Reference no: EM133029714
Question - The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below ($ in millions):
Information Provided by Pension Plan Actuary:
-Projected benefit obligation as of December 31, 2020 = $2,300.
-Prior service cost from plan amendment on January 2, 2021 = $700 (straight-line amortization for 10-year average remaining service period).
-Service cost for 2021 = $580.
-Service cost for 2022 = $630.
-Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10%.
-Payments to retirees in 2021 = $440.
-Payments to retirees in 2022 = $510.
-No changes in actuarial assumptions or estimates.
-Net gain-AOCI on January 1, 2021 = $260.
-Net gains and losses are amortized for 10 years in 2021 and 2022.
Information Provided by Pension Fund Trustee:
-Plan asset balance at fair value on January 1, 2021 = $1,700.
-2021 contributions = $600.
-2022 contributions = $650.
-Expected long-term rate of return on plan assets = 12%.
-2021 actual return on plan assets = $150.
-2022 actual return on plan assets = $200.
Required -
1. Calculate pension expense for 2021 and 2022.
2. Prepare the journal entries for 2021 and 2022 to record pension expense.
3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and new prior service cost.
4. Prepare the journal entries for 2021 and 2022 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees.
|
What should the arbitrageur do
: An arbitrageur can borrow money at 6.5% per annum. Assume there are no storage costs and that gold provides no income. What should the arbitrageur do
|
|
Describe three types of staffing strategy
: 1. Describes three types of staffing strategy (Expatriates, Host-Country Nationals, Third-Country Nationals) and each strategy's advantages and disadvantages
|
|
What is needed in order that Manolo loan be legally obtained
: Manolo is one of the directors of BDP Bank. He intends to obtain a loan amounting to P2,000,000.00 in the said bank. What is needed in order that Manolo's loan
|
|
Development of current and future commercial aircraft
: Senior management has requested a candid assessment of the organizational and management issues related to the 787 Max with the understanding that these problem
|
|
Prepare the journal entries to record the cash
: Prepare the journal entries for 2021 and 2022 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees
|
|
Services of a strategic hr department
: Identify the unique attributes of the following services of a strategic HR department, including Corporate HR, Services Inc., Solutions Inc., and Organization C
|
|
How would you use cloud computing to support venture
: How would you use cloud computing to support the new venture while mitigating the risks, e.g. minimize new investment that will make the financial statements
|
|
Case study-telecompros
: For large cellular service providers, maintaining their own customer-service call centers can be very expensive. Many have found that they can save money by out
|
|
Select an organisation for an analysis
: Select an organisation for an analysis and review one or more of the organisation's stated ethical values and commitments
|