Determine the amounts of the components of penaion expense that should be recognized by the company in 2020, (Enter omounts that reduce pension expense with either a negative sign preceding the number eg. -45 or parenthesis e.s (45) Components of Pension Expense
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- Bonita Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
- Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…Sharp Inc. had the following balances related to their Pension trust fund as of January 1, 2022 Plan Assets Projected Benefit Obligation. Pension Liability.. Accumulated Other Comprehensive Income - Prior Service Cost. Accumulated Other Comprehensive Income - Pension Gains/Losses. 235,000 dr 243,600 cr 8,600 cr -0- 5,820 cr Sharp Inc.'s pension plan required the following adjustments for the year 2022. 55,000 43,000 7% Plan Amendment for Prior Service Cost Annual Service Cost. Settlement Rate Actual Return on Plan Assets. Expected Return on Plan Assets. Funding Contributions, Benefits Paid.. Amortization of Prior Service Cost (straight line). 17.400 25,000 L36,000 35,250 5,000 You may use a blank pension worksheet provided to help answer the following question. Sharp Inc. will report Pension Expense for the year 2022 of what amount? O a $39,052 Ob $43,902 Oc S62,560 O d. $59,102 O e $93,902Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
- Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a) Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020. (c)…Vaughn Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020Projected benefit obligation $2,726,600Accumulated benefit obligation 1,982,100Fair value of plan assets 2,293,300Accumulated OCI (PSC) 208,700Accumulated OCI—Net loss (1/1/20 balance, 0) 45,700Pension liability 433,300Other pension plan data for 2020: Service cost $94,700Prior service cost amortization 42,100Actual return on plan assets 129,100Expected return on plan assets 174,800Interest on January 1, 2020, projected benefit obligation 252,800Contributions to plan 93,100Benefits paid 138,800 Collapse question part(a)Prepare the note disclosing the components of pension expense for the year 2020. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension ExpenseService Cost$94700Interest Cost252800Expected Return on Plan Assets(174800)Prior Service Cost…
- Sandhill Corporation received the following report from its actuary at the end of the year: December 31, 2020 December 31, 2021 Projected benefit obligation $4384000 $4800000 Accumulated benefit obligation 2992000 3352000 Fair value of pension plan assets 3152000 3272000 The amount reported as the pension liability at December 31, 2020 is $ -0-. $1392000. $1232000. $176000.Kingbird Company provides the following selected information related to its defined benefit pension plan for 2020. Pension asset/liability (January 1) Accumulated benefit obligation (December 31) Actual and expected return on plan assets Contributions (funding) in 2020 Fair value of plan assets (December 31) Settlement rate Projected benefit obligation (January 1) Service cost (a) Your answer is correct. Compute pension expense. Pension expense for 2020 $ Account Titles and Explanation Pension Expense Pension Asset/Liability $27,200 Cr. 403,300 11,000 150,600 794,200 Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2020. Preparation of a pension worksheet is not required. Benefits paid in 2020 were $37,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Cash 10 % 696,900 79,420 138110…Sandhill, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined- benefit pension plan for the year ended December 31, 2026: Fair value of pension plan assets Projected benefit obligation Accumulated benefit obligation Accumulated OCI - (Gains/Losses) Actual return on plan assets January 1, 2026 $6000000 $888000 $1080000 $1568000 O $1408000 6800000 1160000 December 31, 2026 $6400000 7280000 1400000 (80000) 160000 The service cost component of pension expense for 2026 is $800000 and the amortization of prior service cost due to an increase in benefits is $88000. The settlement rate is 10%. Assuming that the actual return equals the expected return on plan assets, what is the amount of pension expense for 2026?