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intermediate accounting 11th

Intermediate Accounting 11th Edition David Spiceland - Solutions

Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer’s projected benefit obligation. Events 1. Interest cost. 2. Amortization of prior service cost. 3. A decrease in the average life expectancy of employees. 4. An increase in
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the year ended December 31, 2019, are available in Connect. This material also is available under the
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years’
On January 1, 2024, Ravetch Corporation’s projected benefit obligation was $30 million. During 2024, pension benefits paid by the trustee were $4 million. Service cost for 2024 is $12 million. Pension plan assets (at fair value) increased during 2024 by $6 million as expected. At the end of 2024,
Refer to the 2020 financial statements and related disclosure notes of Microsoft Corporation (www.microsoft.com).Required:1. What type of pension plan does Microsoft sponsor for its employees?2. Who bears the “risk” of factors that might reduce retirement benefits in this type of plan?3.
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years’
Indicate by letter whether each of the events listed below increases (I), decreases (D), or has no effect (N) on an employer’s periodic pension expense in the year the event occurs. Events 1. Interest cost. 2. Amortization of prior service cost-AOCI. Excess of the expected return on plan assets
Harrison Forklift’s pension expense includes a service cost of $10 million. Harrison began the year with a pension liability of $28 million (underfunded pension plan).Required:Prepare the appropriate general journal entries to record Harrison’s pension expense in each of the following
Sachs Brands’s defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years’
Refer to the 2020 financial statements and related disclosure notes of FedEx Corporation. The financial statements can be found at the company’s website (www.fedex.com).Required:1. Does FedEx sponsor defined benefit pension plans for its employees? Defined contribution plans? Postretirementhealth
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2024 and
Refer to the financial statements of Macy’s, Inc. for the year ended February 1, 2020, and related disclosure notes of the company. The financial statements can be found at the company’s website (www.macys.com).Required:1. From the information provided in various portions of Note 9, reconcile
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available:The rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year,
LGD Consulting is a medium-sized provider of environmental engineering services. The corporation sponsors a noncontributory, defined benefit pension plan. Alan Barlow, a new employee and participant in the pension plan, obtained a copy of the 2024 financial statements, partly to obtain additional
A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.’s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2023.U.S.M.’s actuary determined that 2024 service cost is $60,000. Both the expected and actual rate of return on plan assets are 9%. The interest (discount) rate is 5%.
Refer to the situation described in E 17–8.Data from in E 17-8Pension data for Sterling Properties include the following:Required:How might your answer differ if we assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS)? The
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows:The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension
Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information:The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss—AOCI on January 1,
Stacy Persoff is the newly hired assistant controller of Kemp Industries, a regional supplier of hardwood derivative products. The company sponsors a defined benefit pension plan that covers its 420 employees. On reviewing last year’s financial statements, Persoff was concerned about some items
Refer to the situation described in P 17–10. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds.Data from in P 17-10Electronic
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ($ in millions): Information Provided by Pension Plan Actuary:a. Projected benefit obligation as of December 31, 2023 = $1,800.b. Prior service cost from plan
Clark Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to 1.2% × Service years × Final year’s salary Stanley Mills was hired by Clark at the beginning of 2005.• Mills is expected to retire at the end of 2049 after 45 years of service.•
Lewis Industries adopted a defined benefit pension plan on January 1, 2024.• By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $2 million.• The prior service cost was funded immediately by a $2 million cash payment to the fund trustee on
Hicks Cable Company has a defined benefit pension plan. Three alternative possibilities for pension-related data at January 1, 2024, are shown below:Required:1. For each independent case, calculate any amortization of the net loss or gain that should be included as a component of pension expense
Prince Distribution Inc. has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2024, Jim Lukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is
The funded status of Patel Paneling Inc.’s defined benefit pension plan and the balances in prior service cost and the net gain—pensions, are given below ($ in thousands):Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected
Luciana Fashions calculated pension expense for its underfunded pension plan as follows:Required:Which elements of Luciana’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts? Service cost Interest cost Expected return on the plan
On January 1, 2024, Medical Transport Company’s accumulated postretirement benefit obligation was $25 million. At the end of 2024, retiree benefits paid were $3 million. Service cost for 2024 is $7 million. Assumptions regarding the trend of future health care costs were revised at the end of
The following pension-related data pertain to Metro Recreation’s noncontributory, defined benefit pension plan for 2024 ($ in thousands):Required:Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary’s discount rate is 5%. At the end of 2022, the pension formula was amended, creating a prior service cost of
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024:Required:1. Determine Lakeside’s pension expense for 2024, and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and
