Using the information below pertaining to the pension plan of Pendant Inc., determine the following: A)...
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Using the information below pertaining to the pension plan of Pendant Inc., determine the following: A) Fair value pension fund plan assets Dec 31. B) Projected Benefit Obligation (PBO) Dec 31. C) Pension asset or liability to report on the balance sheet at Dec 31. D) Corridor. E) Amortization of prior service costs (PSC) under both the straight-line method and the years-of-service method. Straight-line Y3 Years of service Y1, Y4 Y2 Y5 F) Amortization of unrecognized gains (losses). G) Amount of net unrecognized gain (loss) to add to OCI to be amortized in future years. H) Pension expense for the year (assuming straight-line amortization of prior service costs (PSC). Discount rate 4% Benefits paid to retired employees 41,000 Actual rate of return 8% 36,000 Unamortized prior service costs (from last year) Service costs Expected rate of return 7% 25,000 Ave. remaining service years 14 Contributions to plan 50,000 Fair value of plan assets Jan. 1 420,000 Actuarial gain (loss) (this year) (10,000) Projected Benefit Obligation Jan. 1 480,000 Unamortized net loss (from last year) 32,000 For prior service costs, assume Employee A will remain for an additional 2 years, Employee B 4 years, Employee C 5 years, and Employee D 1 year. Using the information below pertaining to the pension plan of Pendant Inc., determine the following: A) Fair value pension fund plan assets Dec 31. B) Projected Benefit Obligation (PBO) Dec 31. C) Pension asset or liability to report on the balance sheet at Dec 31. D) Corridor. E) Amortization of prior service costs (PSC) under both the straight-line method and the years-of-service method. Straight-line Y3 Years of service Y1, Y4 Y2 Y5 F) Amortization of unrecognized gains (losses). G) Amount of net unrecognized gain (loss) to add to OCI to be amortized in future years. H) Pension expense for the year (assuming straight-line amortization of prior service costs (PSC). Discount rate 4% Benefits paid to retired employees 41,000 Actual rate of return 8% 36,000 Unamortized prior service costs (from last year) Service costs Expected rate of return 7% 25,000 Ave. remaining service years 14 Contributions to plan 50,000 Fair value of plan assets Jan. 1 420,000 Actuarial gain (loss) (this year) (10,000) Projected Benefit Obligation Jan. 1 480,000 Unamortized net loss (from last year) 32,000 For prior service costs, assume Employee A will remain for an additional 2 years, Employee B 4 years, Employee C 5 years, and Employee D 1 year.
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A Fair value pension fund plan assets Dec 31 420000 50000 8000 10000 4680... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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