Talbert is a privately owned company specializing in making face marks for the medical industry. Talbert...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Talbert is a privately owned company specializing in making face marks for the medical industry. Talbert started a defined benefit pension plan a few years ago and below is the pertinent information regarding their plan: Defined benefit obligation, Jan 1 Fair value of plan assets, Jan 1 Current service cost........ Interest (discount) rate Actual return on plan assets........ Past service cost (as of Jan 1) ........... Defined benefit obligation, Dec 31............. Contributions to plan (on July 31) Monthly payment to retirees Required: Calculate the following: $375,000 350,000 300,000 9% 10% 25,000 525,000 290,000 250,000 1. Total pension expense for 2021 (9 Marks) 2. Fair value of plan assets on December 31, 2021 (7 Marks) 3. Net defined benefit asset and liability account balance on December 31, 2021 (2 Marks) 4. Total OCI in 2021 (1 Mark) 5. Total change in shareholder's equity (end of 2021) (2 Marks) Talbert is a privately owned company specializing in making face marks for the medical industry. Talbert started a defined benefit pension plan a few years ago and below is the pertinent information regarding their plan: Defined benefit obligation, Jan 1 Fair value of plan assets, Jan 1 Current service cost........ Interest (discount) rate Actual return on plan assets........ Past service cost (as of Jan 1) ........... Defined benefit obligation, Dec 31............. Contributions to plan (on July 31) Monthly payment to retirees Required: Calculate the following: $375,000 350,000 300,000 9% 10% 25,000 525,000 290,000 250,000 1. Total pension expense for 2021 (9 Marks) 2. Fair value of plan assets on December 31, 2021 (7 Marks) 3. Net defined benefit asset and liability account balance on December 31, 2021 (2 Marks) 4. Total OCI in 2021 (1 Mark) 5. Total change in shareholder's equity (end of 2021) (2 Marks)
Expert Answer:
Answer rating: 100% (QA)
Total pension expense for 2021 Components of pension expense Service cost 300000 Interest cost 37500... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
A firm currently has an overfunded defined benefit pension plan and is short of cash. The chief financial officer (CFO) is considering terminating the defined benefit plan to recapture the excess...
-
A company's defined benefit pension plan utilizes a funding formula that considers years of service and average compensation to determine the pension benefit payable to the plan participants. If Kim...
-
A firm currently has an overfunded defined benefit pension plan and is short of cash. The chief financial officer (CFO) is considering terminating the defined benefit plan to recapture the excess...
-
Problem 5-47 Amortizing Loans and Inflation (LO3) Suppose you take out a $108,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you...
-
A block of mass 10 kg moves along a surface inclined 30 relative to the horizontal. The center of gravity of the block is elevated by 3.0 m and the kinetic energy of the block decreases by 50 J. The...
-
Objects A, B, and C are moving as shown in Fig. E8.3. Find the x- and y components of the net momentum of the particles if we define the system to consist of (a) A and C, (b) B and C, (c) all three...
-
Do shares in Internet companies carry a greater or smaller risk than shares in large retail groups? Why?
-
You are appraising a single-family residence located in the Huntington neighborhood at 4632 NW 56th Drive. The property is being acquired by a mortgage applicant and you have been asked to appraise...
-
Voyage Sail Makers manufactures sails for sailboats. The company has the capacity to produce 37,000 sails per year and is currently producing and selling 30,000 sails per year. The following...
-
What are the major causes of information risk? How can information risk be reduced?
-
Crossing the Quality Chasm Janet Corrigan Institute of Medicine The Quality of Care in America Project was started about three years ago. The final report, Crossing the Quality Chasm , is a...
-
On March 15, 2018, Bank of America issued 94,000 shares of 5.750 % Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series FF for $2.82 billion. Dividends are payable semiannually on or about...
-
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale 79 units 270 units 520 units...
-
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two costcategories, direct materials and conversion costs. Each product must pass through the Assembly...
-
When is the assembly - line approach appropriate in service - oriented businesses? What are the benefits of using the assembly - line approach in this type of work?
-
Question 2 Your company is in the process of restructuring the company's capital structure. As the company's Head of Finance, you have been given the responsibility to determine the optimal capital...
-
While calculations play an obvious role in any fraud investigation by an auditor, much more is needed for a successful outcome. It is vital to understand the context in which the fraud was committed...
-
What are some of the features of the Unified Process (UP)?
-
Pallest Corporation reported the following pretax information for its current fiscal year: $40,000 income from continuing operations and an $8,000 extraordinary loss. Pallest is subject to a 30%...
-
On January 15, 2011, a truck driver for Cork Transfer Company negligently rounded a curve that was also a bridge covering several local merchant shops. The truck jumped the guardrail and fell 30 feet...
-
Use the information in RE3-7, (a) Assuming Ranee Company makes reversing entries, prepare the reversing entry on January 1, 2011, and the journal entry to record the payment of the note on April 1,...
-
Dominiques Frozen Food Company makes frozen dinners and sells them to retail outlets near London. Dominique has just inherited 10,000 and has decided to invest it in the business. She is trying to...
-
Bastille Corporation produces two grades of wine from grapes that it buys from California growers. It produces and sells roughly 3,000,000 liters per year of a low-cost, high-volume product called...
-
Metro Hospital has been under pressure to keep costs down. Indeed, the hospital administrator has been managing various revenue-producing centres to maximize contributions to the recovery of the...
Study smarter with the SolutionInn App