Century-Fox Corporation’s employees are eligible for postretirement health care benefits after both being employed at the end of the year in which age 60 is attained and having worked 20 years. Jason Snyder was hired at the end of 2001 by Century-Fox at age 34 and is expected to retire at the end
Patel Industries has a noncontributory, defined benefit pension plan. Since the inception of the plan, the actuary] has used as the discount rate the rate on high-quality corporate bonds, which recently has been 7%. During 2024, changing economic conditions caused the rate to change to 6%, and the
Stockton Labeling Company has a retiree health care plan. Employees become fully eligible for benefits after working for the company eight years. Stockton hired Misty Newburn on January 1, 2024. As of the end of 2024, the actuary estimates the total net cost of providing health care benefits to
Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale’s fiscal year), the following pension-related data were available:Required:1. Prepare the 2024 journal entry to record pension expense.2. Prepare the journal entry(s) to record any 2024
The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $127,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary’s discount rate is 5%. There were no changes in
Refer to the data provided in E 17–19.Data from in E 17-19Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale’s fiscal year), the following pension-related data were available:Required:Prepare a pension spreadsheet to show the
The following is an excerpt from a disclosure note in The Clorox Company’s annual report for the fiscal year ended June 30, 2020:Required:1. What amount did Clorox report in its balance sheet related to the pension plan at June 30, 2020?2. When calculating pension expense at June 30, Clorox
Refer to the situation described in E 17–21.Data from in E 17-21Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, Lacy received the following information:The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to
The following data are available pertaining to Household Appliance Company’s retiree health care plan for 2024:Required:1. What is the accumulated postretirement benefit obligation at the beginning of 2024?2. What is interest cost to be included in 2024 postretirement benefit expense?3. What is
Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2024, the following data were available concerning changes in the plan’s accumulated postretirement benefit obligation with respect to one of Lorin’s employees:Required:1. Over how many years is the expected
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2024:Required:1. Determine the postretirement benefit expense for 2024.2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c)
Tsai-Ming Company has a postretirement health care benefit plan. On January 1, 2024, the following plan related data were available:The rate of return on plan assets during 2024 was 10%, although it was expected to be 9%. The actuary revised assumptions regarding the APBO at the end of the year,
Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reach age 62 while in service. On January 1, 2024, the following plan-related data were available:On January 1, 2024, Gorky-Park amends the plan to provide certain dental
Southeast Technology provides postretirement health care benefits to employees. On January 1, 2024, the following plan-related data were available:On January 1, 2024, Southeast amends the plan in response to spiraling health care costs. The amendment establishes an annual maximum of $3,000 for
A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasi reorganization for the corporation. The
Microsoft provides compensation to executives in the form of a variety of incentive compensation plans, including restricted stock award grants. The following is an excerpt from a disclosure note from Microsoft’s 2020 annual report:Required:If all awards are granted, acquired, vested, and
Frazier Refrigeration amended its defined benefit pension plan on December 31, 2024, to increase retirement benefits earned with each service year. The consulting actuary estimated the prior service cost incurred by making the amendment retroactive to prior years to be $110,000. Frazier’s 100
When companies offer new equity security issues, they publicize the offerings in the financial press and on Internet sites. Assume the following were among the equity offerings reported in December 2024:Required:Prepare the appropriate journal entries to record the sale of both issues to
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This material is also available under the Investor Relations link at the company’s website
Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2024, the company granted 16 million of its $1 par common shares, subject to forfeiture if employment is terminated within two years. The common shares have a market price of $5 per share on the
On October 15, 2023, the board of directors of Martinez Materials Corporation approved a stock option plan for key executives. On January 1, 2024, 20 million stock options were granted, exercisable for 20 million shares of Martinez’s $1 par common stock.∙ The options are exercisable between
The 2021 annual report of Best Buy Co., Inc. reported profitable operations. However, the company has not always been profitable. The company suffered a net loss for the 12 months ended March 3, 2012:The calculation of diluted (loss) per share for the 12 months ended March 3, 2012, does not include
Air France–KLM (AF), a Franco-Dutch company, prepares its financial statements according to International Financial Reporting Standards. AF’s financial statements and disclosure notes for the year ended December 31, 2019, are available in Connect. This material is also available under the
On January 1, 2024, Tru Fashions Corporation awarded restricted stock units (RSUs) representing 12 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the
Pastner Brands is a calendar-year firm with operations in several countries. As part of its executive compensation plan, at January 1, 2024, the company issued 400,000 executive stock options permitting executives to buy 400,000 shares of Pastner stock for $34 per share. One-fourth of the options
The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2024:Additional Information:• Proactive had 7 million shares of preferred stock authorized, of which 2 million were outstanding. All 2 million shares outstanding were issued in 2018 for $112 a share.
