Entries by Munene david

The San Francisco Sailors has 200 employees who are expected to receive benefits under the company’s defined-benefit pension plan

May 7, 2020 in /by

The San Francisco Sailors has 200 employees who are expected to receive benefits under the company’s defined-benefit pension plan. The total number of service-years of these employees is 2,000. The actuary for the company’s pension plan calculated the following net gains and losses: For the year ended December 31st:                         Gain/(Loss) 2014                                                                                      $640,000 2015                                                                                      ($554,000) 2016                                                                                      $990,000 Prior to 2014, there […]

 

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Panther Company adopted a noncontributory defined benefit pension

May 7, 2020 in /by

Panther Company adopted a noncontributory defined benefit pension plan on January 1, 2007. Panther Company uses the benefit/years-of-service method, which results in the following information: Numbers presented below for the amount funded represent end of the year balances. 2007                2008 Service cost                         $300,000        $450,000 Amount funded                    $240,000        $390,000 Discount rate                        10%                10% Expected rate of return        10%                10% What is the pension expense […]

 

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During the current year, Mike sells a tract of land for $800,000

May 7, 2020 in /by

During the current year, Mike sells a tract of land for $800,000 that he had received from Ida on March 10, 1995, when the land had a FMV of $310,000. The taxable gift was $300,000 because the annual exclusion was $10,000 in 1995. Ida purchased the land on April 12, 1980, for $110,000. On the […]

 

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The following facts pertain to a noncancelable lease agreement

May 7, 2020 in /by

The following facts pertain to a noncancelable lease agreement between Peanut Butter Stars and Peppermint Brittle, a lessee. Inception date:                                                                January 1, 2012 Annual lease payment due at the beginning of each year, Beginning with January 1, 2012                                  $124,798 Residual value of equipment at end of lease term, guaranteed by the lessee                                             $50,000 Lease term                                                                                  6 years Economic life […]

 

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