The following data are for the pension plan for the employees of Cullumber Company 1 1 20 12 31 20 12 31 21 Accumulated benefit obligation $ 5400000 $ 5410000 $ 6850000 Projected benefit obligation 5560000 5770000 7530000 Plan assets (at fair value) 4600000 6230000 6780000 AOCL net loss 0 975000 1000000 Settlement rate (for year) 9 10 Expected rate of return (for year) 9 8 Cullumbers contribution was $861000 in 2021 and benefits paid were $751000 Cullumber estimates that the average remaining service life is 15 years The actual return on plan assets in 2021 was $360000 $430000 $550000 $440000

The Answer is in the image, click to view ...

Question: The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5400000 $ 5410000 $

The following data are for the pension plan for the employees of Cullumber Company.

	1/1/20		12/31/20		12/31/21
Accumulated benefit obligation	$	5400000	$	5410000	$	6850000
Projected benefit obligation		5560000		5770000		7530000
Plan assets (at fair value)		4600000		6230000		6780000
AOCL net loss		0		975000		1000000
Settlement rate (for year)				9%		10%
Expected rate of return (for year)				9%		8%

Cullumbers contribution was $861000 in 2021 and benefits paid were $751000. Cullumber estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was

$360000.

$430000.

$550000.

$440000.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Following are the results of consolidated-undrained triaxial tests on undisturbed soils retrieved from a 4-m-thick saturated clay layer in the field (Î³sat = 19 kN/m3). a. Estimate...

The following data are for the pension plan for the employees of Sunland Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5600000 $ 5800000 $ 7400000 Projected benefit obligation...

The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5260000 $ 7030000 Projected benefit obligation...

9,The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5100000 $ 5300000 $ 6900000 Projected benefit...

The following data are for the pension plan for the employees of Cullumber Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 6200000 $ 6400000 $ 8000000 Projected benefit obligation...

Please explain in detail. Thank you. 10. The following data are for the pension plan for the employees of Lockett Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $5,000,000...

The following data are for the pension plan for the employees of JMC Company 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $5.000.000 $5,200,000 $6,800,000 Projected benefit obligation...

The following data are for the pension plan for the employees of Lockett Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $5,000,000 $5,200,000 $6,800,000 Projected benefit obligation...

Question 22 (3 points) The following data are for the pension plan for the employees of Lockett Company. 11/20 12/31/20 12/31/21 Accumulated benefit obligation $5,000,000 $5,200,000 $6,800,000...

The following data are for the pension plan for the employees of Logan Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $5,000,000 $5,200,000 $6,800,000 Projected benefit obligation...

Will Rate immediately (Please be 1000% sure its correct answer): 22. The following data are for the pension plan for the employees of Lockett Company: 1/1/20 12/31/20 12/31/21 Accumulated benefit...

The inverse demand for leather is given by P = 50 - 0.5Q. The industry supply of leather is determined by its marginal cost: MC = 0.45Q. Unfortunately, the production of leather causes noxious...

Justin Kealey, CPA, is auditing Tustin Companies, Inc. Kealey has accumulated known and likely misstatements for the current year to evaluate whether there is a sufficiently low risk of material...

These are the quotes from the spot market. \ table [ [ Citigroup , 1 4 3 / ] , [ Credit Suisse, 1 1 7 / $ ] , [ Deutsche Bank,$ 0 . 9 3 / ] ] If you have $ 1 , 0 0 0 , 0 0 0 to arbitrage, your profit...

The following unadjusted trial balance is for Power Demolition Company as of the end of its April 30, 2013, fiscal year. The April 30, 2012, credit balance of the owners capital account was $46,900,...

HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable ..............$ 300,000 Cash ........................135,000 Accounts Payable...

On January 1, 2017, Mona, Inc., acquired 80 percent of Lisa Company's common stock as well as 60 percent of its preferred shares. Mona paid $65,000 in cash for the preferred stock, with a call value...

-1/7 - (-1/6)

Following are transactions for Michael Custodial, Inc. Assume the companys beginning work-in-process services account balance is zero. a. Purchased supplies costing $5,000 for cash. b. Received and...

Question 8 0 Providing a vision and instilling pride, respect, and trust in employees falls into the category of transformational leadership. inspirational motivation intelectual stimulation...

Describe the objectives and activities of risk management. Is risk management essential in a contemporary health care organization? Why, or why not?

Outline a long-term approach that you would recommend for narrowing a credibility gap that might exist between an organizations HR department and its department managers.

Why is it a common practice to outsource an organizations Employee Assistance Program (EAP)?