Reference no: EM133030375
Question - Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available:
Projected Benefit Obligation($ in millions)Balance, January 1, 2021 $640 Service cost 66 Interest cost, discount rate, 5% 32 Gain due to changes in actuarial assumptions in 2021 (16) Pension benefits paid (32) Balance, December 31, 2021 $690
Plan Assets($ in millions)Balance, January 1, 2021 $660 Actual return on plan assets 42 (Expected return on plan assets, $47) Cash contributions 83 Pension benefits paid (32) Balance, December 31, 2021 $753
January 1, 2021, balances: ($ in millions) Pension asset$20 Prior service cost-AOCI (amortization $4 per year) 20 Net gain-AOCI (any amortization over 10 years) 106
Required -
1. Prepare the 2021 journal entries to record pension expense, to record any 2021 gains and losses and the contribution to plan assets and benefit payments to retirees.
2. Determine the balances at December 31, 2021, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI [Hint: You might find T-accounts useful.]
3. What amount will Beale report in its 2021 balance sheet as a net pension asset or net pension liability for the funded status of the plan?
|
Compute the estimated total cash collections
: Compute the estimated total cash collections during the fourth quarter from sales made on account during the fourth quarter
|
|
Case study carter cleaning company
: Jennifer Carter graduated from State University in June 2011 and, after considering several job offers, decided to do what she always planned to do-go into busi
|
|
Quality management and performance improvement
: Quality Management and Performance Improvement program management have not been traditional roles for the HIM professional.
|
|
How is a change implemented by an organization
: Outline and describe the key steps taken in organizational change. How is a change implemented by an organization?
|
|
Determine the balances at December
: Determine the balances at December 31, 2021, in the PBO, plan assets, the net gain-AOCI, and prior service cost-AOCI
|
|
Strategic planning and hr management
: Explain the linkages between Strategic Planning and HR Management
|
|
What was the size of the quarterly deposits
: The fund had an accumulated value of $45,000. If the RRSP was earning 4.50% compounded monthly, what was the size of the quarterly deposits
|
|
Examples of methods used in recruitment efforts
: The human resource department is hiring for an HR Generalist using the KSAs (knowledge, skills, and abilities) required for the position.
|
|
Prepare journal entry to record the rights issue of share
: Johnson's Ltd has 320 million ordinary shares with par value of $0.80 as at December 31, 2019. Prepare journal entry to record the rights issue of share
|