Question
36. What is a 2019 pension expense for Jinx's plan? A. $1,040. B. $1,360. C. $1,060. D. $1,020. 37. What is the balance of plan
36. What is a 2019 pension expense for Jinx's plan? A. $1,040. B. $1,360. C. $1,060. D. $1,020. 37. What is the balance of plan assets at the end of 2019? A. $4,790. B. $5,100. C. $5,140. D. $4,750. 38. What is the balance of Net Gain-AOCI at the end of 2019? A. $590. B. $810. C. $550. D. $850. 39. The following information is for Mattra Co.'s defined benefit pension plan for the current year: Fair value of plan assets, beginning of the year $800,000 Employer contributions 150,000 Benefits paid 125,000 Expected rate of return 10% Fair value of plan assets, end of year $950,000 What amount is the actual return on plan assets? A. $125,000. B. $80,000. C. $95,000. D. $160,000. 40. Kine Company has a defined benefit pension plan. In 2021, it paid $250,000 to its retirees. Which of the following entries is correct to record the payment? A. credit Cash of $250,000. B. debit Projected Benefit Obligation of $250,000. C. debit Pension Expense of $250,000. D. debit Pension Plan Asset of $250,000. 41. A new prior service cost incurred at the end of the current year will result in a(n):
A. Increase to Pension Expense. B. Increase to Gain-OCI. C. Increase to PBO. D. Decrease to Pension Expense.
43. At December 31, 2018, Shawn, Inc. reported in its balance sheet a net loss of $3 million related to its pension plan. At the end of 2018, the actuary for Shawn increased her estimate of future salary levels to estimate the PBO. Shawn's entry to record the effect of this change would include: A. a debit to Loss-OCI and a credit to PBO. B. a debit to PBO and a credit to Loss-OCI. C. a debit to Pension Expense and a credit to PBO. D. a debit to PBO and a credit to Gain-OCI.
45. A company's postretirement health care benefit plan had a APBO of $225,000 on January 1, 2021. During 2021, retiree benefits paid were $36,000. The discount rate for the plan for this year was 10%. Service cost for 2021 was $76,000. Plan assets (fair value) increased during the year by $38,600. The amount of the APBO at December 31, 2021, was: A. $287,500. B. $189,000. C. $261,000. D. $323,500.
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