How are these supposed to be done? Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the followingbalances related to this planPlan Assets at fair value450,000Defined Benefit Obligation600,000As a result of the operations of the plan during 2020, the actuary provided the following additional data atDecember 31,2020.Service Cost for 202075,00045,000120,000115,00070,0008 %Average remaining service life of active 35 yearsActual return on plan assets in 2020Past service cost, effective Jan 01 2020Contributions in 2020Benefits paid to retirees in 2020Discount RateemployeesRequired:a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.b. Prepare the journal entries relating to pension for the year 2020.

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Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the following balances related to this plan Plan Assets at fair value Defined Benefit Obligation 450,000 600,000 As a result of the operations of the plan during 2020, the actuary provided the following additional data at December 31,2020. Service Cost for 2020 Actual return on plan assets in 2020 Past service cost, effective Jan 01 2020 Contributions in 2020 Benefits paid to retirees in 2020 Discount Rate Average remaining service life of active 35 years employees 75,000 45,000 120,000 115,000 70,000 8 % Required: a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.

Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the following balances related to this plan Plan Assets at fair value Defined Benefit Obligation 450,000 600,000 As a result of the operations of the plan during 2020, the actuary provided the following additional data at December 31,2020. Service Cost for 2020 Actual return on plan assets in 2020 Past service cost, effective Jan 01 2020 Contributions in 2020 Benefits paid to retirees in 2020 Discount Rate Average remaining service life of active 35 years employees 75,000 45,000 120,000 115,000 70,000 8 % Required: a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 3P

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In 2019, Magenta Corporation paid compensation of 45,300 to the participants in a profit sharing plan. During 2019, Magenta Corporation contributed 13,200 to the plan. a. Calculate Magentas deductible amount for 2019. b. Calculate the amount of any contribution carryover from 2019.
Fountain Limited sponsors a defined-benefit pension plan for its employees. On January 1,2020 the followingbalances related to this planPlan Assets at fair value 450,000Defined Benefit Obligation 600,000As a result of the operations of the plan during 2020, the actuary provided the following additional data atDecember 31,2020. Service Cost for 2020 75,000Actual return on plan assets in 2020 45,000Past service cost, effective Jan 01 2020 120,000Contributions in 2020 115,000Benefits paid to retirees in 2020 70,000Discount Rate 8 %Average remaining service life of activeemployees35 yearsRequired:a. Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet. b. Prepare the journal entries relating to pension for the year 2020.
Howard Corp. sponsors a defined-benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (fair value) $2,200,000 Projected benefit obligation 2,400,000 Pension asset/liability 200,000 Cr. Prior service cost 300,000 OCI – Loss 260,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data at December 31, 2020. Service cost for 2020 $280,000 Actual return on plan assets in 2020 180,000 Amortization of prior service cost 60,000 Contributions in 2020 460,000 Benefits paid retirees in 2020 320,000 Settlement rate 7% Expected return rate 8% Average remaining service life of active…
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Use the market-related…
Shamrock Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances related to this plan. Plan assets (market-related value) $565,000 Projected benefit obligation 656,000 Pension asset/liability 91,000 Cr. Prior service cost 86,000 Net gain or loss (debit) 92,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $98,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 50,000 Amortization of prior service cost 26,000 Contributions 126,000 Benefits paid retirees 92,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Shamrock Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)