Carla Vista, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined- benefit pension plan for the year ended December 31, 2026: January 1, 2026 December 31, 2026 Fair value of pension plan assets $5350000 $5750000 Projected benefit obligation 6150000 6630000 Accumulated benefit obligation 1095000 1335000 Accumulated OCI - (Gains/Losses) 0 (145000) Actual return on plan assets 290000 The service cost component of pension expense for 2026 is $475000 and the amortization of prior service cost due to an increase in benefits is $75000. The settlement rate is 10%. Assuming that the actual return equals the expected return on plan assets, what is the amount of pension expense for 2026? O $875000 O $950000 $1165000 $550000
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- Sandhill, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined- benefit pension plan for the year ended December 31, 2026: Fair value of pension plan assets Projected benefit obligation Accumulated benefit obligation Accumulated OCI - (Gains/Losses) Actual return on plan assets January 1, 2026 $6000000 $888000 $1080000 $1568000 O $1408000 6800000 1160000 December 31, 2026 $6400000 7280000 1400000 (80000) 160000 The service cost component of pension expense for 2026 is $800000 and the amortization of prior service cost due to an increase in benefits is $88000. The settlement rate is 10%. Assuming that the actual return equals the expected return on plan assets, what is the amount of pension expense for 2026?Ivanhoe, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. January 1, 2021 December 31, 2021 Fair value of pension plan assets $5100000 $5500000 Projected benefit obligation 5900000 6380000 Accumulated benefit obligation 1070000 1310000 Accumulated OCI – (Gains / Losses) 0 -170000 The service cost component of pension expense for 2021 is $350000 and the amortization of prior service cost due to an increase in benefits is $70000. The settlement rate is 9% and the expected rate of return is 8%. What is the amount of pension expense for 2021? $350000 $554200 $543000 $373000Bonita Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
- Oriole, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. 1/1/21 12/31/21 Accumulated benefit obligation $ 3510000 $ 1680000 Net (gains) and losses 1490000 143000 Projected benefit obligation 6690000 6840000 Pension assets (at fair value) 3510000 4041000 The service cost component of pension expense for 2021 is $523000 and the amortization of prior service cost due to an increase in benefits is $111000. The settlement rate is 12% and the expected rate of return is 6%. What is the amount of pension expense for 2021? $1284800 $1226200 $1083200 $815800Crane, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021. Fair value of pension plan assets Projected benefit obligation Accumulated benefit obligation Accumulated OCI - (Gains / Losses) January 1, 2021 $5550000 $656500 $575000 $792700 $781500 6350000 1115000 0 December 31, 2021 $5950000 6830000 1355000 -125000 The service cost component of pension expense for 2021 is $575000 and the amortization of prior service cost due to an increase in benefits is $79000. The settlement rate is 9% and the expected rate of return is 8%. What is the amount of pension expense for 2021?Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
- Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020.…
- Crane Company received the following selected information from its pension plan trustee concerning the operation of the company’s defined benefit pension plan for the year ended December 31, 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1,499,000 $1,527,000 Market-related and fair value of plan assets 802,000 1,127,200 Accumulated benefit obligation 1,622,000 1,742,500 Accumulated OCI (G/L)—Net gain 0 (199,900 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service cost was $120,500. The company’s actual funding (contributions) of the plan in 2020 amounted to $245,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of $1,205,000 on January 1, 2020. Assume no benefits paid in 2020. (c)…BB Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2020. 1/1/20 12/31/20 Defined benefit obligation P11,400,000 P11,760,000 Pension assets (at fair value) 6,000,000 6,900,000 Net (gains) and losses 0 240,000 The service cost component of pension expense for 2020 is P840,000 and the past service cost due to an increase in benefits is P180,000 effective January 1, 2020. The discount rate is 10%. What is the amount of pension expense for 2020?Sarasota Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit penslon plan for the year ended December 31. 2020. January 1, 2020 December 31, 2020 Projected benefit obligation $1.514.000 $1.542.000 Market-related and fair value of planassets 805.000 1138,500 Accumulated beneft obligation 1,625,000 1,747,400 Accumulated OCI (G/L)-Net gain (201.400 ) The service cost component of pension expense for employee services rendered in the current year amounted to $78,000 and the amortization of prior service.cost was $122,400. The company's actual funding (contributions) of the planin 2020 amounted to $253,000. The expected return on plan assets and the actual rate were both 10%, the interest/discount (settlement) rate was 10%. Accumulated other comprehensive income (PSC) had a balance of S1.224,000 on January 1. 2020. Assume no benefits paid in 2020. (a) Determine the amounts of the components of pension…