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In: Accounting
On January 1, 2017, Blossom Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Blossom Company has the following defined benefit pension plan balances. Projected benefit obligation $4,517,000 Fair value of plan assets 4,250,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2018, the company amends its pension agreement so that prior service costs of $504,000 are created. Other data related to the pension plan are as follows. 2017 2018 Service cost $148,000 $180,000 Prior service cost amortization 0 92,000 Contributions (funding) to the plan 238,000 286,000 Benefits paid 200,000 277,000 Actual return on plan assets 255,000 255,000 Expected rate of return on assets 6 % 8 %
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ekkarill92 answered 10 months agoRelated Solutions
On January 1, 2017, Larkspur Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Larkspur Company has the following defined
benefit pension plan balances. Projected benefit obligation
$4,571,000 Fair value of plan assets 4,210,000 The interest
(settlement) rate applicable to the plan is 10%. On January 1,
2018, the company amends its pension agreement so that prior
service costs of $492,000 are created. Other data related to the
pension plan are as follows. 2017 2018 Service cost $152,000
$179,000 Prior service cost amortization 0 89,000 Contributions
(funding) to the plan...
On January 1, 2017, Grouper Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2017, Grouper Company has the following defined
benefit pension plan balances. Projected benefit obligation
$4,464,000 Fair value of plan assets 4,190,000 The interest
(settlement) rate applicable to the plan is 10%. On January 1,
2018, the company amends its pension agreement so that prior
service costs of $504,000 are created. Other data related to the
pension plan are as follows. 2017 2018 Service cost $148,000
$181,000 Prior service cost amortization 0 89,000 Contributions
(funding) to the plan...
On January 1, 2020, Ivanhoe Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2020, Ivanhoe Company has the following defined
benefit pension plan balances.
Projected benefit obligation
$4,420,000
Fair value of plan assets
4,260,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $506,000 are created. Other data related to
the pension plan are as follows.
2020
2021
Service cost
$151,000
$176,000
Prior service cost amortization
0
92,000
Contributions (funding) to the plan...
On January 1, 2020, Sage Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2020, Sage Company has the following defined
benefit pension plan balances.
Projected benefit obligation$4,571,000
Fair value of plan assets4,210,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $492,000 are created. Other data related to
the pension plan are as follows.
2020
2021
Service cost
$152,000 $179,000
Prior service cost amortization
0 89,000
Contributions (funding) to the plan
236,000 285,000...
On January 1, 2020, Tamarisk Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2020, Tamarisk Company has the following defined
benefit pension plan balances.
Projected benefit obligation
$4,460,000
Fair value of plan assets
4,150,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $503,000 are created. Other data related to
the pension plan are as follows.
2020
2021
Service cost
$150,000
$182,000
Prior service cost amortization
0
92,000
Contributions (funding) to the plan...
On January 1, 2020, Harrington Company has the following defined benefit pension plan balances. Projected benefit...
On January 1, 2020, Harrington Company has the following defined
benefit pension plan balances.
Projected benefit obligation
$4,500,000
Fair value of plan assets
4,200,000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $500,000 are created. Other data related to
the pension plan are as follows.
2020
2021
Service cost
$150,000
$180,000
Prior service cost amortization
0
90,000
Contributions (funding) to the plan...
Novak Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit...
Novak Co. has the following defined benefit pension plan
balances on January 1, 2020.
Projected benefit obligation 4555000
Fair value of plan assets 4555000
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends its pension agreement so that
prior service costs of $599,000 are created. Other data related to
the pension plan are:
2020
2021
Service cost
149,000
170,000
Prior service cost amortization
0
91,000
Contributions (funding) to the plan
201,000
183,000...
At year end, a company has a defined benefit pension plan with a projected benefit obligation...
At year end, a company has a defined benefit pension plan with a
projected benefit obligation of $350,000; a net gain of $140,000
that was not previously recognized in net periodic pension cost;
and prior service cost of $210,000 that was not previously
recognized in net periodic pension cost. What amount should be
reported in accumulated other comprehensive income related to the
company's defined benefit pension plan at year end?
A credit balance of $420,000.
A debit balance of $420,000....
Madoff Company sponsors a defined-benefit pension plan for its employees. On January 1, 2017, the following...
Madoff Company sponsors a defined-benefit pension plan for its
employees. On January 1, 2017, the following balances
related to this plan.
Plan assets (fair value) $650,000
Projected benefit obligation 675,000
Pension asset/liability 25,000 Cr.
Prior service cost 120,000
OCI – Loss 72,000
As a result of the operation of the plan during 2017, the actuary
provided the following additional data at Dec 31, 2017.
Service cost for 2017 $32,000
Actual return on plan assets in 2017 35,000
Amortization of prior...
On January 1, 2019, a company's defined benefit pension plan had a projected benefit obligation (PBO)...
On January 1, 2019, a company's defined benefit pension plan had
a projected benefit obligation (PBO) of $380,000. The fair value of
its pension plan assets on January 1 was $350,000. During 2019, the
company contributed $50,000 to the pension plan and paid pension
benefits to retirees in the amount of $70,000. The settlement rate
for the pension plan for 2019 was 12%. Service cost for the year
was estimated to be $109,000. The expected rate of return on
pension...
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