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Lewis Industries adopted a defined benefit pension plan on January 1, 2013. By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $4 million. The prior service cost was funded immediately by a $4 million cash payment to the fund trustee on January 2, 2013. However, the cost is to be amortized (expensed) over 10 years. The service cost-$210,000 for 2013-is fully funded at the end of each year. Both the actuary's discount rate and the expected rate of return on plan assets were 9%. The actual rate of return on plan assets was 11%. At December 31, the trustee paid $16,000 to an employee who retired during 2013.Required:
Determine each of the following amounts as of December 31, 2013, the fiscal year-end for Lewis: (Enter your answers in whole dollars.)
Balance at December 311. Projected benefit obligation 2. Plan assets 3. Pension expense
Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2009. On December 31, 2011 she sold all 1,000 shares of her Ibis stock for $4,500.
Transfer title of their personal home to Barbara. They purchased the house in 1998 and their basis today is $400,000. The fair market value of the house is $500,000. The house is subject to a 25-year, $250,000 mortgage.
He does not elect to expense any of the asset under S 179 or elect straight line cost recovery. He elects not to take additional first year depreciation. He sells the asset on August 25, 2010 . This is the only asset he acquires in 2009. Determine..
Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:
A. Calculate the break-even point(s) B. If Cesar's Bottlers can sell all the units it can produce, shoud it operate ar one, two, or three shifts? Support your answer.
how does the gross estate differ from a probate estate? what determines whether an item passes to heirs outside the
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
assume that you initiated the short position in stock x selling when the market price was 75 per share. the stock price
bull propoese how management can utilize variance analysis in improving the efficiency of activities during the
All assets are valued fairly. Pam decides to retire from the partnership. Calculate the remaining partners' capital balances after the Pam withdrawal under the following situations:
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
oregon lumber processes timber into four products. during january the joint costs of processing were 280000. there was
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