Answers: Questions: 1 2 3. A company with a DB plan achieves actual return of 9.5% when expected return was 9%. Benefits paid to retirees was $36,320. If beginning plan assets was $400,800 and ending plan assets was $430,800, cash contributions totaled For the current year, a company with a DB plan has service cost $122,250; benefits paid $81,500; and loss on PBO of $40,750. Assuming an ending PBO of $533,825 and interest rate of 11%, the beginning PBO balance was ABC reports the following year-end balances: deferred tax asset $71,400; deferred tax liability $51,000; valuation allowance $32,844. The year-end balance sheet will include a net deferred tax liability of For the year, ABC has taxable income $438,000. At year-end, ABC calculated an increase in a deferred tax asset of $36,500 and an increase in a deferred tax liability of $34,500. Assuming a tax rate of 25%, income tax expense is In 2020, ABC generated installment sales income of $36,000 (all on account). Cash is expected to be collected in the following years: in 2021, $4,500; in 2022, 518,000; and in 2023, $13,500. Assume a tax rate of 20% in 2020 and 30% beginning in 2023. The balance of the deferred tax account at the end of 2020 is . 4. 5. 6. ABC has pretax accounting income $112,000. During the year, ABC paid a fine of $3,360 that is nondeductible for tax purposes. At the end of the year, ABC collected $16,800 from a tenant for rental of a building next year. Assume a tax rate of 30%. The year-end balance of the related deferred tax account is ABC has pretax accounting income $112,000. During the year, ABC paid a fine of $3,360 that is nondeductible for tax purposes. At the end of the year, ABC collected $16,800 from a tenant for rental of a building next year. Assume a tax rate of 30%. Taxable income is 7