Can you answer what you can thank you Ridley Corporation is a manufacturing company In the Carlbbean. The companysponsors a defined benefit penslon plan for its employees. The following balances relateto the plan on January 1, 2020. (amounts in thousands).Defined benefit obligationPlan assets (market-related value)Pension asset/liabilityOC-Loss$340,000$270,000$ 70,000 Cr$ 39,000On December 31, 2020, the actuary provided the following additional data as a result ofthe operation of the plan during the year.Actual return on plan assets$27,000$45,000$41,000$65,0007%Service costBenefits paid retireesContributionsDiscount (Interest) rateInstructions.(a) Prepare a 2020 pension worksheet with supplementary schedules.(b) Determine the amounts of the components of pension expense that should be recognizedby the company in 2020.(c) Prepare the journal entry to record pension expense and the employer's contribution tothe pension plan in 2020.(d) Indicate the penslon-related amounts that would be reported on the income statement andthe statement of financial position for Ridley Corporation for the year 2020

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Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined beneflt pension plan for its employees. The following balances re to the plan on January 1, 2020. (amounts in thousands). Defined benefit obligation Plan assets (market-related value) Pension asset/liability $340,000 $270,000 $ 70,000 Cr $ 39,000 OC-Loss

Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined beneflt pension plan for its employees. The following balances re to the plan on January 1, 2020. (amounts in thousands). Defined benefit obligation Plan assets (market-related value) Pension asset/liability $340,000 $270,000 $ 70,000 Cr $ 39,000 OC-Loss

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 7E

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Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Indicate the pension-related amounts that would be reported on the income statement and the statement of financial position for Ridley Corporation for the year 2020.
Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relateto the plan on January 1, 2020. (amounts in thousands). Defined benefit obligationPlan assets (market-related value)Pension asset/liabilityOCI—Loss $340,000$270,000$ 70,000 Cr$ 39,000 On December 31, 2020, the actuary provided the following additional data as a result ofthe operation of the plan during the year. Actual return on plan assetsService costBenefits paid retireesContributionsDiscount (interest) rate $27,000$45,000$41,000$65,0007% 1. Prepare the journal entry to record pension expense and the employer’s contribution tothe pension plan in 2020 2. Indicate the pension-related amounts that would be reported on the income statement andthe statement of financial position for Ridley Corporation for the year 2020
Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020.
Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relate to the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result of the operation of the plan during the year. Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%Instructions.(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognized by the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (d) Indicate the pension-related amounts that would be reported on the…
Ridley Corporation is a manufacturing company in the Caribbean. The companysponsors a defined benefit pension plan for its employees. The following balances relateto the plan on January 1, 2020. (amounts in thousands).Defined benefit obligation $340,000Plan assets (market-related value) $270,000Pension asset/liability $ 70,000 CrOCI—Loss $ 39,000On December 31, 2020, the actuary provided the following additional data as a result ofthe operation of the plan during the year.Actual return on plan assets $27,000Service cost $45,000Benefits paid retirees $41,000Contributions $65,000Discount (interest) rate 7%(a) Prepare a 2020 pension worksheet with supplementary schedules. (b) Determine the amounts of the components of pension expense that should be recognizedby the company in 2020. (c) Prepare the journal entry to record pension expense and the employer’s contribution tothe pension plan in 2020.
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…
Marigold Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $269.400 Projected benefit obligation 334.400 Pension asset/liability 65,000 Cr. Prior service cost 89,600 OCI-Loss 39,700 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $44,500 Actual return on plan assets 26,900 Amortization of prior service cost 12,000 Contributions 64,400 Benefits paid retirees 41,400 Settlement rate 7 % Expected return on plan assets 8 % Average remaining service life of active employees 10 years Indicate the pension amounts reported in the financial statements. Marigold Corp. Income Statement (Partial) Marigold Corp. Comprehensive Income Statement $XXXX $XXXX Marigold Corp. Partial Balance Sheet $ 2$
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.)
Pronghorn Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan. Plan assets $497,900 Projected benefit obligation 571,700 Pension asset/liability 73,800 Accumulated OCI (PSC) 101,400 Dr. As a result of the operation of the plan during 2020, the following additional data are provided by the actuary. Service cost $87,700 Settlement rate, 9% Actual return on plan assets 53,100 Amortization of prior service cost 18,300 Expected return on plan assets 50,200 Unexpected loss from change in projected benefit obligation, due to change in actuarial predictions 74,400 Contributions 97,200 Benefits paid retirees 84,500 Prepare the journal entry for pension expense for 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…
Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2025, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/lability Accumulated OCI (PSC) (a) As a result of the operation of the plan during 2025, the following additional data are provided by the actuary. Service cost Settlement rate, 9% Actual return on plan assets Amortization of prior service cost Expected returson plan assets Unexpected loss from change in projected benefit obligation due to change in actuarial predictions Contributions Benentspaid retirees items Balance, Jan 1, 2025 Service cost $496,400 610,800 interest cost 114400 Actual return 98,000 Dr. Unexpected gain Using the data above, compute pension expense for Sandhill. for the year 2025 by preparing a pension worksheet. (Enter all amounts as positive.) $90.900 54,700 18.300 51.600 76.600 103.700 85,200 Annual Pension Expense C Cath SUPPORT
Blossom 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) $480,000 Projected benefit obligation 650,000 Pension asset/liability 170,000 Cr. Prior service cost 80,000 Net gain or loss (debit) 85,000 As a result of the operation of the plan during 2020, the actuary provided the following additional data for 2020. Service cost $99,000 Settlement rate, 9%; expected return rate, 10% Actual return on plan assets 42,000 Amortization of prior service cost 25,000 Contributions 124,000 Benefits paid retirees 82,000 Average remaining service life of active employees 10 years Using the preceding data, compute pension expense for Blossom Corp. for the year 2020 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) PLEASE FIX THE INCORRECT…