,500
Projected benefit obligation at January 1, 2020
707,800
Accumulated OCI (PSC) at January 1, 2020
147,500
Interest/discount (settlement) rate
9
%
1. Prepare a pension worksheet inserting January 1, 2020,
balances,...
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