Erickson company sponsors a defined benefit pension plan

Assignment Help Accounting Basics

Reference no: EM13483961

Erickson Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan.

	January 1, 2014	December 31, 2014
Vested benefit obligation	$1,500	$1,900
Accumulated benefit obligation	1,900	2,730
Projected benefit obligation	2,500	3,300
Plan assets (fair value)	1,700	2,620
Settlement rate and expected rate of return		10	%
Pension asset/liability	800	?
Service cost for the year 2014		400
Contributions (funding in 2014)		700
Benefits paid in 2014		200

(a) Compute the actual return on the plan assets in 2014.

Actual return on the plan assets

(b) Compute the amount of the other comprehensive income (G/L) as of December 31, 2014. (Assume the January 1, 2014, balance was zero.) (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Net pension liability gains and losses

Net gain or loss amortization

(d) Compute pension expense for 2014.

Pension expense

Reference no: EM13483961

Questions Cloud

Calculate the predetermined overhead application rate : nautical accessories inc. manufactures womens boating hats. manufacturing overhead is assigned to production on a

Calculate electronics marts ending inventory balance in : on august 1st electronics mart had a beginning inventory of 40 mp3 players which it purchased for 50 each. on august

Analyze the passive activity rules as they apply to real : analyze the passive activity rules as they apply to real estate rental activities. in applying the passive activity

Backdating options is the practice of choosing a past date : executive stock options esos are used to provide incentives for executives to improve company performance. esos are

Erickson company sponsors a defined benefit pension plan : erickson company sponsors a defined benefit pension plan. the corporations actuary provides the following information

Abc moved into its new building on november 1 2013 the : prepare the proper adjusting journal entries for the abc company. assume all entries are made at year end december 31

Medical instruments produces a variety of electronic : medical instruments produces a variety of electronic medical devices. medical instruments uses a standard cost system

On the basis of the schedule above prepare the journal : the following amortization and interest schedule reflects the issuance of 11-year bonds by capulet corporation on

On february 2 the corporation purchased goods from martin : described below are certain transactions of edwardson corporation. the company uses the periodic inventory system.1. on

User Account

All Pages