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Paul Dobson Company sponsors a defined benefit plan for its 100 employees. On January 1, 2010, the company's actuary provided the following information. Unrecognized prior service cost $175,000 Pension plan assets (fair value and market-related asset value) $225,000 Accumulated benefit obligation $280,000 Projected benefit obligation $364,000 The average remaining service period for the participating employees is 10 years. All employees are expected to receive benefits under the plan. On December 31, 2010, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $64,000; the projected benefit obligation was $479,400; fair value of pension assets was $308,500; the accumulated benefit obligation amounted to $379,000. The expected return on the plan assets and the discount rate on the projected benefit obligation were both 10%. The actual return on the plan is $13,500. The company's current year's contribution to the pension plan amounted to $70,000. No benefits were paid during the year. Instructions: (Round to the nearest dollar) (a) Determine the components of pension expense that the company would recognize in 2010. (b) Prepare the journal entry to record the pension expense and the company's funding of the pension plan in 2010. (c) Indicate the pension amounts reported in the financial statement as of December 31, 2010.
Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.
Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date.
Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2010, 2011, and 2012.
XYZ Corporation (an S corporation) is owned by Jane and Rebecca who are each 50% shareholders. At the beginning of the year, Jane's basis in her XYZ stock was $40,000. XYZ reported the following tax information for 2011.
During 2010, Gorilla Corporation has net short-term capital gains of $120,000. Net long-term capital losses of $365,000, and taxable income from other sources of $900,000. Prior year's transaction included the following:
White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.
Discuss how corporate governance influences the degree to which operations and decisions employ the principles of value-based management.
There are four important purposes of analytical procedures. Identify one of these four purposes and give a specific example of an analytical procedure that an auditor might perform.
After the course, Danny spent the last day sightseeing. During the trip, Danny also paid $140 a day for meals, and $80 a day for a rental car. What amount of these travel-related expenditures may Danny deduct as business expenses.
Investment income and related expenses amt. to $7,000 and $500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
Jeremy's Desks is approached by Mr. Harry Hood, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers.
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