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Homework answers / question archive / Bakersfield College ACG 2021 1)The annual pension expense for what type of pension plan(s) is recorded by a journal entry that includes a debit to pension expense and a credit to a noncurrent liability? A defined benefit plan only
Bakersfield College
ACG 2021
1)The annual pension expense for what type of pension plan(s) is recorded by a journal entry that includes a debit to pension expense and a credit to a noncurrent liability?
Which of the above constitutes the accumulated benefit obligation?
Which of the above constitutes the projected benefit obligation?
Which of the above constitutes the vested benefit obligation?
a. $225,000.
b. $305,000.
c. $331,500.
d. None of these answer choices is correct.
a. $ 90,000.
b. $100,000.
c. $107,200.
d. $112,000.
a. $ 2,000.
b. $12,000.
c. $18,000.
d. $92,000.
Use the following to answer questions :
The following information pertains to Havana Corporation's defined benefit pension plan:
($ in 000s) |
2016 Beginning balances |
2017 Beginning balances |
Projected benefit obligation |
($6,000) |
($6,504) |
Plan assets |
5,760 |
6,336 |
Prior service cost–AOCI |
600 |
552 |
Net loss–AOCI |
720 |
786 |
At the end of 2016, Havana contributed $696 thousand to the pension fund and benefit payments of $624 thousand were made to retirees. The expected rate of return on plan assets was 10%, and the actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions regarding the PBO.
plan assets (fair value) January 1, $180,000, and December 31, $230,000. The projected benefit obligation was underfunded at the end of 2016 by:
a. $30,000.
b. $60,000.
c. $20,000.
d. $40,000.