The writer is very fast, professional and responded to the review request fast also. Thank you.
Presentation/PPT
27/08/2022
At December 31, Year 8, the $120,000 fair value of the plan assets equaled the projected benefit obligation (PBO) related to the defined benefit pension plan of Pensackie Corporation. On that date, Pensackie had a balance of $0 in accumulated other comprehensive income (OCI) and reported no pension asset or liability.The discount rate for this plan is 10%, and Pensackie expects to earn 10% annually on the plan assets. The entity does not recognize any portion of assets and liability gains and losses in pension expense of the year they occur. In subsequent periods, it recognizes the minimum required amortization of such gains or losses. The following information relates to transactions relevant to the plan:
Year 9 Year 10
Actual return on plan assets10% 10%
Annual service cost $ 8,000$ 9,000
Funding contribution 13,00015,000
Benefits paid 10,00010,000
On January 1, Year 10, Pensackie’s board of directors granted retroactive pension benefits in the amount of $50,000 to certain employees. This amount is amortized on the straight-line basis over the average remaining service period. These benefits are included in the beginning PBO for Year 10. The actuaries determined that the amendment covers 100 employees with 160 total service years remaining.
Complete Pensackie’s pension plan accounting using the information above. Enter the appropriate amounts in the shaded cells below. Indicate debit balances with positive numbers and credit balances with negative numbers using a leading minus (-) sign. If no entry is necessary, enter a zero (0). Ignore deferred tax amounts.
Annual Pension Expense, AccumulatedOCI Ending Balance, Pension Asset/Liability Ending Balance, PBO Ending Balance Fair Value of Plan Assets Ending in year 9 & 10
Show more
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more