Reference no: EM132652192
Question - Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5 years. The average remaining service life of employees is 11 years at January 1, 2017, and 10 years at December 31, 2017. The AOCI-net actuarial (gain) loss was zero at December 31, 2016. Turner smooths recognition of its gains and losses when computing its market-related value to compute expected return.
Additional Information:
December 31, Description 2017 2016
PBO$1,450,000 $1,377,000 ABO 1,425,000 1,350,000 Fair value of plan assets 1,395,000 1,085,000 Market-related value of plan assets (smoothed recognition) 1,369,000 1,085,000 AOCI-prior service cost ? 292,000 Balance sheet pension asset (liability) ? (292,000)Service cost 117,400 Contribution 169,000 PBO actuarial gain 113,250 Benefit payments made None None Discount rate 5% 5%Expected rate of return 7% 7%
Required -
Compute the amount of prior service cost that would be amortized as a component of pension expense for 2017 and 2018.
Compute the actual return on plan assets for 2017.
Compute the unexpected net gain or loss on plan assets for 2017.
Compute pension expense for 2017.
Prepare the company's required pension journal entries for 2017.
Compute the 2017 increase/decrease in AOCI-net actuarial (gain) loss and the amount to be amortized in 2017 and 2018.
Confirm that the pension asset (liability) on the balance sheet equals the funded status as of December 31, 2017.
|
What could you say or do to develop a therapeutic alliance
: You are a school nurse. A student comes into your office and is hesitant to share his thoughts with you. What could you say or do to develop a therapeutic.
|
|
How much is the he capital balance of patrice
: Patrice, Bella and Timmy were partners with capital balances on January 2, 2019 of P175,000; How much is the he capital balance of Patrice
|
|
Find rate of return is built into the annuity
: Your girlfriend just won the Florida lottery. She has the choice of $12,000,000 today or a 20-year annuity of $1,050,000, with the first payment coming one year
|
|
Identify one quality improvement strategy to improve health
: Identify one quality improvement strategy to improve health. How could you apply it to your current nursing practice? How does the assimilation of quality.
|
|
Compute the unexpected net gain or loss on plan assets
: Turner Inc. provides a defined benefit pension plan to its employees. Compute the unexpected net gain or loss on plan assets for 2017
|
|
Determining the portfolio beta-donald gilmore
: Donald Gilmore has $100,000 invested in a 2-stock portfolio. $60,000 is invested in Stock X and the remainder is invested in Stock Y. X's beta is 1.50
|
|
Explain how the incident might have happened
: A patient having renal surgery suddenly develops massive hypertension and dies during surgery. An autopsy shows the presence of a pheochromocytoma.
|
|
Find firm required rate of return-zacher co
: Zacher Co.'s stock has a beta of 1.22, the risk-free rate is 4.25%, and the market risk premium is 5.50%. What is the firm's required rate of return?
|
|
Create matrix to share with team
: Describe each of the identified risks/threats. Analyze and evaluate the security controls that mitigate each of the risks/threats identified.
|