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Exercise 20-07 The following defined pension data of Cheyenne Corp. apply to the year 2020. Projected...
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Exercise 20-7 The following defined pension data of Teal Corp. apply to the year 2017. Projected...
Exercise 20-7
The following defined pension data of Teal Corp. apply to the
year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$538,000
Plan assets, 1/1/17
525,000
Pension liability
13,000
On January 1, 2017, Teal Corp., through plan amendment,
grants prior service benefits having a present
value of
119,000
Settlement rate
9
%
Service cost
62,100
Contributions (funding)
67,100
Actual (expected) return on plan assets
52,100
Benefits paid to retirees
42,000
Prior service cost amortization for 2017
18,600
For 2017, prepare...
Exercise 20-7 The following defined pension data of Sarasota Corp. apply to the year 2017. Projected...
Exercise 20-7
The following defined pension data of Sarasota Corp. apply to
the year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$568,000
Plan assets, 1/1/17
553,400
Pension liability
14,600
On January 1, 2017, Sarasota Corp., through plan
amendment,
grants prior service benefits having a present
value of
130,000
Settlement rate
10
%
Service cost
58,500
Contributions (funding)
64,300
Actual (expected) return on plan assets
47,100
Benefits paid to retirees
36,300
Prior service cost amortization for 2017
17,400
For 2017, prepare...
The following defined pension data of Stellar Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Stellar Corp. apply to the
year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$582,000
Plan assets, 1/1/17
566,900
Pension liability
15,100
On January 1, 2017, Stellar Corp., through plan
amendment,
grants prior service benefits having a present
value of
130,000
Settlement rate
9
%
Service cost
59,500
Contributions (funding)
60,400
Actual (expected) return on plan assets
53,100
Benefits paid to retirees
40,500
Prior service cost amortization for 2017
15,400
For 2017, prepare a pension...
The following defined pension data of Stellar Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Stellar Corp. apply to the
year 2017.
Projected benefit obligation, 1/1/17 (before amendment)
$582,000
Plan assets, 1/1/17
566,900
Pension liability
15,100
On January 1, 2017, Stellar Corp., through plan
amendment,
grants prior service benefits having a present
value of
130,000
Settlement rate
9
%
Service cost
59,500
Contributions (funding)
60,400
Actual (expected) return on plan assets
53,100
Benefits paid to retirees
40,500
Prior service cost amortization for 2017
15,400
For 2017, prepare a pension...
The following defined pension data of Coronado Corp. apply to the year 2017. Projected benefit obligation,...
The following defined pension data of Coronado Corp. apply to
the year 2017. Projected benefit obligation, 1/1/17 (before
amendment) $530,000 Plan assets, 1/1/17 516,700 Pension liability
13,300 On January 1, 2017, Coronado Corp., through plan amendment,
grants prior service benefits having a present value of 131,000
Settlement rate 9 % Service cost 60,400 Contributions (funding)
67,100 Actual (expected) return on plan assets 52,700 Benefits paid
to retirees 43,200 Prior service cost amortization for 2017 18,200
For 2017, prepare a pension...
Exercise 20-04 The following facts apply to the pension plan of Vaughn Inc. for the year...
Exercise 20-04
The following facts apply to the pension plan of Vaughn Inc. for
the year 2020.
Plan assets, January 1, 2020
$525,500
Projected benefit obligation, January 1, 2020
525,500
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
23,800
Actual and expected return on plan assets
49,800
Benefits paid to retirees
30,300
Using the preceding data, compute pension expense for the year
2020. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-04 The following facts apply to the pension plan of Vaughn Inc. for the year...
Exercise 20-04
The following facts apply to the pension plan of Vaughn Inc. for
the year 2020.
Plan assets, January 1, 2020
$525,500
Projected benefit obligation, January 1, 2020
525,500
Settlement rate
8
%
Service cost
36,800
Contributions (funding)
23,800
Actual and expected return on plan assets
49,800
Benefits paid to retirees
30,300
Using the preceding data, compute pension expense for the year
2020. As part of your solution, prepare a pension worksheet that
shows the journal entry for pension...
Exercise 20-04 The following facts apply to the pension plan of Sheridan Inc. for the year...
Exercise 20-04
The following facts apply to the pension plan of Sheridan Inc.
for the year 2020. Plan assets, January 1, 2020 $528,000 Projected
benefit obligation, January 1, 2020 528,000 Settlement rate 8 %
Service cost 43,400 Contributions (funding) 26,600 Actual and
expected return on plan assets 51,600 Benefits paid to retirees
35,600 Using the preceding data, compute pension expense for the
year 2020.
As part of your solution, prepare a pension worksheet that shows
the journal entry for pension...
Exercise 20-11 Splish Company sponsors a defined benefit pension plan for its employees. The following data...
Exercise 20-11
Splish Company sponsors a defined benefit pension plan for its
employees. The following data relate to the operation of the plan
for the year 2017 in which no benefits were paid.
1.
The actuarial present value of future benefits earned by
employees for services rendered in 2017 amounted to $56,100.
2.
The company’s funding policy requires a contribution to the
pension trustee amounting to $136,572 for 2017.
3.
As of January 1, 2017, the company had a projected...
Exercise 20-10 Nash Corp. sponsors a defined benefit pension plan for its employees. On January 1,...
Exercise 20-10
Nash Corp. sponsors a defined benefit pension plan for its
employees. On January 1, 2017, the following balances relate to
this plan.
Plan assets $477,500
Projected benefit obligation 609,400
Pension asset/liability 131,900
Accumulated OCI (PSC) 100,800 Dr.
As a result of the operation of the plan during 2017, the following
additional data are provided by the actuary.
Service cost $90,600
Settlement rate, 9%
Actual return on plan assets 56,600
Amortization of prior service cost 18,200
Expected return on...
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