The following information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the company’s records for 2020: Defined Benefit Obligation, January 1 $9,941,000 Actual return on plan assets 434,000 Benefits paid to retirees 848,000 Current year service cost 1,210,000 Interest cost 496,000 Employer contributions for the year 998,000 Pension Plan Assets, January 1 8,832,000 Prepare a continuity schedule for the DBO for 2020. (Ent

The following information regarding Buffalo Ltd.’s defined benefit pension plan was taken from the company’s records for 2020: Defined Benefit Obligation, January 1 $9,941,000 Actual return on plan assets 434,000 Benefits paid to retirees 848,000 Current year service cost 1,210,000 Interest cost 496,000 Employer contributions for the year 998,000 Pension Plan Assets, January 1 8,832,000 Prepare a continuity schedule for the DBO for 2020. (Ent

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 6E

See similar textbooks

Similar questions

Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
The following information relates to the pension plan of Brown company.Defined benefit obligation, January 1, 2020 - P 4,000,000Fair value of plan assets, January 1, 2020 - 3,600,000The following information is for the year 2021:Contributions to the plan - P1,000,000Benefits paid - 500,000Discount rate - 10%Service cost for year 2021 - 1,200,000Actual return on plan assets - 400,000Actuarial loss on defined benefit obligation - 150,000 How much is the retirement benefit expense for the year 2021?
The following information is available for the pension plan of Windsor Company for the year 2020. Compute pension expense for the year 2020: Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. Actual and expected return on plan assets $ 14,900 Benefits paid to retirees 42,000 Contributions (funding) 83,300 Interest/discount rate 9 % Prior service cost amortization 7,700 Projected benefit obligation, January 1, 2020 511,000 Service cost 55,100
The following information is available for Oriole Corporation’s pension plan for the year 2020: Plan assets, January 1, 2020 $410,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,100 Discount rate 11% Defined benefit obligation, January 1, 2020, accounting basis valuation 506,000 Service cost 66,300 Calculate pension expense for the year 2020, assuming that Oriole follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense $ Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 (To record pension expense.)…
The following information isavailable for the pension plan of Radcliffe Company for the year 2019.Interest revenue on plan assets $ 15,000Benefits paid to retirees 40,000Contributions (funding) 90,000Discount (interest) rate 10%Defined benefit obligation, January 1, 2019 500,000Service cost 60,000Instructionsa. Compute pension expense for the year 2019.b. Prepare the journal entry to record pension expense and the employer'scontribution to the pension plan in 2019.
The following information is related to the defined benefit pension plan of a company for 2021. Amortization of prior service cost $176,000 Contributions to the plan 123,000 Expected return on plan assets 279,000 Interest on projected benefit obligation 327,000 Service cost 634,000 Actual return on plan assets 248,000 Amortization of net (or OCI) gain 85,700Pension expense for 2021 is $__________.
Presented below is pension information for PP Company for the year 2020: Interest on plan assets P24,000 Interest on vested benefits 15,000 Service cost 30,000 Interest on defined benefit obligation 21,000 Past service cost due to increase in benefits 18,000 The amount of pension expense to be reported for 2020 is?
The following information is related to the defined benefit pension plan of Dreamworld Company for the year ended 12/31/2020: Service cost $ 60,000 110,000 150,000 640,000 750,000 150,000 900,000 960,000 Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 11 Plan assets (fair value), December 31 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate Long-term expected return on plan assets Prior Service Cost 1/1 $ 700,000 Average remaining years of service Assuming no other relevant data exist. Required: 10 years 10% 9% A. Calculate the company's pension expense for 2020. B. Make journal entry (entries) related to the plan at 12/31/2020.
The following information is available for Cullumber Corporation's pension plan for the year 2023: Plan assets, January 1, 2023 Actual return on plan assets $430,000 17,000 Benefits paid to retirees 40,200 Contributions (funding) 94,300 Discount rate 10% Defined benefit obligation, January 1, 2023, accounting basis valuation 518,000 Service cost 65,400
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its defined benefit pension plan: Service cost $95,610 Interest cost on projected benefit obligation 11,810 Expected return on plan assets 11,050 Amortization of prior service cost 1,950 On its December 31, 2018, balance sheet, Robey had reported an accrued/prepaid pension cost liability of $14,790. Required: 1. Compute the amount of Robey’s pension expense for 2019. 2. Prepare all the journal entries related to Robey’s pension plan for 2019 if it funds the pension plan in the amount of (a) $98,320, (b) $97,290, and (c) $102,670. 3. Next Level Assuming Robey’s beginning 2019 Accumulated Other Comprehensive Income: Prior Service Cost balance was $57,370 what would be its ending balance? 4. Next Level How much would Robey need to fund its pension plan for 2019 in order to report an accrued/ prepaid pension cost asset of $4,780 at the end of 2019?
On January 1, 2021, a company has the following balances for its defined-benefit plan: Projected benefit obligation $661,000Fair value of plan assets 392,000 Other data related to the pension plan for 2021 are: Amortization of accumulated OCI-loss $68,550 Increase in projected benefit obligation due to changes in actuarial assumptions 188,000 Contributions 482,000 Benefits paid 263,780 Service cost 307,140 Interest cost 222,000 Expected return on plan assets 443,000 Actual return on plan assets 82,350 Amortization of prior service costs 146,000 The fair value of plan assets at December 31, 2021 is $__________.
A company had the following information concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. January 1, 2021 December 31, 2021Fair value of pension plan assets $33,000 $69,000Projected benefit obligation 77,000 98,000 The service cost component of pension expense for 2021 is $8,500 and the amortization of prior service cost is $400. The settlement rate is 12% and the expected rate of return is 6%. What is the amount of pension expense for 2021?

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Defined Benefit Obligation, January 1		$9,941,000
Actual return on plan assets		434,000
Benefits paid to retirees		848,000
Current year service cost		1,210,000
Interest cost		496,000
Employer contributions for the year		998,000
Pension Plan Assets, January 1		8,832,000