3. Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.4% service years final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2007 and is expected to retire at the end of 2041 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $82,000 at the end of 2021 and the company's actuary projects her salary to be $240,000 at retirement. The actuary's discount rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: 1. What is the company's projected benefit obligation at the beginning of 2021 (after 14 years' service) with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 2. Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2021 service. 3. What is the company's service cost for 2021 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 4. What is the company's interest cost for 2021 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 5. Combine your answers to requirements 1, 3, and 4 to determine the company's projected benefit obligation at the end of 2021 (after 15 years' service) with respect to Davenport. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.)

4.

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:

1. Projected benefit obligation as of December 31, 2020 = $3,350.
2. Prior service cost from plan amendment on January 2, 2021 = $650 (straight-line amortization for 10-year average remaining service period).
3. Service cost for 2021 = $650.
4. Service cost for 2022 = $700.
5. Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10%.
6. Payments to retirees in 2021 = $510.
7. Payments to retirees in 2022 = $580.
8. No changes in actuarial assumptions or estimates.
9. Net gainAOCI on January 1, 2021 = $375.
10. Net gains and losses are amortized for 10 years in 2021 and 2022.

Information Provided by Pension Fund Trustee:

1. Plan asset balance at fair value on January 1, 2021 = $2,400.
2. 2021 contributions = $670.
3. 2022 contributions = $720.
4. Expected long-term rate of return on plan assets = 12%.
5. 2021 actual return on plan assets = $220.
6. 2022 actual return on plan assets = $270.

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.

5.

Herring Wholesale Company has a defined benefit pension plan. On January 1, 2021, the following pension related data were available:

	($ in thousands)
Net gainAOCI	$372
Accumulated benefit obligation	2,670
Projected benefit obligation	2,600
Fair value of plan assets	2,200
Average remaining service period of active employees (expected to remain constant for the next several years)	16	years

The rate of return on plan assets during 2021 was 7%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $38,000 decrease in the estimate of that obligation. Required:

1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2021. 2. Assume the net pension expense for 2021, not including the amortization of the net gain component, is $340,000. What is pension expense for the year? 3. Determine the net lossAOCI or net gainAOCI as of January 1, 2022. (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).)