Blackboard Remaining Time: 1 hour, 28 minutes, 03 seconds. Question Completion Status: The Jackson Company adopts a defined benefit pension plan as of January 1, YR11. The formula for determining the amount of each employee's annual pension check is: (1%) * (years of service) x (highest salary) All employees will be given full credit for work performed prior to the plan's inception. The Jackson Company has a single employee, Scott Brooks, who will retire on December 31, YR15. Jackson expects Scott will receive 15 retirement checks. Scott has worked for Jackson for exactly 20 years as of January 1, YR11. His salary for the calendar year YR11 is $100,000, and his salary will grow 5 percent each year until his retirement (4 years of growth). The Jackson Company uses a settlement rate of 10% and expects an 8% return on plan assets. SECTION1-Q1. Determine Jackson's prior service cost as of January 1, YR11 by filling in the tables below. * Round up all dollar figures (including interim figures) to the nearest whole number. Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Scott's Final Salary Retirement Check = yks) s % In PMT FV Answer PVret: % n PMT FV Answer PVt: % Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Wine Remaining Time: 1 hour, 27 minutes, 50 seconds. Question Completion Status: QUESTION 2 SECTION 1 - Q2 Determine the YR11 service cost (as of 12/31/YR11) for Scott's pension by filling in the table below. * Round up all dollar figures (including interim figures) to the nearest whole number. * Do NOT use a thousands separator. * If the answer is zero, you must answer "O." Do not leave it blank for credit. Retirement Check = % yr(s) li lin PMT FV Answer PVret: in PMT FV Answer PVt: % QUESTION 3 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Remaining Time: 1 hour, 27 minutes, 37 seconds. Question Completion Status: SECTION 1 - Q3 Jackson would like to have Scott's pension fully funded by his retirement date, December 31, YR15. They would like to accomplish this objective by making equal annual payments on December 31 of every year until Scott retires (including the day of Scott's retirement). Calculate the amount of each annual pension contribution by filling the tables below. * Round up all dollar figures (including interim figures) to the nearest whole number. * Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Retirement Check = % yr(s) $ In PMT FV Answer PVret: Ili PV FV In Answer PMT: % QUESTION 4 SECTION 1 - Q4 Choose all that affect pension expense for a year. Service Cost Interest Cost Remaining Time: 1 hour, 27 minutes, 17 seconds. Question Completion Status: QUESTION SECTION 1 - Q4 Choose all that affect pension expense for a year. Service Cost Interest Cost PBO ( Projected Benefit Obligation) Cash Paid Return on Assets Plan Asset Amortized PSC (Prior Service Cost) Benefits Paid QUESTION 5 SECTION 1 - Q5 What are balances for lowir as of 12/31/YR11? specify whether Pension Asset/Liab has a DR or CR balance by typing in either DR or CR in the last column. * Round up all dollar figures (including interim figures) to the nearest whole number. "Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. PBO Plan Asset Plan Asset/Liab DR or CR? Save All Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers, PBO Plan Asset Plan Asset/Liab DR or CR? QUESTION 6 SECTION 1 - Q6 What is the Plan Asset balance on 12/31/YR12? Balance on 1/1/YR11 Interest Rate Balance on 12/31/YR12 %= QUESTION 7 SECTION 2 ck Save and Submit to save and submit. Click Save All Answers to save all answers. Blackboard Remaining Time: 1 hour, 28 minutes, 03 seconds. Question Completion Status: The Jackson Company adopts a defined benefit pension plan as of January 1, YR11. The formula for determining the amount of each employee's annual pension check is: (1%) * (years of service) x (highest salary) All employees will be given full credit for work performed prior to the plan's inception. The Jackson Company has a single employee, Scott Brooks, who will retire on December 31, YR15. Jackson expects Scott will receive 15 retirement checks. Scott has worked for Jackson for exactly 20 years as of January 1, YR11. His salary for the calendar year YR11 is $100,000, and his salary will grow 5 percent each year until his retirement (4 years of growth). The Jackson Company uses a settlement rate of 10% and expects an 8% return on plan assets. SECTION1-Q1. Determine Jackson's prior service cost as of January 1, YR11 by filling in the tables below. * Round up all dollar figures (including interim figures) to the nearest whole number. Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Scott's Final Salary Retirement Check = yks) s % In PMT FV Answer PVret: % n PMT FV Answer PVt: % Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Wine Remaining Time: 1 hour, 27 minutes, 50 seconds. Question Completion Status: QUESTION 2 SECTION 1 - Q2 Determine the YR11 service cost (as of 12/31/YR11) for Scott's pension by filling in the table below. * Round up all dollar figures (including interim figures) to the nearest whole number. * Do NOT use a thousands separator. * If the answer is zero, you must answer "O." Do not leave it blank for credit. Retirement Check = % yr(s) li lin PMT FV Answer PVret: in PMT FV Answer PVt: % QUESTION 3 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Remaining Time: 1 hour, 27 minutes, 37 seconds. Question Completion Status: SECTION 1 - Q3 Jackson would like to have Scott's pension fully funded by his retirement date, December 31, YR15. They would like to accomplish this objective by making equal annual payments on December 31 of every year until Scott retires (including the day of Scott's retirement). Calculate the amount of each annual pension contribution by filling the tables below. * Round up all dollar figures (including interim figures) to the nearest whole number. * Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. Retirement Check = % yr(s) $ In PMT FV Answer PVret: Ili PV FV In Answer PMT: % QUESTION 4 SECTION 1 - Q4 Choose all that affect pension expense for a year. Service Cost Interest Cost Remaining Time: 1 hour, 27 minutes, 17 seconds. Question Completion Status: QUESTION SECTION 1 - Q4 Choose all that affect pension expense for a year. Service Cost Interest Cost PBO ( Projected Benefit Obligation) Cash Paid Return on Assets Plan Asset Amortized PSC (Prior Service Cost) Benefits Paid QUESTION 5 SECTION 1 - Q5 What are balances for lowir as of 12/31/YR11? specify whether Pension Asset/Liab has a DR or CR balance by typing in either DR or CR in the last column. * Round up all dollar figures (including interim figures) to the nearest whole number. "Do NOT use a thousands separator. * If the answer is zero, you must answer "0." Do not leave it blank for credit. PBO Plan Asset Plan Asset/Liab DR or CR? Save All Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers, PBO Plan Asset Plan Asset/Liab DR or CR? QUESTION 6 SECTION 1 - Q6 What is the Plan Asset balance on 12/31/YR12? Balance on 1/1/YR11 Interest Rate Balance on 12/31/YR12 %= QUESTION 7 SECTION 2 ck Save and Submit to save and submit. Click Save All Answers to save all answers