Answered: The following information relates to…

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 9RE: Given the following information for Tyler Companys pension plan at the beginning of the year,...

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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.
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $201,000 $321,000 $416,000 Accumulated benefit obligation 192,000 287,000 381,000 Fair value of plan assets 156,000 252,000 448,000 Accumulated OCI--gains -0- 41,000 237,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $82,000 in 2021 and benefits paid were $45,000. The amount of accumulated OCI-gains amortized in 2021 is $_________. (If there should be no…
Sunshine company has a defined benefit pension plan. Using the data available related to pension, calculate the amount of amortization of the net loss or gain that should be included as a component of pension expense for the current year? Average remaining service period of active employees Net gain, January 1 PBO, January 1 Plan assets, January 1 12 years $214,600 $1,630,000 $1,930,000 a. $21,600 b. $1,800 c. $51,600 d. $4,300
The following information relates to the defined-benefit pension plan for the employees of a company: 1/1/21 12/31/21 Fair value of plan assets $227,000 $364,000 Projected benefit obligation 211,000 408,000 Accumulated benefit obligation 195,000 377,000 Accumulated OCI – Gain/Loss 48,440Dr 163,790Dr The company estimates that the average remaining service life is 25 years. The company’s contribution was $128,000 in 2021 and benefits paid were $13,000. Settlement rate for 2021 is 7% and expected rate of return is 10%. The amount of accumulated OCI-Gain/Loss amortized in 2021 is $_________. (If there should be no corridor amortization, then enter 0. If your answer is a decimal, there is no need to round…
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $216,000 $303,000 $416,000 Accumulated benefit obligation 191,000 289,000 379,000 Fair value of plan assets 150,000 262,000 439,000 Accumulated OCI--gains -0- 67,000 169,000 The company estimates that the average remaining service life is 40 years. The company's contribution was $112,000 in 2021 and benefits paid were $30,000. The amount of accumulated OCI-gains amortized in 2021 is $ answer. Note: a year's beginning is the previous year's ending.) (If there should be no corridor amortization, then enter 0. If your answer is a decimal, there is no need to round your
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $207,000 $300,000 $414,000 Accumulated benefit obligation 187,000 298,000 387,000 Fair value of plan assets 153,000 260,000 448,000 Accumulated OCI--gains -0- 118,000 206,000 The company estimates that the average remaining service life is 8 years. The company’s contribution was $146,000 in 2021 and benefits paid were $46,000. The corridor (used in the corridor amortization) for 2021 is $ ________________. (Note: a…
ABC Inc. follows IFRS for financial reporting purposes and has established a defined benefit pension plan for its employees. Pertinent details of the plan for the year ended December 31, 2025 are as follows: current service costs, accrued end of year $52,000 past service costs, accrued beginning of year $20,000 benefit payents to retirees, paid evenly throughout the year $85,000 discount rate used by actuary 5% actuarial losses in the year $10,000 pension obligation as at January 1, 2025 $750,000 pension assets as at January 1, 2025 $725,000 What is the balance of the pension obligation at December 31, 2025? Detail explanation, please
The following information relates to the defined benefit pension plan for the employees of a company: 1/1/20 12/31/20 12/31/21 Projected benefit obligation $211,000 $318,000 $418,000 Accumulated benefit obligation 190,000 294,000 397,000 Fair value of plan assets 157,000 266,000 448,000 Accumulated OCI--gains -0- 135,000 145,000 The company estimates that the average remaining service life is 40 years. The company’s contribution was $64,000 in 2021 and benefits paid were $9,000. The actual return on plan assets in 2021 is $________________. (Use the formula: Ending Plan…
The following data are for the pension plan for the employees of Pharoah Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5410000 $ 6990000 Projected benefit obligation 5600000 5660000 7540000 Plan assets (at fair value) 4760000 6160000 6640000 AOCL - net loss 959000 1090000 Settlement rate (for year) 9% 8% Expected rate of return (for year) 7% 6% Pharoah's contribution was $863000 in 2021 and benefits paid were $74400O. Pharoah estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was $361000. $251000. $250000. $480000.
The following information relates to the defined benefit pension plan for the Nicola Company for the year ending December 31, 2020. Defined benefit obligation, January 1 P4,600,000 Defined benefit obligation, Dec. 31 4,729,000 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, Dec. 31 5,565,000 Expected return on plan assets 450,000 Employer contributions 425,000 Benefits paid to retirees 390,000 Settlement rate 10% Service cost for the year would be P390,000 O P59,000 O P94,000 O P129.000
The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was
- The following information relates to the defined benefit pension plan of the McDonald Company for the year ending December 31, 2002: Present value of defined benefit obligation, Jan. 1 4,600,000 Present value of defined benefit obligation, Dec. 31 Fair value of plan assets, January 1 Fair value of plan assets, December 31 Expected return on plan assets Amortization of deferred gain Employer contributions Benefits paid to retirees 4,729,000 5,035,000 5,565,000 450,000 32,500 425,000 390,000 Discount rate 10% The return on plan assets for the year is a. 105,000. (Adapted) d. 530,000. b. 495,000. c. 503,500.

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