Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 20, 2024

The following information is related to the defined benefit pension plan of ABC Industries for the year 2021:Service cost $ 68,000Contributions to pension plan 119,000Benefits

The following information is related to the defined benefit pension plan of ABC Industries for the year 2021:Service cost $ 68,000Contributions to pension plan 119,000Benefits paid to retirees 153,000Plan assets (fair value), January 1 643,000Plan assets (fair value), December 31 768,000Actual return on plan assets 159,000PBO, January 1 945,000PBO, December 31 954,500Discount rate 10 %Long-term expected return on plan assets 9 %Assuming no other relevant data exist, what is ABC's pension expense for 2021?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Recommended Textbook for

Cost Management Measuring Monitoring And Motivating Performance

Authors: Leslie G. Eldenburg, Susan K. Wolcott

2nd Edition

978-0-470-7694, 0470769424, 978-0470769423

Students also viewed these Accounting questions

Question

1. Understand how a psychological analysis of investigative interviewing techniques can inform legal practice

Answered: 1 week ago

Question

★★★★★

As the controller of Breathless Perfume Company, you discover a misstatement that overstated net income in the prior years financial statements. The misleading financial statements appear in the...

Answered: 1 week ago

Question

★★★★★

Great Pyramids. Inspired by his recent trip to the Great Pyramids, Citibank trader Ruminder Dhillon wonders if he can make an intermarket arbitrage profit using Libyan dinars (LYD) and Saudi riyals...

Answered: 1 week ago

Question

★★★★★

Gavin Mills has an existing facility that it paid 29,000,000 for 10 years ago. It has 3 choices for this facility now: a. sell it outright for 9.5M today, b. lease it for the next 4 years to a...

Answered: 1 week ago

Question

★★★★★

Honest Joe has the following accounts and balances at the end of the fiscal year: Long-Term Notes Payable $170,000 Accounts Receivable $30,000 Accounts Payable $43,000 Building $55,000 Cash $38,000...

Answered: 1 week ago

Question

★★★★★

Tesar Chemicals is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. The CEO believes the IRR is the best...

Answered: 1 week ago

Question

★★★★★

Which statement about Pay What You Want ( PWYW ) pricing strategy below is CORRECT? 1 point In this strategy, customers will receive a product or service as long as they pay something. A firm using...

Answered: 1 week ago

Question

★★★★★

An aluminium rod is a total of 900mm long and 50mm in diameter. Part of this bar is turned down to 40mm diameter for a length of 50mm each end. Calculate the total elongation when subjected to an...

Answered: 1 week ago

Question

★★★★★

Mr. Manalo opened a mini grocery store with Business name Manalo Trading. Operations began on April 1, 2021, and the following transactions were completed during the month: 1 Mr. Manalo withdrew...

Answered: 1 week ago

Question

★★★★★

Sharon contributes 5% of her annual earnings of $40,000.00 to her defined contribution pension plan. Her employer matches her contributions. Calculate Sharon's pension adjustment

Answered: 1 week ago

Previous Question Next Question