Loss (gain) on PBO for assumption changes = $3,528 USE THE FOLLOWING INFORMATION FOR # 11 -
Fantastic news! We've Found the answer you've been seeking!
Question:
Loss (gain) on PBO for assumption changes = $3,528
Transcribed Image Text:
USE THE FOLLOWING INFORMATION FOR # 11 - 20: Interest (Cost) Rate Expected rate of return on plan assets 3.0% 4.0% Actual rate of return on plan assets 5.0% Beginning of year balance in CASH $126,000 Projected benefit obligation at the beginning of 2019 Service cost, 2019 $ 370,440 $ 35,784 Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ (50,400) Plan assets at the beginning of the year Cash contributions to the pension plan in 2019 Less: Benefits paid to retirees during the year $ 297,360 $ 44,352 $ (50,400) Additional information reported from the actuary and plan trustee: Prior Service Costs incurred beginning of 2018 Beginning of year balance in AOCI for Net Loss Average remaining service years of employees $ 32,760 $ 44,100 7 years Beginning of year balance in AOCI for PSC $28,668 11.) Calculate the 2019 Interest cost and write the answer on the cover sheet. 12.) Calculate the 2019 expected return on plan assets and write the answer on the cover sheet. USE THE FOLLOWING INFORMATION FOR # 11 - 20: Interest (Cost) Rate Expected rate of return on plan assets 3.0% 4.0% Actual rate of return on plan assets 5.0% Beginning of year balance in CASH $126,000 Projected benefit obligation at the beginning of 2019 Service cost, 2019 $ 370,440 $ 35,784 Loss (gain) on PBO for assumption changes Less: Benefits paid to retirees during the year $ (50,400) Plan assets at the beginning of the year Cash contributions to the pension plan in 2019 Less: Benefits paid to retirees during the year $ 297,360 $ 44,352 $ (50,400) Additional information reported from the actuary and plan trustee: Prior Service Costs incurred beginning of 2018 Beginning of year balance in AOCI for Net Loss Average remaining service years of employees $ 32,760 $ 44,100 7 years Beginning of year balance in AOCI for PSC $28,668 11.) Calculate the 2019 Interest cost and write the answer on the cover sheet. 12.) Calculate the 2019 expected return on plan assets and write the answer on the cover sheet.
Expert Answer:
Answer rating: 100% (QA)
Year 2019 Pension Expense 40106 Journal entry 2019 ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
for the appropriate principle or assumption in the blank space next to each description. A. Cost principle B. Matching principle C. Specific accounting principle D. Full disclosure principle E....
-
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2011: Required: 1. Determine Lakeside's pension expense for 2011 and prepare the...
-
Changes in the net pension liability affect amounts reported on both balance sheets and statements of resource flows. The following was taken from a pension note of Geffen County. During the year...
-
A feature of most autumns in the northeastern United States is a period of mild, sunny weather called Indian summer, which occurs when an anticyclone happens to stall for a few days off the East...
-
Form teams of three to six students. Each team should contact and meet with a manager responsible for pricing in a company in your area. This might be a product manager or brand manager for a large...
-
Christina Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2020 with assets of 146,000 Canadian dollars (CAD) and liabilities of CAD 82,000. During this...
-
If an ideal gas undergoes a reversible adiabatic expansion, the work done by the gas is given by (a) \(\frac{P_{2} V_{2}-P_{1} V_{1}}{\gamma-1}\) (b) \(\frac{P_{1} V_{1}-P_{2} V_{2}}{\gamma-1}\) (c)...
-
Big Sale Stores is assessing its levels of inventory for 2013 and 2014 and has gathered the following data: Compute the inventory turnover and days inventory on hand for 2013 and 2014 (round to one...
-
2. Skywalker Corporation produces hand-made custom lightsabers for the most die-hard Star Wars fans. Each fan has their own individual lightsaber that they special order to fit their needs. Skywalker...
-
On January 1, 2017, Hunter Ltd. entered into an agreement to lease a truck from Situ Ltd. Both Hunter and Situ use IFRS 16. The details of the agreement are as follows: Additional information: 1....
-
Two trains moving along parallel tracks in opposite directions converge on a stationary observer, each sounding its whistle of frequency 350 cycles/sec One train is traveling at 50 mph What must be...
-
Perhaps one of the most successful public/private partnerships between a municipality and a private entity is the USTA Billie Jean King National Tennis Center. The National Tennis Center, located in...
-
Armoring Military Planes During the Second World War, the U.S. military collected data on bullet holes found in B-24 bombers that returned from flight missions. The data showed that most bullet holes...
-
As a customer, think back to a recent sales presentation that you felt went well. What made it good? What did the salesperson do (or not do) that most impressed you? Did you buy the product or...
-
Diet Cola and Weight Gain in Rats A study fed one group of rats a diet that included yogurt sweetened with sugar, and another group of rats a diet that included yogurt sweetened with a zero calorie...
-
Green Spaces Make Kids Smarter A recent article claims that "Green Spaces Make Kids Smarter." The study described in the article involved 2,623 schoolchildren in Barcelona. The researchers measured...
-
What would be the best internal control option for Sporting Good Apparel, Inc. which is a large national retail chain that sells athletic clothing, accessories, and equipment?
-
A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands): ADDITIONAL INFORMATION 1. Pen acquired its 80 percent interest...
-
The following information was drawn from the 2013 balance sheets of the Copper and Iron companies: Required a. Compute the current ratio for each company. b. Which company has the greater likelihood...
-
Herring Enterprises has two hourly employees, Emily and Jash. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social...
-
The following data are based on information in the 2010 annual reports of Aropostale, Inc., and American Eagle Outfitters, Inc. Dollar amounts are in thousands. Aropostale, Inc. is a retailer of...
-
Derive the equations of motion, using Newton's second law of motion, for each of the systems shown in Figs. 6.18. F(t) 5k 00000 mi k F3(1) F2(t) 00000 m2 m3 00000 k k X2(1) k x(1) (1)Ex FIGURE 6.18...
-
Derive the flexibility matrix of the system shown in Fig. 5.39. mo e(t) ellee k1 k2 lllll m x(t) FIGURE 5.39 Mass hanging from a pulley.
-
Derive the stiffness matrix of each of the systems shown in Figs. 6.19 using the indicated coordinates. 31 4 4 3k O 8(t) 2k M,(t) Rigid bar, mass= 2m C 2m x1(t) F(t) m T x2(t) F2(t) FIGURE 6.19 Rigid...
Study smarter with the SolutionInn App