The following information pertains to a company's defined benefit plan. Balance Fair value of plan assets,...
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The following information pertains to a company's defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 Fair value of plan assets, Dec. 31, 2020 Projected benefit obligation, Jan. 1, 2020 Net pension asset (liability), Dec. 31, 2020 Activity Actual return on plan assets Contributions to plan assets Service cost Other 2020 $960 1,440 1,600 $16,000 Dr. 18,000 Dr. 16,000 Cr. 640 Cr. Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer. $0 b. Calculate any actuarial gain or loss on the PBO in 2020. Note: Use a negative sign to indicate a loss. $0 The following information pertains to a company's defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 Fair value of plan assets, Dec. 31, 2020 Projected benefit obligation, Jan. 1, 2020 Net pension asset (liability), Dec. 31, 2020 Activity Actual return on plan assets Contributions to plan assets Service cost Other 2020 $960 1,440 1,600 $16,000 Dr. 18,000 Dr. 16,000 Cr. 640 Cr. Discount rate 8% Expected rate of return on plan assets 7% The following information pertains to a company's defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 Fair value of plan assets, Dec. 31, 2020 Projected benefit obligation, Jan. 1, 2020 Net pension asset (liability), Dec. 31, 2020 Activity Actual return on plan assets Contributions to plan assets Service cost Other 2020 $960 1,440 1,600 $16,000 Dr. 18,000 Dr. 16,000 Cr. 640 Cr. Discount rate 8% Expected rate of return on plan assets 7% The following information pertains to a company's defined benefit plan. Balance Fair value of plan assets, Jan. 1, 2020 Fair value of plan assets, Dec. 31, 2020 Projected benefit obligation, Jan. 1, 2020 Net pension asset (liability), Dec. 31, 2020 Activity Actual return on plan assets Contributions to plan assets Service cost Other 2020 $960 1,440 1,600 $16,000 Dr. 18,000 Dr. 16,000 Cr. 640 Cr. Discount rate 8% Expected rate of return on plan assets 7% Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer. $0 b. Calculate any actuarial gain or loss on the PBO in 2020. Note: Use a negative sign to indicate a loss. $0 Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer. $0 b. Calculate any actuarial gain or loss on the PBO in 2020. Note: Use a negative sign to indicate a loss. $0 Required a. Calculate benefits paid to retirees in 2020. Note: Do not use a negative sign with your answer. $0 b. Calculate any actuarial gain or loss on the PBO in 2020. Note: Use a negative sign to indicate a loss. $0
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Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
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