FedEx Corporation included the following disclosure note in an annual report:Required:1. Assuming a four-year vesting period, how much compensation expense did FedEx report in the year ended\ May 31, 2021, for the restricted stock granted during the year ended May 31, 2020? (Round dollar amounts to
Under its executive stock option plan, National Corporation granted 12 million options on January 1, 2024, that permit executives to purchase 12 million of the company’s $1 par common shares within the next six years, but not before December 31, 2026 (the vesting date). The exercise price is the
Refer to the situation described in P 19–2. Assume Pastner measures the fair value of all options on January 1, 2024, to be $4.50 per option using a single weighted-average expected life of the options assumption.Data from in P 19-2Pastner Brands is a calendar-year firm with operations in several
“I guess I’ll win that bet!” you announced to no one in particular. “What bet?” Renee asked. Renee Patey was close enough to overhear you. “When I bought my REC stock last year, Randall insisted it was a mistake, that they were going to collapse. I bet a Coke Randall was wrong. This
Refer to the situation described in BE 19–3. Suppose that unexpected turnover during 2025 caused the forfeiture of 5% of the stock options. What is the effect on earnings in 2025? In 2026?Data from in BE 19-3Under its executive stock option plan, National Corporation granted 12 million options on
Refer to the situation described in P 19–2. Assume Pastner prepares its financial statements using International Financial Reporting Standards (IFRS).Data From in P 19-2Pastner Brands is a calendar-year firm with operations in several countries. As part of its executive compensation plan, at
Del Conte Construction Company has experienced generally steady growth since its inception in 1976. Management is proud of its record of having maintained or increased its earnings per share in each year of its existence. The economic downturn has led to disturbing dips in revenues the past two
Magnetic-Optical Corporation offers a variety of share based compensation plans to employees. Under its restricted stock unit plan, the company on January 1, 2024, granted restricted stock units (RSUs) representing 4 million of its $1 par common shares to various division managers.∙ The shares
On January 1, 2024, Vijay Communications granted restricted stock units (RSUs) representing 30 million of its] $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will
IGF Foods Company is a large, primarily domestic, consumer foods company involved in the manufacture, distribution, and sale of a variety of food products. Industry averages are derived from Troy’s The Almanac of Business and Industrial Financial Ratios and Dun and Bradstreet’s Industry Norms
Walters Audio Visual, Inc., offers a stock option plan to its regional managers.∙ On January 1, 2024, 40 million options were granted for 40 million $1 par common shares.∙ The exercise price is the market price on the grant date, $8 per share.∙ Options cannot be exercised prior to January 1,
Heidi Software Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, the company granted options on January 1, 2024, that permit executives to acquire 4 million of the company’s $1 par common shares within the next five years,
Refer to the situation described in BE 19–3. Suppose that the options are exercised on April 3, 2027, when the market price is $19 per share. What journal entry will National record?Data From in BE 19-3Under its executive stock option plan, National Corporation granted 12 million options on
JBL Aircraft manufactures and distributes aircraft parts and supplies. Employees are offered a variety of share-based compensation plans. Under its nonqualified stock option plan, JBL granted options to key officers on January 1, 2024.∙ The options permit holders to acquire 6 million of the
While eating his Kellogg’s Frosted Flakes one February morning, Tony noticed the following notification on his iPhone:BATTLE CREEK, Mich., February 11, 2021 /PRNewswire/—Kellogg Company (NYSE: K) today announced fourth quarter and full year 2020 results. A quick click revealed reported earnings
On January 1, 2024, Adams-Meneke Corporation granted 25 million incentive stock options to division managers, each permitting holders to purchase one share of the company’s $1 par common shares within the next six years, but not before December 31, 2026 (the vesting date).∙ The exercise price
Refer to the situation described in BE 19–3. Suppose that the options expire without being exercised. What journal entry will National record?Data From in BE 19-3Under its executive stock option plan, National Corporation granted 12 million options on January 1, 2024, that permit executives
LCI Cable Company grants 1 million performance stock options to key executives at January 1, 2024.∙ The options entitle executives to receive 1 million of LCI $1 par common shares, subject to the achievement of specific financial goals over the next four years.∙ Attainment of these goals is
Refer to the situation described in BE 19–8. Suppose that after one year, Farmer estimates that it is not probable that divisional revenue will increase by 5% in three years. What journal entry will be needed to account for the options in 2025?Data from in BE 19-8On January 1, 2024, Farmer
SSG Cycles manufactures and distributes motorcycle parts and supplies. Employees are offered a variety of share based compensation plans. Under its nonqualified stock option plan, SSG granted options to key officers onJanuary 1, 2024.∙ The options permit holders to acquire 12 million of the
