Answered step by step
Verified Expert Solution
Question
1 Approved Answer
he funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net yain-pensions, are given below.
he funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net yain-pensions, are given below. Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024 . The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2024. 2. Determine the loss or gain on plan assets of 2024 . 3. Determine the service cost of 2024 . 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. 4. Determine the pension expense of 2024 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024 . The expected ra of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumption regarding the PBO Required: 1. Determine the actual return on plan assets of 2024 . 2. Determine the loss or gain on plan assets of 2024. 3. Determine the service cost of 2024 . 4. Determine the pension expense of 2024. 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200 ). \begin{tabular}{|l|l|l|} \hline 1. Actual return & & thousand \\ \hline 2. & thousand \\ \hline 3. Service cost & thousand \\ \hline 4. Pension expense & & thousand \\ \hline 5. Average service period & years \\ \hline \end{tabular} he funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net yain-pensions, are given below. Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024 . The expected rate of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Required: 1. Determine the actual return on plan assets of 2024. 2. Determine the loss or gain on plan assets of 2024 . 3. Determine the service cost of 2024 . 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. 4. Determine the pension expense of 2024 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024 . The expected ra of return on plan assets was 10%, and the actuary's discount rate is 7%. There were no changes in actuarial estimates and assumption regarding the PBO Required: 1. Determine the actual return on plan assets of 2024 . 2. Determine the loss or gain on plan assets of 2024. 3. Determine the service cost of 2024 . 4. Determine the pension expense of 2024. 5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200 ). \begin{tabular}{|l|l|l|} \hline 1. Actual return & & thousand \\ \hline 2. & thousand \\ \hline 3. Service cost & thousand \\ \hline 4. Pension expense & & thousand \\ \hline 5. Average service period & years \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started