http://classassignments.org/wp-content/uploads/2021/08/Class-Assignments-Logo-300x70.png 0 0 Ken Morgan http://classassignments.org/wp-content/uploads/2021/08/Class-Assignments-Logo-300x70.png Ken Morgan2021-02-15 10:40:192021-02-15 10:40:19ACC 423 Week 4 WileyPLUS Assignment (New Syllabus/ With Excel File)
This Tutorial contains Excel Sheet, which can be used for any change in values
Complete the following in WileyPLUS:
• Question 16
• Brief Exercise 20-1
• Brief Exercise 20-5
• Brief Exercise 20-6
• Brief Exercise 20-8
• Brief Exercise 20-10
• Brief Exercise 20-11
• Exercise 20-3
• Exercise 20-11
• Exercise 20-19
• Exercise 20-21
• Exercise 20-23
Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,480,000; benefits paid during the period $1,500,000; contributions made during the period $910,000; and fair value of the plan assets at the end of the period $10,110,000.
Brief Exercise 20-1
AMR Corporation (parent company of American Airlines) reported the following (in millions).
Service cost $366
Interest on P.B.O. 737
Return on plan assets 593
Amortization of prior service cost 13
Amortization of net loss 154
Brief Exercise 20-5
Bonita Corporation amended its pension plan on January 1, 2017, and granted $153,180 of prior service costs to its employees. The employees are expected to provide 2,070 service years in the future, with 380 service years in 2017.
Compute prior service cost amortization for 2017.
Brief Exercise 20-6
At December 31, 2017, Buffalo Corporation had a projected benefit obligation of $596,500, plan assets of $301,800, and prior service cost of $128,900 in accumulated other comprehensive income.
Determine the pension asset/liability at December 31, 2017. (Enter liability using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Brief Exercise 20-8
Flounder Corporation has the following balances at December 31, 2017.
Projected benefit obligation $2,543,000
Plan assets at fair value 1,984,000
Accumulated OCI (PSC) 1,163,000
What is the amount for pension liability that should be reported on Flounder’s balance sheet at December 31, 2017?
Pension liability balance at December 31, 2017
Brief Exercise 20-10
Larkspur Corp. has three defined benefit pension plans as follows.
(at Fair Value) Projected Benefit
Plan X $604,000 $498,000
Plan Y 984,000 665,000
Plan Z 517,000 694,000
How will Larkspur report these multiple plans in its financial statements?
Exercise 20-3 (Part Level Submission)
Waterway Company provides the following information about its defined benefit pension plan for the year 2017.
Service cost $91,200
Contribution to the plan 104,700
Prior service cost amortization 9,800
Actual and expected return on plan assets 62,800
Benefits paid 40,500
Plan assets at January 1, 2017 632,600
Projected benefit obligation at January 1, 2017 686,700
Accumulated OCI (PSC) at January 1, 2017 152,100
Interest/discount (settlement) rate 9 %
Exercise 20-11 (Part Level Submission)
Skysong Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were paid.
1. The actuarial present value of future benefits earned by employees for services rendered in 2017 amounted to $55,500.
2. The company’s funding policy requires a contribution to the pension trustee amounting to $136,360 for 2017.
3. As of January 1, 2017, the company had a projected benefit obligation of $894,500, an accumulated benefit obligation of $806,900, and a debit balance of $396,000 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $600,000 at the beginning of the year. The actual and expected return on plan assets was $53,500. The settlement rate was 8%. No gains or losses occurred in 2017 and no benefits were paid.
4. Amortization of prior service cost was $49,800 in 2017. Amortization of net gain or loss was not required in 2017.
Marin Co. provides the following information about its postretirement benefit plan for the year 2017.
Service cost $ 42,100
Contribution to the plan 10,500
Actual and expected return on plan assets 10,700
Benefits paid 20,800
Plan assets at January 1, 2017 108,400
Accumulated postretirement benefit obligation at January 1, 2017 330,400
Discount rate 10 %
Compute the postretirement benefit expense for 2017.
Pina Inc. provides the following information related to its postretirement benefits for the year 2017.
Accumulated postretirement benefit obligation at January 1, 2017 $728,700
Actual and expected return on plan assets 36,800
Prior service cost amortization 21,300
Discount rate 10 %
Service cost 76,300
Compute postretirement benefit expense for 2017.
Sunland Co. provides the following information about its postretirement benefit plan for the year 2017.
Service cost $81,300
Prior service cost amortization 2,800
Contribution to the plan 55,700
Actual and expected return on plan assets 68,100
Benefits paid 43,800
Plan assets at January 1, 2017 703,800
Accumulated postretirement benefit obligation at January 1, 2017 747,500
Accumulated OCI (PSC) at January 1, 2017 92,800 Dr.
Discount rate 10 %
Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)
Is this the question you were looking for? Place your Order Here