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Problem I tJ~ PTS) IWILLNEVERRETIRE, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2003: Projected benefit obligation (as of 1-1-03) Plan Value (As of 1-1-03) Plan Value (As of 1-1-04) Unrecognized actuarial losses (As of 1-1-03) Unamortized Prior Service Cost (As of 1-1-03) The expected return on plan assets The settlement rate Service Cost for 2003 Benefits Paid in 2003 2,200,000 1,100,000 1,300,000 300,000 200,000 9% 9% 120,000 200,000 Actuarial losses and prior service cost are both amortized over 6.5 years .ll for 2003.The company's actual funding of the plan in 2003 amounted to l' ic),_ 000 INSTRUCTIONS a) Prepare a schedule detailing the components of pension expense to be reported in 2003. (Worksheet ok, but not required). b) Prepare the journal entries to record pension expense, changes to OCI and the employers' contribution for 2003. c) Extra Credit - Complete a worksheet as outlined in the text (5 pts) 5 Problem II (16 pts) On February 1, 2002, Coe Contractors agreed to construct a building at a contract price of $6,000,000. Coe estimated total construction costs would be $4,200,000 and the project would be finished in 2004. Information relating to the costs and billings for this contract are as follows: 2002 2004 2003 Total costs incurred to date Estimated costs to complete Customer billings to date Collections to date $1,470,000 2,730,000 2,200,000 2,000,000 $2,695,000 2,205,000 4,000,000 3,500,000 $4,700,000 -06,000,000 5,900,000 INSTRUCTIONS l.Complete a schedule in good form detailing the calculation of gross profit recognized for each of years under the percentage of completion method 6 J Problem III ( 15 pts) The following- information was available from the "Ipaynotax Co." year ended 12-31-99 for the 1. Purchased a truck for -30, 000, Depreciation for tax purposes will be as follows: 1999- 10,000 2000- 8,000 2001- 6,000 2002- 3,000 2003- 3, 000 Accounting depreciation will be 6,000 per year 2. Made an installment sale for 300,000 in 1999, no payments were received in 1999 3. Accrued warranty costs of 60,000 in 1999, no warranty work was done in 1999 4. Taxable income was 600,000 for 1999 5.The applicable tax rates for all years were 60% 6. As of 1-1- 99 there was a balance in Deferred tax liability of 1,200. Required 1. Prepare an book to tax income reconciliation for 1999 2. Prepare a schedule in good form calculating the amount deferred taxes and tax expense for the year ended 12-31-99 3. Prepare the journal entry as of 12-31-99 to record tax expense, deferred taxes and taxes payable. Acct 2242 Exam II Prob IV (10 Pts) Information ABC Corp, has been in business since 2004. It currently offers a pension plan that provides a pension to its employees equal to 2% of the employees ending salary for every year worked. Currently, the company has 8 employees all of which started with the company at it inception in January of 2004. As of 1-1-2015 the balance in OCI-Prior Service Cost was 60,000 The Following is an employee list of ABC employee's showing their age, and expected retirement date as of 12-31-15. Employee Date of birth 2/1/1959 3/1/1950 5/1/1949 2/15/1975 7/15/1965 8/1/1963 11/12/1972 12/1/1985 Torno Bill J AndyG Mary K DaisyM Rons Tony L Linda R Required 1. 2. Expected retirement date 12/31/2024 12/31/2016 12/31/2016 12/31/2036 12/31/2029 12/31/2027 12/31/2035 12/31/2050 Prepare a table Calculating the amortization rates use to amortize the Prior Service Cost under the Years of Service Method for 2015 and 2016 Calculate the amortization rate for 2015 using the Average Service Life method