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Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1 . 6 % service years final year's salary, payable at the end
Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to service years final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of and is expected to retire at the end of after years' service. Her retirement is expected to span years. Davenport's salary is $ at the end of and the company's actuary projects her salary to be $ at retirement. The actuary's discount rate is Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $ At the beginning of the pension formula was amended to: Service years Final year's salary The amendment was made retroactive to apply the increased benefits to prior service years. Required: What is the company's prior service cost at the beginning of with respect to Davenport after the amendment described above? Since the amendment occurred at the beginning of amortization of the prior service cost begins in What is the prior service cost amortization that would be included in pension expense? What is the service cost for with respect to Davenport? What is the interest cost for with respect to Davenport? Calculate pension expense for with respect to Davenport, assuming plan assets attributable to her of $ and a rate of return actual and expected of Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar. table Prior service cost, Prior service cost amortization, Service cost, Interest cost, Pension expense,
Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to service years final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of and is expected to retire at the end of after years' service. Her retirement is expected to span years. Davenport's salary is $ at the end of and the company's actuary projects her salary to be $ at retirement. The actuary's discount rate is
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
At the beginning of the pension formula was amended to:
Service years Final year's salary
The amendment was made retroactive to apply the increased benefits to prior service years.
Required:
What is the company's prior service cost at the beginning of with respect to Davenport after the amendment described above?
Since the amendment occurred at the beginning of amortization of the prior service cost begins in What is the prior service cost amortization that would be included in pension expense?
What is the service cost for with respect to Davenport?
What is the interest cost for with respect to Davenport?
Calculate pension expense for with respect to Davenport, assuming plan assets attributable to her of $ and a rate of return actual and expected of
Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar.
table Prior service cost, Prior service cost amortization, Service cost, Interest cost, Pension expense,
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