Question

In: Accounting

Taveras Enterprises provides the following information related to its defined benefit pension plan. Balances or Values...

Taveras Enterprises provides the following information related to its defined benefit pension plan.
Balances or Values at December 31, 2015


Defined benefit obligation €2,737,000
Fair value of plan assets 2,278,329
Accumulated OCI—Net loss (1/1/15 balance, –0–) 34,220
Other pension plan data:
Service cost for 2015 94,000
Actual return on plan assets in 2015 130,000
Interest on January 1, 2015, defined benefit t obligation 164,220
Contributions to plan in 2015 93,329
Benefits paid 140,000
Discount (interest) rate of 6%
Instructions
(a) Prepare the note disclosing the components of pension expense for the year 2015.
(b) Determine the amounts of other comprehensive income and comprehensive income for 2015. Net
income for 2015 is €35,000.
(c) Compute the amount of accumulated other comprehensive income reported at December 31, 2015.

Solutions

Expert Solution

· Please do upvote if you found the answer useful.
· Feel free reach in the comment section in case of any clarification or queries.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Thorp Inc. maintains a defined benefit pension plan for its employees. Pension plan balances as at...
Thorp Inc. maintains a defined benefit pension plan for its employees. Pension plan balances as at January 1, 2020 include: Projected Benefit Obligation (PBO), January 1, 2020 $ 600,000 Plan assets at market-related value, January 1, 2020 $ 550,000 Prior service cost (PSC- OCI)1 $ 150,000 Average remaining service period 15 years Service cost $ 90,000 Expected returns on plan assets 8% Actual returns earned on plan assets $40,000 Actuarial interest rate 4% Contributions paid $ 150,000 Benefits to retirees...
Thorp Inc. maintains a defined benefit pension plan for its employees. Pension plan balances as at...
Thorp Inc. maintains a defined benefit pension plan for its employees. Pension plan balances as at January 1, 2020 include:     Projected Benefit Obligation (PBO), January 1, 2020 $ 600,000     Plan assets at market-related value, January 1, 2020   $ 550,000     Prior service cost (PSC- OCI)1 $ 150,000 Average remaining service period 15 years    Service cost $ 90,000    Expected returns on plan assets   8% Actual returns earned on plan assets    $40,000 Actuarial interest rate   4%    Contributions paid $ 150,000 Benefits to retirees...
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...
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020:...
Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,100 Contribution to the plan 262,600 Past service cost, effective December 31, 2020 25,100 Actual return on plan assets 159,000 Benefits paid 101,000 Net defined benefit liability at January 1, 2020 412,000 Plan assets at January 1, 2020 1,590,000 Defined benefit obligation at January 1, 2020 2,002,000 Interest/discount rate on the DBO and plan assets 10% Blossom follows IRFS.
Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020:...
Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost $225,600 Contribution to the plan 263,100 Past service cost, effective December 31, 2020 25,600 Actual return on plan assets 160,000 Benefits paid 106,000 Net defined benefit liability at January 1, 2020 400,600 Plan assets at January 1, 2020 1,600,000 Defined benefit obligation at January 1, 2020 2,000,600 Interest/discount rate on the DBO and plan assets 10% Pharoah follows IFRS. QUESTIONS: A)...
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,...
Vaughn Company provides the following information about its defined benefit pension plan for the year 2017....
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 % Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31,...
Xyz Company provides the following information about its defined benefit pension plan for the year 2020....
Xyz Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,600 Contribution to the plan 104,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 64,600 Benefits paid 40,300 Plan assets at January 1, 2020 650,000 Projected benefit obligation at January 1, 2020 692,000 Accumulated OCI (PSC) at January 1, 2020 150,000 Interest/discount (settlement) rate 11 % Prepare a pension worksheet inserting January 1, 2020, balances, showing December 31,...
Pina Company provides the following information about its defined benefit pension plan for the year 2020....
Pina 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 % Prepare the journal entry recording pension expense. (Credit account titles are automatically...
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017....
Ayayai Company provides the following information about its defined benefit pension plan for the year 2017. Service cost $91,200 Contribution to the plan 104,700 Prior service cost amortization 9,800 Actual and expected return on plan assets 62,800 Benefits paid 40,500 Plan assets at January 1, 2017 632,600 Projected benefit obligation at January 1, 2017 686,700 Accumulated OCI (PSC) at January 1, 2017 152,100 Interest/discount (settlement) rate 9 % Requirements: Using Excel prepare a pension worksheet inserting January 1, 2017, balances,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT