Pension data for Manu Services Inc. include the following:…
Pension data for Manu Services Inc. include the following: Discount rate [x]% Expected return on plan assets [y]% Actual return on plan assets [z]% Service cost, 2023 [a] Accumulated benefit obligation 1/1/23 [b] Projected benefit obligation 1/1/23 [c] Plan assets (fair value) 1/1/23 [d] Prior service cost–AOCI 1/1/23 [f] Net gain–AOCI 1/1/23 [g] 2023 Cash contributions to pension fund [h] 2023 Benefit payments to retirees [i] On average, employees’ remaining service life with the company is 10 years When recording the pension expense for 2023 for Manu, Plan Assets will be debited for $_________
Read DetailsOn January 1, Oil Trading Co.’s defined benefit pension plan…
On January 1, Oil Trading Co.’s defined benefit pension plan had plan assets with a fair value of $850,000, and a projected benefit obligation of $775,000. In addition: Actual and expected return on plan assets – [x]% Interest cost – [y]% Service costs – $[a] Unamortized prior service cost – $[w] Employer contributions to the plan – $[b] Distributions to employees from the plan – $[c] Assuming that amortization of prior service cost is $[d], how much will Oil Trading Co. recognize as pension expense for current year?
Read DetailsPension data for Manu Services Inc. include the following:…
Pension data for Manu Services Inc. include the following: Discount rate [x]% Expected return on plan assets [y]% Actual return on plan assets [z]% Service cost, 2023 [a] Accumulated benefit obligation 1/1/23 [b] Projected benefit obligation 1/1/23 [c] Plan assets (fair value) 1/1/23 [d] Prior service cost–AOCI 1/1/23 [f] Net gain–AOCI 1/1/23 [g] 2023 Cash contributions to pension fund [h] 2023 Benefit payments to retirees [i] On average, employees’ remaining service life with the company is 10 years When recording the pension expense for 2023 for Manu, Plan Assets will be debited for $_________
Read DetailsOn January 1, 2023, Derek Co.’s defined benefit pension plan…
On January 1, 2023, Derek Co.’s defined benefit pension plan has an unamortized prior service cost – $[a]. The unamortized prior service cost is being amortized over the expected remaining service lives of covered employees, which consists of a total of 11 employees: 4 employees are each expected to have 6 years remaining 4 employees are each expected to have 5 years remaining 3 employees are each expected to have 2 year remaining How much amortization of prior service cost will be included in Derek Co.’s pension expense for 2023?
Read DetailsPension data for Manu Services Inc. for the current year inc…
Pension data for Manu Services Inc. for the current year include the following: Discount rate [x]% Expected return on plan assets [y]% Actual return on plan assets [z]% Service cost [a] Accumulated benefit obligation Jan 1 [b] Projected benefit obligation Jan 1 [c] Plan assets (fair value) Jan 1 [d] Prior service cost–AOCI Jan 1 [f] Net gain–AOCI Jan 1 [g] Cash contributions to pension fund [h] Benefit payments to retirees [i] On average, employees’ remaining service life with the company is 10 years When recording the pension expense for the current year for Manu, Pension Expense will be debited for $_________ (Do not use the corridor rule )
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