Please, help me
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: Income Statement Tax Return Revenue Expense Revenue Expense (1.) $22,000 (2.) $22,000 (3.) $15, 400 $22,000 (4.) $15, 400 $22,000 $10,400 Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. (Amounts to be deducted should be indicated by a minus sign.) 1 2 3 4 Accounting income Temporary differences: Income statement first: Revenue Expense Tax return first Revenue Expense Taxable income $ 0 $ 0 $ 0 $ 0 Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Net loss (gain), Jan. 1 Loss (gain) on plan assets Loss (gain) on PBO ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) Case 1 Case 2 $ (210, 200) $ 192,000 (5,100) 1,100 11,100 (211,000) (1,410,000) (1,260,000) (1,610,000) (1,510,000) 1,910,000 1,360,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. (Input all amounts as positive values.) Case 1 Case 2 Net loss or gain Less: 10% corridor Excess Service period (yrs) Amortization $ 0 $ 0 0 0 Hall of Fame Co. has a defined benefit pension plan. Two alternative possibilities for pension-related data for the current calendar year are shown below: Net loss (gain), Jan. 1 Loss (gain) on plan assets LOSS (gain) on PBO ABO, Jan. 1 PBO, Jan. 1 Plan assets, Jan.1 Average remaining service period of active employees (years) Case 1 Case 2 $ (210,200) $ 192,000 (5,100) 1,100 11,100 (211,000) (1,410,000) (1,260,000) (1,610,000) (1,510,000) 1,910,000 1,360,000 12 10 Required: 1. For each independent case, calculate amortization of the net loss or gain that should be included as a component of pension expense for the current year. 2. Determine the net loss or gain as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the net loss or gain as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) Case 1 Case 2 $ (210,200) $ 192,000 Balance, January 1 Loss (gain) on plan assets Amortization Loss (gain) on PBO Net loss (gain), 12/31 $ (210,200) $ 192,000
