On January 1, 2015, Parks Co. has the following balances:

Projected benefit obligation $4,200,000

Fair value of plan assets $3,750,000

The settlement rate is 10%. Other data related to the pension plan for 2015 are:

Service cost $240,000

Amortization of prior service costs $54,000

Contributions $270,000

Benefits paid $250,000

Actual return on plan assets $264,000

#7. The balance of the projected benefit obligation at December 31, 2015 is $

#8. The fair value of plan assets at December 31, 2015 is $

#9. The funded status of this pension as of December 31, 2015 is (Must indicate overfunded or underfunded and $$ amount)

Question #10

Logan Corp., a company whose stock is publicly traded, provides a noncontributory defined-benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2015:

Balances as of December 31, 2014

Projected benefit obligation $700,000

Fair value of plan assets $825,000

Following information for 2015

Service cost $240,000

Interest on projected benefit obligation $24,000

Amortization of prior service cost $60,000

Expected and actual return on plan assets $82,500

The market-related asset value equals the fair value of plan assets. No contributions have been made for 2015 pension cost. At December 31, 2015 The funded status of this pension is $ (Must indicate overfunded or underfunded and $$ amount)

#10.Funded Status of Pensions as of December 31, 2015 =$ (Must indicate overfunded or underfunded and $$ amount)

Question #11

Cross Company reported the following results for the year ended December 31, 2018, its first year of operations:

2018

Income (per books before income taxes) $ 2,000,000

Taxable income $ 3,200,000

The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2019.

What should Cross record as a net deferred tax asset or liability for the year ended December 31, 2018, assuming that the enacted tax rates in effect are 40% in 2018 and 35% in 2019?

#11 - Indicate whether a deferred Tax Asset or Deferred Tax Liability and $$ Amount as of December 31, 2018

Questions 12, 13 & 14

Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes.

In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $70,000 of insurance expense will be reported for accounting purposes in each of these years.

Lyons Company has a tax rate of 40% and income taxes payable of $180,000 at the end of 2018.

There were no deferred taxes at the beginning of 2018.

#12. Amount of Deferred Tax Liability at the end of 2018 is $

#13. Amount of Income Tax Expense for 2018 is $

#14. Amount of Income Tax Expense for 2019 is $