Pension data for Fahy Transportation Incorporated include the following: Discount rate, 8% Expected return on plan assets, 11% Actual return on plan assets, 12% Projected benefit obligation, January 1 Plan assets (fair value), January 1 Plan assets (fair value), December 31 Benefit payments to retirees, December 31 ($ in millions) $ 660 650 680 75 Required: Assuming cash contributions were made at the end of the year, what was the amount of those contributions?
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- 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.Pension data for Fahy Transportation Inc., include the following: ($ in millions)Discount rate, 7%Expected return on plan assets, 10%Actual return on plan assets, 11%Projected benefit obligation, January 1 $730Plan assets (fair value), January 1 700Plan assets (fair value), December 31 750Benefit payments to retirees, December 31 66 Required:Assuming cash contributions were made at the end of the year, what was the amount of those contributions?Pension data for Carolina Consulting Company included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost Amortization of net loss Discount rate, 6% Expected return on plan assets, Actual return on plan assets, 10% $116,000 830,000 880,000 6,800 2,800 8% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense
- Pension data for Millington Enterprises include the following: (S in millions) Discount rate, 10% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 $360 465 300 415 150 54 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 10% Projected benefit obligation, January 1 440 Projected benefit obligation, December 31 545 Accumulated benefit obligation, January 1 380 Accumulated benefit obligation, December 31 495 Cash contributions to pension fund, December 31 230 Benefit payments to retirees, December 31 70 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. Service cost ___________ millionPension data for David Emerson Enterprises Include the following: Discount rate, 12% Projected benefit obligation, January 1 Projected benefit obligation, December 31 Accumulated benefit obligation, January 1 Accumulated benefit obligation, December 31 Cash contributions to pension fund, December 31 Benefit payments to retirees, December 31 Service cost ($ in millions) million $300 470 Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. 305 420 155 55
- Pension data for David Emerson Enterprises include the following: ($ in millions) Discount rate, 12% Projected benefit obligation, January 1 $300 Projected benefit obligation, December 31 470 Accumulated benefit obligation, January 1 305 Accumulated benefit obligation, December 31 420 Cash contributions to pension fund, December 31 155 Benefit payments to retirees, December 31 55 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.Pension data for Coda Corporation included the following for the current calendar year: Service cost PBO, January 1 Plan assets, January 1 Amortization of prior service cost $126,000 720,000 770,000 5,700 1,700 Amortization of net loss Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 14% Required: Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expensePension data for David Emerson Enterprises include the following: ($ in millions)Discount rate, 10%Projected benefit obligation, January 1 $360Projected benefit obligation, December 31 465Accumulated benefit obligation, January 1 300Accumulated benefit obligation, December 31 415Cash contributions to pension fund, December 31 150Benefit payments to retirees, December 31 54 Required:Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
- II. Pension data for the Phoenix Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $200,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,400,000 1,000,000 1,500,000 20,000 4,000 $220,000 240,000 a) Determine pension expense for the year. b) Prepare the journal entries to record pension expenses and funding for the year.The following information is related to the defined benefit penslon plan of Melissa Larson Company for the year: Service cost Contributions to pension plan Benefits paid to retirees Plan assets (fair value), January 1 Plan assets (fair value), December 31 $ 90,000 140,000 110,000 540,000 650,000 80,000 800,000 870,000 Actual return on plan assets PBO, January 1 PBO, December 31 Discount rate 10% Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year? Multiple Choice $90,000. $121,400. 13 of 39 Next > Prev Show All 7 Question no....pages 15....pdf Question no....pages MacBook AirThe following data relate to Ramesh Company’s defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 $ 630 Expected return on plan assets 63 Actual return on plan assets 50 Contributions to the pension fund (end of year) 106 Amortization of net loss 11 Pension benefits paid (end of year) 14 Pension expense 78 Required:Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.)