On January 1, 2024, Farmer Fabrication issued stock options for 100,000 shares to a division manager. The options have an estimated fair value of $6 each. To provide additional incentive for managerial achievement, the options are not exercisable unless divisional revenue increases by 5% in three
Martinez Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January 1, 2024, options were granted for 40 million $1 par common shares.∙ The exercise price is the market price on the grant date—$8 per share.∙ Options cannot be exercised prior to January 1,
Comparative Statements of Retained Earnings for Renn Dever Corporation were reported as follows for the fiscal years ending December 31, 2022, 2023, and 2024.No preferred stock or potential common shares were outstanding during any of the periods shown.Required:Compute Renn-Dever’s earnings per
At December 31, 2023, Albrecht Corporation had outstanding 373,000 shares of common stock and 8,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock.∙ On May 31, 2024, Albrecht sold for cash 12,000 shares of its common stock.∙ No cash dividends were declared for
Anderson Steel Company began 2024 with 600,000 shares of common stock outstanding.∙ On March 31, 2024, 100,000 new shares were sold at a price of $45 per share.∙ The market price has risen steadily since that time to a high of $50 per share at December 31.∙ No other changes in shares occurred
Irwin, Inc. constructed a machine at a total cost of $35 million. Construction was completed at the end of 2020 and the machine was placed in service at the beginning of 2021. The machine was being depreciated over a 10-year life using the sum-of-the-years’-digits method. The residual value is
“Why can’t we pay our shareholders a dividend?” shouted your new boss. “This income statement you prepared for me says we earned $5 million in our first half-year!” You were hired last month as the chief accountant for Enigma Corporation, which was organized on July 1 of the year just
Refer to the situation described in BE 19–8. Suppose that Farmer initially estimates that it is not probable the goal will be achieved, but then after one year, Farmer estimates that it is probable that divisional revenue will increase by 5% by the end of 2026. What journal entry(s) will Farmer
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024:Required:1. Determine the company’s pension expense for 2024, and prepare the appropriate journal entry to record the expense.2. Prepare the appropriate journal entry(s) to
Reproduced below are the journal entries related to Illustration 17–12 in this chapter that Global Communications used to record its pension expense and funding in 2024 and the new gain and loss that occurred that year. To focus on the core issues, we ignored the income tax effects of the pension
Listed below are several terms and phrases associated with pensions. Pair each item from List A with the item from List B (by letter) that is most appropriately associated with it. List A 1. Future compensation levels estimated. 2. All funding provided by the employer. 3. Credit to OCI and debit to
Interstate Automobiles Corporation leased 40 vans to VIP Transport under a four-year noncancelable lease on January 1, 2024. Information concerning the lease and the vans follows:a. Equal annual lease payments of $300,000 are due on January 1, 2024, and thereafter on December 31 eachyear. The first
At the beginning of 2024, VHF Industries acquired a machine with a fair value of $6,074,700 by signing a fouryear lease. The lease is payable in four annual payments of $2 million at the end of each year.Required:1. What is the effective rate of interest implicit in the agreement?2. Prepare the
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended February 1, 2020, are available in Connect. This material is also available under the Investor Relations link at the company’s website
CircuitTown commenced a gift card program in January 2024 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March 2024 before discontinuing further gift card sales. During 2024, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February
Coulson Company is in the process of refinancing some long-term debt. Its fiscal year ends on December 31, 2024, and its financial statements will be issued on March 15, 2025. Under current U.S. GAAP, how would the debt be classified if the refinancing is completed on December 15, 2024? What if
Kevin Brantly is a new hire in the controller’s office of Fleming Home Products. Two events occurred in late 2024 that the company had not previously encountered. The events appear to affect two of the company’s liabilities, but there is some disagreement concerning whether they also affect
Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2024 of a circuit flaw in an amplifier that poses a potential fire hazard. An intense investigation indicated that a product recall is virtually certain, estimated to cost the company $2
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company’s interest expense for the year ended December 31, 2024. Your accounting group provided you the following information on the company’s debt:1. On July 1, 2024, Moonlight Bay issued bonds
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $112,080.Required:Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the
General Tools is seeking ways to maintain and improve cash balances. As company controller, you have proposed the sale and leaseback of much of the company’s equipment. As seller-lessee, General Tools would retain the right to essentially all of the remaining use of the equipment. The term of the
On January 1, 2024, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing’s lease

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