Actuarial gain or loss – plan assets Fair value of plan assets (1 July 2013) Plus: Return on plan assets (6% x $94 356 000) Contributions Minus: Benefits paid Actuarial Fair value of plan assets (30 June 2014) Required: Select a correct answer for each blank. $94 356 000 5 661 360 8 640 000 (15 552 000) $95 832 000
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- Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.What is the benefit obligation of DEF Co. on Dec. 31, 2022?Benefit obligation, 1/1/2022, P9MFVPA, 1/1/2022, P10MCurrent service cost, P1.7MPast service cost, P500KBenefits paid to retirees, P2.2MContribution to the plan, P2MActual return on plan assets, P1.5MActuarial loss due to remeasurement of benefit obligation, P400KDiscount rate, 12%There are no asset ceilings at the beginning and end of the year.How much is the defined benefit cost for 2022?Carla Vista Corporation has the following information available concerning its postretirement benefit plan for 2025. Service cost Interest cost Actual and expected return on plan assets Postretirement expense 2025 LA $36,500 Compute Carla Vista's 2025 postretirement expense. $ 43,900 25.800
- The following relates to the define benefit obligation plan for Tokwa’t Baboy Inc. in 2016:Accrued benefit obligation, January 1 4,600,000Accrued benefit obligation, December 31 4,929,000FV of plan assets, January 1 5,035,000FV of plan assets, December 31 5,565,000Actuarial gain due to remeasurement of benefit obligation 32,500Employer contributions 425,000Benefits paid to retirees 390,000Discount rate 10% The service cost for current year would beA. P219,500 B. P226,500 C. P262,500 D. P291,500 . The actual return on plan assets for the year isA. P105,000 B. P495,000 C. P503,500 D. P512,000 What is the retirement benefit expense reported in profit or loss for the year 2016?A. P224,000 B. P242,000 C. P248,000 D. P284,000What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000What is the situation that best describes the following amortization schedule? Payment # Amount Paid Interest Portion Principal Portion Principal Balance 12,000.00 1 3,132.39 210.00 2,922.39 9,077.61 2 3,132.39 158.86 2,973.53 6,104.08 3,132.39 106.82 3,025.57 3,078.51 4 3,132.38 53.87 3,078.51 0.00 Total 12,529.55 529.55 12,000.00 a. Reuben received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. b. Fabrizio received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 70% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. C. Reuben received a loan of $12,000 froma bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded every…
- What is the amount of prepaid/accrued benefit cost that should be shown on the December 31, 2019 statement of financial position? 560,000 700,000 840,000 2,520,000 answer not given4. Information on an entity's plan assets is shown below: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year 32,000 Benefits paid to retirees 89,000 Actuarial loss 50,000 Fair value of plan assets, Dec. 31 335,000 How much is the return on plan assets during the year? a. 51,000 b. 81,000 c. 101,000 d. 1,000Information on an entity's plan assets is as follows: Fair value of plan assets, Jan 1 234,000 of Fair value of plan assets, Dec 31 299,000 Contributions to the retirement fund during the 120,000 tion year Benefits paid to retirees 79,000 Actuarial loss 12,000 Discount rate 10% How much is the return on plan assets during the year? O 24,000 O 29,400 O 37,400 O 23,400
- Items Balance, Jan. 1, 2025 (a) Service Cost (b) Interest Cost (c) Actual Return (d) Contributions (e) Benefits Journal Entry for 2025 Balance, Dec. 31, 2025 The service cost for 2025 is O $115000. O $6000. O $37000. O $38000. Annual Pension Expense ?? dr 15000 dr General Journal Entries 16000 cr $37000 Pharoah Corporation Pension Worksheet Cash $37000 cr ?? Show Transcribed Text Pension Asset/ Liability ?? Memo Record Projected Benefit Obligation $115000 cr $115000 dr ?? Plan Assets ??Help *CMOU CD A1D 17 nz inn 1IDid =ın in PBO balance, January 1 Plan assets balance, January 1 Service Cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 $480 300 75 45 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Required: 1. Calculate the pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the pension expense for 2021. (Enter your answer in…What amount of interest revenue should be recorded in 2021? *a. 490,000b. 480,000c. 438,000d. 391,800