Sheridan Corporation has a defined-benefit pension plan covering its 1140 employees. Sheridan agrees to amend its pension benefits.The prior service cost associated with the amendment is $570000. The employees are grouped according to expected years ofretirement, as follows:Number ofExpected RetirementGroupEmployeeson December 31A2102025B3252026C4502027D1552028What is the overall total number of service years to use for amortization calculations using the years of service approach?45606802830○ 1140

To calculate the overall total number of service years for amortization calculations using the years…

Answered: Sheridan Corporation has a…

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 13E

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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.
Crane Inc. has a defined - benefit pension plan covering its 216 employees. Crane agrees to amend its pension benefits. The prior service cost associated with the amendment is $140000. The employees are grouped according to expected years of retirement, as follows: Group Number of Employees Expected Retirement on December 31 A 24 2025 B 54 2026 C 94 2027 D 44 2028 What is the service years total for the year ending December 31, 2026 and what is the overall total number of service years? Select answer from the options below 192 for 2026 and 590 overall. 54 for 2026 and 216 overall. 54 for 2026 and 590 overall. 192 for 2026 and 864 overall.
Metlock Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2020 are as follows. Employee Future Years of Service Jim 3 Paul 4 Nancy 5 Dave 6 Kathy 6 On January 1, 2020, the company amended its pension plan, increasing its projected benefit obligation by $ 84,960.Compute the amount of prior service cost amortization for the years 2020 through 2025 using the years-of-service method, setting up appropriate schedules.
Cullumber Corporation has a defined-benefit pension plan covering its 1500 employees. Cullumber agrees to amend its pension benefits. The prior service cost associated with the amendment is $750000, The employees are grouped according to expected years of retirement, as follows: Group A B с 0 D Number of Employees 300 O 3730 O 1500 O 810 0 6000 415 540 245 Expected Retirement on December 31 2025 2026 2027 2028 What is the overall total number of service years to use for amortization calculations using the years of service approach?
arasota Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2020 are as follows. Employee Future Years of Service Jim 3 Paul 4 Nancy 5 Dave 6 Kathy 6 On January 1, 2020, the company amended its pension plan, increasing its projected benefit obligation by $74,880.Compute the amount of prior service cost amortization for the years 2020 through 2025 using the years-of-service method, setting up appropriate schedules. Year Annual Amortization 2020 $enter a dollar amount 2021 enter a dollar amount 2022 enter a dollar amount 2023 enter a dollar amount 2024 enter a dollar amount 2025 enter a dollar amount
Blossom Corporation has a defined-benefit pension plan covering its 1460 employees. Blossom agrees to amend its pension benefits. The prior service cost associated with the amendment is $813120. The employees are grouped according to expected years of retirement, as follows: Group A B C D Number of Employees 290 405 $327040 $8131 $224.00 $203280 530 235 Expected Retirement on December 31 2025 2026 2027 2028 Using the straight-line amortization over average remaining service life approach, what is the annual amount of Prior Service Cost amortization recognized in 2026?
he following information relates to the pension plan for the employees of Cullumber Co.: (See Image) Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $ 1213000 in 2021 and benefits paid were $ 877000.The actual return on plan assets in 2021 is a. $ 2011000. b. $ 1134000. c. $ 798000. d. $ 336000.

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